Homework Answers
| a)Shares outstanding at end of period =Beginning+issue -repurchase-reissue |
| = 2000+3000-500+200 |
| = 4700 shares |
| b)shares issued = Beginning +issue |
| = 2000+3000 |
| =5,000 shares |
c)
| Event | Asset | = | Liabilities | + | Equity | ||||||||
| cash | = | + | common stock | + |
PIC in excess of common stock |
+ |
PIC in excess of treasury stock |
+ | treasury stock | + | Retained earning | ||
| Beginning | = | + | $ 20,000.00 | + | $ 15,000.00 | + | + | + | $ 82,000.00 | ||||
| 1 | 3000*25=$75000 | = | + | 3000*10=$30000 | + | 3000*15= $45000 | + | + | + | ||||
| 2 | $ (13,000.00) | = | + | + | + | + | 500*26= $13000 | + | |||||
| 3 | 200*30=$ 6000 | = | + | + | + | 200*4= $800 | + | -$5200 [200*26] | + | ||||
| Ending | $ 68,000.00 | = | + | $ 50,000.00 | + | $ 60,000.00 | + | $ 800.00 | + | $ 7,800.00 | + | $ 82,000.00 | |
d.
| JAE corporation | ||
| Balance sheet(partial) | ||
| as of December 31 | ||
| stockholders equity | ||
| common stock | $ 50,000.00 | |
| paid in capital in excess of common stock | $ 60,000.00 | |
| paid in capital in excess of treasury stock | $ 800.00 | |
| Retained earning | $ 82,000.00 | |
| Total paid in capital | $ 192,800.00 | |
| less:treasury stock | $ (7,800.00) | |
| Total stockholders equity | $ 185,000.00 | |
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Common stock, $8 par, 10,000 shares authorized, 2,000 shares
issued and outstanding
$
16,000
Paid-in capital in excess of par, common stock
13,200
Retained earnings
60,800
JAE Corp. completed the following transactions during 2018:
Issued 850 shares of $8 par common stock for $27 per
share.
Repurchased 250 shares of its own common stock for $24 per
share.
Resold 50 shares of treasury stock for $25 per share.
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