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On January 1, 2022, the stockholders' equity section of Swifty Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,040,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred. Mar. 1 July 1 Sept. 1 Purchased 47,000 shares for cash at $15 per share. Sold 12,000 treasury shares for cash at $17 per share. Sold 10,500 treasury shares for cash at $14 per share.

On January 1, 2022, the stockholders' equity section of Swifty Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,040,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred. Mar. 1 July 1 Sept. 1 Purchased 47,000 shares for cash at $15 per share. Sold 12,000 treasury shares for cash at $17 per share. Sold 10,500 treasury shares for cash at $14 per share.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2022, the stockholders' equity section of Swifty Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,040,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred. Mar. 1 July 1 Sept. 1 Purchased 47,000 shares for cash at $15 per share. Sold 12,000 treasury shares for cash at $17 per share. Sold 10,500 treasury shares for cash at $14 per share.
Transcribed Image Text:On January 1, 2022, the stockholders' equity section of Swifty Corporation shows common stock ($6 par value) $1,800,000; paid-in capital in excess of par $1,040,000; and retained earnings $1,230,000. During the year, the following treasury stock transactions occurred. Mar. 1 July 1 Sept. 1 Purchased 47,000 shares for cash at $15 per share. Sold 12,000 treasury shares for cash at $17 per share. Sold 10,500 treasury shares for cash at $14 per share.
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