The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $8 par, 13,000 shares authorized, 2,600 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $20,800 13,900 56,600 JAE Corporation completed the following transactions during Year 1: 1. Issued 900 shares of $8 par common stock for $30 per share. 2. Repurchased 230 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 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. Complete this question by entering your answers in the tabs below. Req A and B Req C Req D 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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following information pertains to JAE Corporation at January 1, Year 1:
Common stock, $8 par, 13,000 shares authorized, 2,600
shares issued and outstanding
Paid-in capital in excess of par, common stock
Retained earnings
$20,800
13,900
56,600
JAE Corporation completed the following transactions during Year 1:
1. Issued 900 shares of $8 par common stock for $30 per share.
2. Repurchased 230 shares of its own common stock for $27 per share.
3. Resold 50 shares of treasury stock for $28 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.
Complete this question by entering your answers in the tabs below.
Req A and B
Req C
Req D
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
<Req A and B
Req C >
Transcribed Image Text:The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $8 par, 13,000 shares authorized, 2,600 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $20,800 13,900 56,600 JAE Corporation completed the following transactions during Year 1: 1. Issued 900 shares of $8 par common stock for $30 per share. 2. Repurchased 230 shares of its own common stock for $27 per share. 3. Resold 50 shares of treasury stock for $28 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. Complete this question by entering your answers in the tabs below. Req A and B Req C Req D 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 <Req A and B Req C >
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