Question

The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following...

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) $ 108,000
Additional Paid-In Capital, Preferred 15,390
Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,200 shares) 632,400
Retained Earnings 32,000
Treasury Stock, 1,000 Preferred shares at a cost (9,600 )


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.):

1. The treasury stock transactions increase (decreased) stockholders' equity by?

2. Total stockholders’ equity is?

Business   Accounting   
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Answer #1

1) Treasury stock transaction (decrease) Stockholder's equity by -9600

2) Total Stockholder's equity

Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,200 shares) 632400
Preferred Stock (par $20; authorized 10,000 shares, ? issued, of which 1,000 shares are held as treasury stock) 108000
Additional Paid-In Capital, Preferred 15390
Total paid in capital 755790
Retained earnings 32000
Total 787790
Less: Treasury stock -9600
Total Stockholder's equity 778190
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