Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following information pertains to jae corporat

The following information pertains to JAE Corporation at January 1, Year 1. ...

70.2K

Verified Solution

Question

Accounting

The following information pertains to JAE Corporation at January 1, Year 1.

Common stock, $11 par, 12,000 shares authorized, 2,400 shares issued and outstanding $ 26,400
Paid-in capital in excess of par, common stock 15,900
Retained earnings 69,500

JAE Corporation completed the following transactions during Year 1:

  1. Issued 900 shares of $11 par common stock for $30 per share.
  2. Repurchased 230 shares of its own common stock for $27 per share.
  3. Resold 50 shares of treasury stock for $28 per share.

Required

a. How many shares of common stock were outstanding at the end of the period?

b. How many shares of common stock had been issued at the end of the period?

c1. Prepare journal entries for these transactions.

c2. Post the journal entries to T-accounts.

d. Prepare the stockholders equity section of the balance sheet reflecting these transactions.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Fixed Income Arbitrage is to find mispricing of coupon bonds through the system of linear equations...

Basic Math
1.2K views

Find the limit, if it exists. (If an answer does not exist, enter DNE.) lim x...

Basic Math
1.2K views

According to Masterfoods, the company that manufactures M&M’s, 12% of peanut M&M’s are brown, 15% are...

Biology
1.2K views

mRNA interacts with a chromosome Codon anticodon base pairing occurs O rRNAs carry amino acids...

Physics
1.2K views

A long straight wire of a circular cross section of radius R carrying steady current...

Physics
1.2K views

Two 10 ?F parallel plate capacitors are connected in parallel.(A) How much energy is stored...

Statistics
1.2K views

a What is the probability that a guitar neck can be carved between 95 and...

Calculus
1.2K views

3 The slope of a curve is equal to y divided by 4 more than...

Accounting
1.2K views

Suppose the following financial data were reported by 3M Company...

Accounting
1.2K views

Which of the following IS NOT a common concern for persons who contemplate becoming co-owners...

Accounting
1.2K views

Discuss the differences between participative and non-participative budgets. What are the advantages and disadvantages to...

Accounting
1.2K views

A lessor with a sales-type lease involving an unguaranteed residual value at the end of...