The following Information pertains to JAE Corporation at January 1, Year 1: Common stock, $11 par,...
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The following Information pertains to JAE Corporation at January 1, Year 1: Common stock, $11 par, 11,000 shares authorized, 2,200 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 1: 1. Issued 1,200 shares of $11 par common stock for $29 per share. 2. Repurchased 180 shares of its own common stock for $26 per share. 3. Resold 50 shares of treasury stock for $27 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below. Req A and B Req C Event Organize the transactions data in accounts under the accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Beginning balance Req D 1. 2. 3. Ending balance Assets Cash 34,800 = 34,800 = Liabilities + JAE CORPORATION Accounting Equation for the Year 1 $24, 200 14,600 60,100 Common Stock + 1+ + Stockholders' Equity Paid-in Capital In Excess Treasury Stock Paid-in Capital In Excess Common Stock < Req A and B + + + Req D > Treasury Stock ++ + ++ 0+ Retained Earnings The following Information pertains to JAE Corporation at January 1, Year 1: Common stock, $11 par, 11,000 shares authorized, 2,200 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 1: 1. Issued 1,200 shares of $11 par common stock for $29 per share. 2. Repurchased 180 shares of its own common stock for $26 per share. 3. Resold 50 shares of treasury stock for $27 per share. Required: a. How many shares of common stock were outstanding at the end of the period? b. How many shares of common stock had been issued at the end of the period? c. Organize the transactions data in accounts under the accounting equation. d. Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below. Req A and B Req C Event Organize the transactions data in accounts under the accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. Beginning balance Req D 1. 2. 3. Ending balance Assets Cash 34,800 = 34,800 = Liabilities + JAE CORPORATION Accounting Equation for the Year 1 $24, 200 14,600 60,100 Common Stock + 1+ + Stockholders' Equity Paid-in Capital In Excess Treasury Stock Paid-in Capital In Excess Common Stock < Req A and B + + + Req D > Treasury Stock ++ + ++ 0+ Retained Earnings
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a Outstanding shares at the end of period Beginning new issue treasury stock purchaed Sale of treasu... View the full answer
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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