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The following information pertains to JAE Corporation at January 1, Year 2: Common stock, $11 par, 9,000 shares authorized, 1,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 2: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 170 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? $ 19,800 17,400 71,200 c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions.

The following information pertains to JAE Corporation at January 1, Year 2: Common stock, $11 par, 9,000 shares authorized, 1,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 2: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 170 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? $ 19,800 17,400 71,200 c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions.

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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The following information pertains to JAE Corporation at January 1, Year 2: Common stock, $11 par, 9,000 shares authorized, 1,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 2: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 170 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. Show Transcribed Text Req A and B Req C Req D 3 $ 19,800 17,400 71,200 Ĉ 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
Transcribed Image Text:The following information pertains to JAE Corporation at January 1, Year 2: Common stock, $11 par, 9,000 shares authorized, 1,800 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 2: 1. Issued 1,150 shares of $11 par common stock for $30 per share. 2. Repurchased 170 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. Show Transcribed Text Req A and B Req C Req D 3 $ 19,800 17,400 71,200 Ĉ 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 Event Organize the transactions data in accounts under the accounting equation. Note: Enter any decreases to account balances with a minus sign. Beginning balance 1. 2. 3. Req C Ending balance Assets Req A and B Cash Show Transcribed Text Req D Stockholders' Equity Total paid-in capital = = Req C JAE CORPORATION Accounting Equation for the Year 2 Liabilities + Common Stock Total stockholders' equity + + 3 Req D Stockholders' Equity Paid-in Capital In Excess Treasury Stock Paid-in Capital In Excess Common Stock + + + + + Treasury Retained Stock Earnings + + + + Prepare the stockholders' equity section of the balance sheet reflecting these trar JAE CORPORATION Balance Sheet (Partial) As of December 31, Year 2 + +
Transcribed Image Text:Req A and B Event Organize the transactions data in accounts under the accounting equation. Note: Enter any decreases to account balances with a minus sign. Beginning balance 1. 2. 3. Req C Ending balance Assets Req A and B Cash Show Transcribed Text Req D Stockholders' Equity Total paid-in capital = = Req C JAE CORPORATION Accounting Equation for the Year 2 Liabilities + Common Stock Total stockholders' equity + + 3 Req D Stockholders' Equity Paid-in Capital In Excess Treasury Stock Paid-in Capital In Excess Common Stock + + + + + Treasury Retained Stock Earnings + + + + Prepare the stockholders' equity section of the balance sheet reflecting these trar JAE CORPORATION Balance Sheet (Partial) As of December 31, Year 2 + +
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