Question

In: Accounting

Exercise 11-13A Recording and reporting treasury stock transactions LO 11-5 The following information pertains to JAE...

Exercise 11-13A Recording and reporting treasury stock transactions LO 11-5

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

Common stock, $10 par, 12,000 shares authorized,
2,400 shares issued and outstanding		 $ 24,000
Paid-in capital in excess of par, common stock 12,100
Retained earnings 57,400


JAE Corp. completed the following transactions during Year 1:

  1. Issued 900 shares of $10 par common stock for $29 per share.
  2. Repurchased 220 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. Prepare journal entries for these transactions and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Issued 900 shares of $10 par common stock for $29 per share.

Repurchased 220 shares of its own common stock for $26 per share.

Resold 50 shares of treasury stock for $27 per share.

Cash Common Stock
Beg. Bal Beg. Bal
End. Bal End. Bal
PIC in Excess of Par, CS Treasury Stock
Beg. Bal Beg. Bal
End. Bal End. Bal
PIC in Excess of Cost, TS
Beg. Bal
End. Bal

d. Prepare the stockholders’ equity section of the balance sheet reflecting these transactions. (Amounts to be deducted should be indicated with minus sign.)

Stockholders' equity
Total paid-in capital $0
Total stockholders’ equity $0

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders’ equity...
Exercise 11-10 Recording and reporting treasury stock transactions LO P3 On October 10, the stockholders’ equity of Sherman Systems appears as follows.    Common stock–$10 par value, 94,000 shares authorized, issued, and outstanding $ 940,000 Paid-in capital in excess of par value, common stock 326,000 Retained earnings 1,040,000 Total stockholders’ equity $ 2,306,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 7,200 shares of its own common stock at $47 per share on October 11....
Exercise 11-9A Recording and reporting common and preferred stock transactions LO 11-4 Eastport Inc. was organized...
Exercise 11-9A Recording and reporting common and preferred stock transactions LO 11-4 Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 320,000 shares of $8 par common stock and 50,000 shares of 4 percent cumulative class A preferred stock. The class A stock had a stated value of $30 per share. The following stock transactions pertain to Eastport Inc.: Issued 20,000 shares of common stock for $13 per share. Issued 10,000 shares of the class...
Problem 15-4A Recording, adjusting, and reporting stock investments with insignificant influence LO P4 [The following information...
Problem 15-4A Recording, adjusting, and reporting stock investments with insignificant influence LO P4 [The following information applies to the questions displayed below.] Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. Apr. 16 Purchased 8,000 shares of Gem Co. stock at $24.50 per share. July 7 Purchased 4,000 shares of PepsiCo stock at $54.00 per share. 20 Purchased 2,000 shares of Xerox stock at $17.00...
Problem 15-4A Recording, adjusting, and reporting stock investments with insignificant influence LO P4 [The following information...
Problem 15-4A Recording, adjusting, and reporting stock investments with insignificant influence LO P4 [The following information applies to the questions displayed below.] Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. Apr. 16 Purchased 8,000 shares of Gem Co. stock at $24.50 per share. July 7 Purchased 4,000 shares of PepsiCo stock at $54.00 per share. 20 Purchased 2,000 shares of Xerox stock at $17.00...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $10 par, 10,000...
The following information pertains to JAE Corp. at January 1, 2018: Common stock, $10 par, 10,000 shares authorized, 2,000 shares issued and outstanding $ 20,000 Paid-in capital in excess of par, common stock 14,500 Retained earnings 54,100 JAE Corp. completed the following transactions during 2018: Issued 950 shares of $10 par common stock for $28 per share. Repurchased 170 shares of its own common stock for $25 per share. Resold 50 shares of treasury stock for $26 per share. Required:...
The following information pertains to JAE Corp. at January 1, Year 1: Common stock, $8 par,...
The following information pertains to JAE Corp. at January 1, Year 1: Common stock, $8 par, 13,000 shares authorized, 2,600 shares issued and outstanding $ 20,800 Paid-in capital in excess of par, common stock 13,400 Retained earnings 64,000 JAE Corp. completed the following transactions during Year 1: Issued 700 shares of $8 par common stock for $27 per share. Repurchased 240 shares of its own common stock for $24 per share. Resold 50 shares of treasury stock for $25 per...
Challenge Exercise 3- Chapter 7 Expands on: E7-11 LO:  3 The following information pertains to Two Guys...
Challenge Exercise 3- Chapter 7 Expands on: E7-11 LO:  3 The following information pertains to Two Guys Video Company. 1. Cash balance per bank, July 31, $7,363. 2. July bank service charge not recorded by the depositor $22. 3. The bank erroneously charged another company’s $700 check against Two Guys’ account. 4. Cash balance per books, July 31, $8,784. 5. The bank charged Two Guys account $350 for a customer’s NSF check. 6. Deposits in transit, July 31, $2,200. 7. Two...
The following information pertains to stock transactions of Hawk, Inc. during 2019. On 1/11/2019, Hawk issued...
The following information pertains to stock transactions of Hawk, Inc. during 2019. On 1/11/2019, Hawk issued 1,000,000 shares of common stock for $110/share. Its par is $100/share. On 7/1/2019, Hawk reacquired 150,000 shares of its common stock at $96/share. On 7/15/2019, Hawk reacquired 80,000 shares of its common stock at $98/share. On 8/1/2019, Hawk sold 90,000 shares of the treasury stock for $101/share. On 11/1/2019, Hawk sold 120,000 shares of the stock reacquired for $90/share. On 12/31/2019, Hawk retired the...
P5. The following information pertains to stock transactions of Hawk, Inc. during 2019. On 1/11/2019, Hawk...
P5. The following information pertains to stock transactions of Hawk, Inc. during 2019. On 1/11/2019, Hawk issued 1,000,000 shares of common stock for $115/share. Its par is $100/share. On 7/1/2019, Hawk reacquired 200,000 shares of its common stock at $96/share. On 7/15/2019, Hawk reacquired 100,000 shares of its common stock at $94/share. On 9/1/2019, Hawk sold 110,000 shares of the treasury stock for $105/share. On 11/1/2019, Hawk sold 160,000 shares of the stock reacquired for $90/share. On 12/31/2019, Hawk retired...
Required information Exercise 11-6 Stock dividends and per share book values LO P2 [The following information...
Required information Exercise 11-6 Stock dividends and per share book values LO P2 [The following information applies to the questions displayed below.] The stockholders’ equity of TVX Company at the beginning of the day on February 5 follows: Common stock—$20 par value, 150,000 shares authorized, 56,000 shares issued and outstanding $ 1,120,000 Paid-in capital in excess of par value, common stock 525,000 Retained earnings 675,000 Total stockholders’ equity $ 2,320,000 On February 5, the directors declare a 12% stock dividend...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT