The stockholders' equity section on the 12/31/08 balance sheet of Wheat Corporation was: Stockholders' Equity Contributed capital:

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The stockholders' equity section on the 12/31/08 balance sheet of Wheat Corporation was:
Stockholders' Equity
Contributed capital:
Common stock, $?? par value, authorized 26,000 shares; issued 8,000 shares; outstanding 6,500 shares ........................................................................... $26,000
Preferred stock, par value $50, authorized ..... 20,000
Shares; issued and outstanding, 10,000 shares ........... 500,000
Contributed capital in excess of par, common .............. 13,000
Contributed capital in excess of par, preferred ....... 10,000
Contributed capital, treasury stock transactions ..... 3,000
Retained Earnings ......................................................... 326,000
Cost of treasury stock, common ....................................... 4,500

REQUIRED
1. What was the par value of the common stock?
2. What is the number of shares held as treasury stock?
3. If common stock was issued only once, what was the issue price per share?
4. How much did the treasury stock held cost per share?
5. How much is total stockholder' equity?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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...
Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...
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Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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