Jones Fortune Company issued 10,000 shares of $15 par common stock on February 1 for $20 per
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Jones Fortune Company issued 10,000 shares of $15 par common stock on February 1 for $20 per share. The company bought back 2,000 shares when the share price fell to $16 per share on August 31 and then resold 1,000 shares when the price rebounded to $22/share on December 15. Jones accounts for its treasury stock transaction using the cost method. What amount would Jones report as Common Stock in the equity section of its December 31 balance sheet?
A. $135,000
B. $140,000
C. $150,000
D. $190,000
Common StockCommon 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...
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C 150000 Common stock This is one class of security that represents o...View the full answer
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Related Book For 
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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