Common stock, $12 par, 14,000 shares authorized, 2,800 shares issued and outstanding$33,600 Paid-in capital in excess of par, common stock 13,300 Retained earnings 66,100 JAE Corp. completed the following transactions during 2018: Issued 1,150 shares of $12 par common stock for $28 per share.Repurchased 170 shares of its own common stock for $25 per share.Resold 50 shares of treasury stock for $26 per share. Required:How many shares of common stock were outstanding at the end of the period?How many shares of common stock had been issued at the end of the period?Organize the transactions data in accounts under the accounting equation.Prepare the stockholders’ equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.

1. Calculate the total number of outstanding shares at the end of the period.

Answered: Common stock, $12 par, 14,000 shares…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.6E

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Common stock, $12 par, 14,000 shares authorized, 2,800 shares issued and outstanding	$	33,600
Paid-in capital in excess of par, common stock		13,300
Retained earnings		66,100

JAE Corp. completed the following transactions during 2018:

Issued 1,150 shares of $12 par common stock for $28 per share.
Repurchased 170 shares of its own common stock for $25 per share.
Resold 50 shares of treasury stock for $26 per share.

Required:

How many shares of common stock were outstanding at the end of the period?
How many shares of common stock had been issued at the end of the period?
Organize the transactions data in accounts under the accounting equation.
Prepare the stockholders’ equity section of the balance sheet reflecting these transactions. Include the number of shares authorized, issued, and outstanding in the description of the common stock.

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