Question

The following information pertains to JAE Corp. at January 1, Year 1: Common stock, $10 par,...

The following information pertains to JAE Corp. at January 1, Year 1:

Common stock, $10 par, 13,000 shares authorized, 2,600 shares issued and outstanding $ 26,000

Paid-in capital in excess of par, common stock 17,100

Retained earnings 52,100 J

AE Corp. completed the following transactions during Year 1: Issued 950 shares of $10 par common stock for $29 per share. Repurchased 150 shares of its own common stock for $26 per share. Resold 50 shares of treasury stock for $27 per share.

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) Prepare journal entries for these transactions and post them to T-accounts.

D) Prepare the stockholders’ equity section of the balance sheet reflecting these transactions.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On January 1, Grouper Corp. had 61,600 shares of no-par common stock issued and outstanding. The...
On January 1, Grouper Corp. had 61,600 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 12,150 additional shares of common stock for $13 per share. June 15 Declared a cash dividend of $1.65 per share to stockholders of record on June 30. July 10 Paid the $1.65 cash dividend. Dec. 1 Issued 5,400 additional shares of common stock for $13...
On January 1, Ayayai Corp. had 61,000 shares of no-par common stock issued and outstanding. The...
On January 1, Ayayai Corp. had 61,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 9,450 additional shares of common stock for $11 per share. June 15 Declared a cash dividend of $1.50 per share to stockholders of record on June 30. July 10 Paid the $1.50 cash dividend. Dec. 1 Issued 4,200 additional shares of common stock for $11...
The following information pertains to J Company's outstanding stock for 2018: Common stock, $1 par Shares...
The following information pertains to J Company's outstanding stock for 2018: Common stock, $1 par Shares outstanding, 1/1/2018 10,000 2 for 1 stock split, 4/1/2018 10,000 Shares issued, 7/1/2018 5,000 Preferred stock, $100 par, 7% cumulative Shares outstanding, 1/1/2018 4,000 What is the number of shares J should use to calculate 2018 basic earnings per share? a. 20,000. b. 22,500. c. 25,000 . d. 27,000.
Elysium Corp. had the following relevant account balances at 1/1/17: Common stock ($1 par value, 100,000...
Elysium Corp. had the following relevant account balances at 1/1/17: Common stock ($1 par value, 100,000 shares issued and 87,000 outstanding at 1/1/17) $100,000 Additional Paid-in Capital – CS $4,200,000 7% Preferred stock ($500 par value, 25,000 shares issued and outstanding) $12,500,000 Treasury Stock 689,000 Additional Paid-in Capital – TS 0 Retained Earnings $137,783,000 The following transactions occurred during 2017. ? Elysium reissued 7,000 shares of treasury stock at an issue price of $73 a share. ? Elysium declared a...
On January 1, Flounder Corp. had 61,500 shares of no-par common stock issued and outstanding. The...
On January 1, Flounder Corp. had 61,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 11,700 additional shares of common stock for $12 per share. June 15 Declared a cash dividend of $1.90 per share to stockholders of record on June 30. July 10 Paid the $1.90 cash dividend. Dec. 1 Issued 5,200 additional shares of common stock for $13...
1) The following information pertains to J Company's outstanding stock for 2021: Common stock, $1 par...
1) The following information pertains to J Company's outstanding stock for 2021: Common stock, $1 par Shares outstanding, 1/1/2021 19,500 2 for 1 stock split, 4/1/2021 19,500 Shares issued, 7/1/2021 6,900 Preferred stock, $100 par, 6% cumulative Shares outstanding, 1/1/2021 5,900 What is the number of shares J should use to calculate 2021 basic earnings per share? Multiple Choice 39,000. 42,450. 45,900. 48,850. 2)On December 31, 2020, Beta Company had 250,000 shares of common stock issued and outstanding. Beta issued...
On January 1, Bramble Corp. had 63,400 shares of no-par common stock issued and outstanding. The...
On January 1, Bramble Corp. had 63,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 20,250 additional shares of common stock for $12 per share. June 15 Declared a cash dividend of $1.60 per share to stockholders of record on June 30. July 10 Paid the $1.60 cash dividend. Dec. 1 Issued 9,000 additional shares of common stock for $13...
Keira’s Kites is authorized to issue 250,000 shares of $2 par value common and had 75,000...
Keira’s Kites is authorized to issue 250,000 shares of $2 par value common and had 75,000 shares issues and outstanding at Dec 31st 2019. stock. During 2020 Keira took part in the following transactions: Issued 40,000 shares of common stock at $50 per share Purchased 15,000 shares for the Treasury at $54 per share. Resold 4,000 shares of the Treasury Stock at $56 per share Resold 5,000 shares of the Treasury stock at $48 per share. Required: Record the entries...
On January 1, 2015, Sigma Inc. had these stockholders’ equity balances. Common Stock, $1 par (3,000,000...
On January 1, 2015, Sigma Inc. had these stockholders’ equity balances. Common Stock, $1 par (3,000,000 shares authorized, 615,000 shares issued and outstanding) $615,000 Paid-in Capital in Excess of Par Value 1,410,000 Retained Earnings 690,000 Accumulated Other Comprehensive Income 60,000 During 2015, the following transactions and events occurred. 1. Issued 54,500 shares of $1 par value common stock for $2 per share. 2. Issued 55,500 shares of common stock for cash at $6 per share. 3. Purchased 19,600 shares of...
On January 1, 2022, Tamarisk, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,900,000...
On January 1, 2022, Tamarisk, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,900,000 shares authorized, 705,000 shares issued and outstanding) $705,000 Paid-in Capital in Excess of Par Value 1,530,000 Retained Earnings 694,000 Accumulated Other Comprehensive Income 53,000 During 2022, the following transactions and events occurred. 1. Issued 45,500 shares of $1 par value common stock for $2 per share. 2. Issued 65,000 shares of common stock for cash at $3 per share. 3. Purchased 21,600 shares of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT