Exercise 11-13A (Algo) Recording and reporting treasury stock transactions LO 11-5 The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $10 par, 8,000 shares authorized, 1,600 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 1: 1. Issued 950 shares of $10 par common stock for $25 per share. 2. Repurchased 210 shares of its own common stock for $22 per share. 3. Resold 50 shares of treasury stock for $23 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Req A and B $16,000 14,200 65,600 Complete this question by entering your answers in the tabs below. Req C Req D Answer is not complete. How many shares of common stock were outstanding and issued at the end of the period? a. Outstanding shares at the end of the period b. Issued shares at the end of the period 2,650 X 1,000 < Reg A and B Req C >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Exercise 11-13A (Algo) Recording and reporting treasury stock transactions LO 11-5
The following information pertains to JAE Corporation at January 1, Year 1:
Common stock, $10 par, 8,000 shares authorized, 1,600
shares issued and outstanding
Paid-in capital in excess of par, common stock
Retained earnings
JAE Corporation completed the following transactions during Year 1:
1. Issued 950 shares of $10 par common stock for $25 per share.
2. Repurchased 210 shares of its own common stock for $22 per share.
3. Resold 50 shares of treasury stock for $23 per share.
Required:
a. How many shares of common stock were outstanding at the end of the period?
b. How many shares of common stock had been issued at the end of the period?
c. Organize the transactions data in accounts under the accounting equation.
d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions.
Req A and B
$16,000
14, 200
65,600
Complete this question by entering your answers in the tabs below.
Req C
Req D
Answer is not complete.
How many shares of common stock were outstanding and issued at the end of the period?
a. Outstanding shares at the end of the period
b. Issued shares at the end of the period
2,650 X
1,000
3 Reg A and B
Req C >
Transcribed Image Text:Exercise 11-13A (Algo) Recording and reporting treasury stock transactions LO 11-5 The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $10 par, 8,000 shares authorized, 1,600 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 1: 1. Issued 950 shares of $10 par common stock for $25 per share. 2. Repurchased 210 shares of its own common stock for $22 per share. 3. Resold 50 shares of treasury stock for $23 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Req A and B $16,000 14, 200 65,600 Complete this question by entering your answers in the tabs below. Req C Req D Answer is not complete. How many shares of common stock were outstanding and issued at the end of the period? a. Outstanding shares at the end of the period b. Issued shares at the end of the period 2,650 X 1,000 3 Reg A and B Req C >
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