Southern Amusements Corporation had the following stockholders' equity on November 30: On December 30, Southern purchased 200

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Southern Amusements Corporation had the following stockholders' equity on November 30:
Stockholders' Equity Paid-In Capital: Common Stock-$5 Par Value; 1,300 shares authorized, 250 shares issued and outstand

On December 30, Southern purchased 200 shares of treasury stock at $15 per share.
Requirements
1. Journalize the purchase of the treasury stock.
2. Prepare the stockholders' equity section of the balance sheet at December 31, 2018. Assume the balance in retained earnings is unchanged from November 30.
3. How many shares of common stock are outstanding after the purchase of treasury stock?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Horngrens Financial And Managerial Accounting The Financial Chapters

ISBN: 9780134486840

6th Edition

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

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