Best Incorporated Balance Sheet (partial) At December 31, Year 6 Stockholders' Equity: Preferred stock (par $100)...

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Best Incorporated Balance Sheet (partial) At December 31, Year 6 Stockholders' Equity: Preferred stock (par $100)...

Best Incorporated
Balance Sheet (partial)
At December 31, Year 6

Stockholders' Equity:
Preferred stock (par $100)	$100,000
Common stock (par $0.10)	52,500
Additional Paid in capital	9,136,000
Total paid in capital	9,288,500
Retained earnings	658,200
Treasury stock (3,000 common shares)	(96,000)
Total stockholders' equity	$10,042,700

Assume that the company sold 1,000 shares of its treasury stock for $35 per share.

How much would additional paid in capital change? $_______

How much would Stockholders’ Equity change? $_______

How many shares of Common stock would be outstanding after the reissuance? _______ shares

How many shares of Commons stock would be issued after the reissuance? _______ shares

business accounting

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Answer 1

Answer #1

7) Cost per share of treasury stock = 96000/3000 = 32 per share

Additional paid in capital change = (35-32)*1000 = Increase by $3000

8) Stockholder's equity changes = Increase by $35000

9) Outstanding shares = (52500/.10-3000+1000) = 523000 Shares

10) Issued shares = 525000 Shares

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Answer 2

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