Homework Help is Here – Start Your Trial Now!
Business
Accounting
An analysis of stockholders' equity of Hang Corporation as of January 1, 2020 is as follows: Common stock, par value P20; authorized 100,000. issued and outstanding 90,000 shares P1,800,000 Paid-in capital in excess of par 900,000 Retained earnings 760,000 Total: P 3,460,000 Hang uses the cost method of accounting for

An analysis of stockholders' equity of Hang Corporation as of January 1, 2020 is as follows: Common stock, par value P20; authorized 100,000. issued and outstanding 90,000 shares P1,800,000 Paid-in capital in excess of par 900,000 Retained earnings 760,000 Total: P 3,460,000 Hang uses the cost method of accounting for

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 84PSB: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...
See similar textbooks
icon
Related questions
Question

An analysis of stockholders' equity of Hang Corporation as of January 1, 2020 is as follows: Common stock, par value P20; authorized 100,000. issued and outstanding 90,000 shares P1,800,000 Paid-in capital in excess of par 900,000 Retained earnings 760,000 Total: P 3,460,000 Hang uses the cost method of accounting for treasury stock and during 2020 entry are the following transactions: 1. Acquired 2,500 shares of its stock for P75,000 2. Sold 2,000 treasury shares at P35 per share 3. Sold the remaining treasury shares at P20 per share Assuming no other equity transactions occurred during 2020, what should Hand on Dec 31, 2020, as total a paid-in capital?

Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for stockholder's equity
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS