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The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed Capital Preferred Stock (par $20; authorized 10,000 shares, ? issued, of which 1,000 shares are held as treasury stock) Additional Paid-In Capital, Preferred Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,400 shares) Retained Earnings i Treasury Stock, 1,000 Preferred shares at cost Assume that no shares of treasury stock have been sold in the past. Required: Complete the following statements. (Decreases should be indicated by a minus sign. Round per share to 2 decimal places.) Answer is not complete. 1. The number of shares of preferred stock issued was 2 The number of shares of preferred stock outstanding was 3. The average issue price of the preferred stock was 4 The average issue price of the common stock was 5 The treasury stock transaction increased (decreased) stockholders' equity by 6. The treasury stock cost 7. Total stockholders' equity is $ 112,000 16,520 665,600 34,000 (9,700) 5,100 per share per share

The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed Capital Preferred Stock (par $20; authorized 10,000 shares, ? issued, of which 1,000 shares are held as treasury stock) Additional Paid-In Capital, Preferred Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,400 shares) Retained Earnings i Treasury Stock, 1,000 Preferred shares at cost Assume that no shares of treasury stock have been sold in the past. Required: Complete the following statements. (Decreases should be indicated by a minus sign. Round per share to 2 decimal places.) Answer is not complete. 1. The number of shares of preferred stock issued was 2 The number of shares of preferred stock outstanding was 3. The average issue price of the preferred stock was 4 The average issue price of the common stock was 5 The treasury stock transaction increased (decreased) stockholders' equity by 6. The treasury stock cost 7. Total stockholders' equity is $ 112,000 16,520 665,600 34,000 (9,700) 5,100 per share 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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The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed Capital Preferred Stock (par $20; authorized 10,000 shares, 7 issued, of which 1,000 shares are held as treasury stock) Additional Paid-In Capital, Preferred Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,400 shares) Retained Earnings Treasury Stock, 1,000 Preferred shares at cost Assume that no shares of treasury stock have been sold in the past. Required: Complete the following statements (Decreases should be indicated by a minus sign. Round per share to 2 decimal places.) Answer is not complete. 1. The number of shares of preferred stock issued was 2 The number of shares of preferred stock outstanding was 3. The average issue price of the preferred stock was 4. The average issue price of the common stock was 5. The treasury stock transaction increased (decreased) stockholders' equity by 6. The treasury stock cost 7. Total stockholders' equity is 5,100 $ 112,000 16,520 665,600 34,000 (9,700) per share per share
Transcribed Image Text:The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed Capital Preferred Stock (par $20; authorized 10,000 shares, 7 issued, of which 1,000 shares are held as treasury stock) Additional Paid-In Capital, Preferred Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,400 shares) Retained Earnings Treasury Stock, 1,000 Preferred shares at cost Assume that no shares of treasury stock have been sold in the past. Required: Complete the following statements (Decreases should be indicated by a minus sign. Round per share to 2 decimal places.) Answer is not complete. 1. The number of shares of preferred stock issued was 2 The number of shares of preferred stock outstanding was 3. The average issue price of the preferred stock was 4. The average issue price of the common stock was 5. The treasury stock transaction increased (decreased) stockholders' equity by 6. The treasury stock cost 7. Total stockholders' equity is 5,100 $ 112,000 16,520 665,600 34,000 (9,700) per share per share
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