The following items were shown on the balance sheet of Westwind Corporation on December 31, 2020:Stockholders’ Equity Paid-In Capital Capital Stock Common stock, $5 par value, 400,000 sharesauthorized; ______ shares issued and ______ outstanding $1,850,000 Additional paid-in capital In excess of par 165,000 Total paid in capital 2,015,000 Retained Earnings 750,000 Total paid-in capital and retained earnings 2,765,000 Less: Treasury stock (18,000 shares) 180,000 Total stockholders’ equity $2,585,000 Complete the following statements.(a) The number of shares of common stock issued was shares(b) The number of shares of common stock outstanding was shares(c) The sales price of the common stock when issued was $ (d) The cost per share of the treasury stock was $ per share(e) The average issue price of the common stock was (Round to 2 decimal places, e.g. 5.25) $ per share(f) Assuming that 25% of the treasury stock is sold at $20 per share, the balance in the Treasury Stock account would be $

Common Stock is Amount of Stock purchased by the owner of the Company when the common stock is…

Answered: (a) The number of shares of common…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...

See similar textbooks

Related questions

Concept explainers

Question

100%

The following items were shown on the balance sheet of Westwind Corporation on December 31, 2020:

Stockholders’ Equity
	Paid-In Capital
		Capital Stock
			Common stock, $5 par value, 400,000 shares authorized; ______ shares issued and ______ outstanding	$1,850,000
		Additional paid-in capital
			In excess of par	165,000
				Total paid in capital	2,015,000
	Retained Earnings	750,000
			Total paid-in capital and retained earnings	2,765,000
	Less: Treasury stock (18,000 shares)	180,000
			Total stockholders’ equity	$2,585,000

Complete the following statements.

(a)	The number of shares of common stock issued was		shares
(b)	The number of shares of common stock outstanding was		shares
(c)	The sales price of the common stock when issued was	$
(d)	The cost per share of the treasury stock was	$	per share
(e)	The average issue price of the common stock was *(Round to 2 decimal places, e.g. 5.25)*	$	per share
(f)	Assuming that 25% of the treasury stock is sold at $20 per share, the balance in the Treasury Stock account would be	$

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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