The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given below: Common stock, $14 par value Paid-in capital - common stock Treasury stock (22,000 shares @ $16 cost) Retained earnings $525,000 $150,000 $352,000 $129,000 XYZ Company entered into the following transactions during 2031: a. Re-issued 2,200 of the treasury shares for $13 per share. b. Re-issued 4,100 of the treasury shares for $21 per share. c. Re-issued 3,700 of the treasury shares for $14 per share. d. Re-issued 3,500 of the treasury shares for $11 per share. Calculate the balance in the treasury stock account after all four transactions above are recorded.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The stockholders' equity section of the January 1, 2031
balance sheet for XYZ Company is given below:
Common stock, $14 par value ...
Paid-in capital - common stock
Treasury stock (22,000 shares @ $16 cost)
Retained earnings
$525,000
$150,000
$352,000
$129,000
XYZ Company entered into the following transactions during
2031:
a. Re-issued 2,200 of the treasury shares for $13 per share.
b. Re-issued 4,100 of the treasury shares for $21 per share.
c. Re-issued 3,700 of the treasury shares for $14 per share.
d. Re-issued 3,500 of the treasury shares for $11 per share.
Calculate the balance in the treasury stock account after
all four transactions above are recorded.
Transcribed Image Text:The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given below: Common stock, $14 par value ... Paid-in capital - common stock Treasury stock (22,000 shares @ $16 cost) Retained earnings $525,000 $150,000 $352,000 $129,000 XYZ Company entered into the following transactions during 2031: a. Re-issued 2,200 of the treasury shares for $13 per share. b. Re-issued 4,100 of the treasury shares for $21 per share. c. Re-issued 3,700 of the treasury shares for $14 per share. d. Re-issued 3,500 of the treasury shares for $11 per share. Calculate the balance in the treasury stock account after all four transactions above are recorded.
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