Question
In: Accounting
Chapter 11 - E11-7 The stockholders' equity section on the December 31 balance sheet of Chemfast...
Chapter 11 - E11-7
|
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) | $ | 98,000 | |
| Additional Paid-in Capital, Preferred | 12,740 | ||
| Common Stock (no-par; authorized 20,000 shares, issued and outstanding 5,700 shares) | 552,900 | ||
| Retained Earnings | 27,000 | ||
| Treasury Stock, 1,000 Preferred shares at cost | 9,350 | ||
| 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.) |
|
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Solutions
Expert Solution
- All working forms part of the answer
|
No. |
Working |
Amount [Answers’ |
|
|
1 |
The number of shares of preferred stock issued was |
[$98000/$20 par] |
4900 |
|
2 |
The number of shares of preferred stock outstanding was |
[4900 shares - 1000 TS] |
3900 |
|
3 |
The average issue price of the preferred stock was |
[(98000+12740)/4900] |
$ 22.60 per share |
|
4 |
The average issue price of the common stock was |
[$552900/5700 shares] |
$ 20.48 per share |
|
5 |
The treasury stock transaction increased (decreased) stockholders’ equity by |
$ (9,350.00) |
|
|
6 |
The treasury stock cost |
[$9350/1000shares] |
$ 9.35 per share |
|
7 |
Total stockholders’ equity is |
[98000+12740+552900+27000-9350] |
$ 6,81,290.00 |
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