Common stock, $12 par, 14,000 shares authorized, 2,800 shares issued and outstanding $ 33,600 Paid-in capital in excess of par, common stock 13,300 Retained earnings 66,100 JAE Corp. completed the following transactions during 2018: Issued 1,150 shares of $12 par common stock for $28 per share. Repurchased 170 shares of its own common stock for $25 per share. Resold 50 shares of treasury stock for $26 per share. Required: How many shares of common stock were outstanding at the end of the period? How many shares of common stock had been issued at the end of the period? Organize the transactions data in accounts under the accounting equation. Prepare the stockholders’ equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.
Common stock, $12 par, 14,000 shares authorized, 2,800 shares issued and outstanding $ 33,600 Paid-in capital in excess of par, common stock 13,300 Retained earnings 66,100 JAE Corp. completed the following transactions during 2018: Issued 1,150 shares of $12 par common stock for $28 per share. Repurchased 170 shares of its own common stock for $25 per share. Resold 50 shares of treasury stock for $26 per share. Required: How many shares of common stock were outstanding at the end of the period? How many shares of common stock had been issued at the end of the period? Organize the transactions data in accounts under the accounting equation. Prepare the stockholders’ equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
| Common stock, $12 par, 14,000 shares authorized, 2,800 shares issued and outstanding | $ | 33,600 | |
| Paid-in capital in excess of par, common stock | 13,300 | ||
| 66,100 | |||
JAE Corp. completed the following transactions during 2018:
- Issued 1,150 shares of $12 par common stock for $28 per share.
- Repurchased 170 shares of its own common stock for $25 per share.
- Resold 50 shares of
treasury stock for $26 per share.
Required:
- How many shares of common stock were outstanding at the end of the period?
- How many shares of common stock had been issued at the end of the period?
- Organize the transactions data in accounts under the
accounting equation. - Prepare the
stockholders’ equity section of thebalance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.
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