Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1) Use the partial equity section of Pier 1 Imports, Inc. balance sheets for the years ended December 31, 2018 and 2019 to answer questions
1) Use the partial equity section of Pier 1 Imports, Inc. balance sheets for the years ended December 31, 2018 and 2019 to answer questions la through 1d. 2019 2018 $100,779 $100,779 Shareholder's Equity Common Stock, $1 par value, 500,000 authorized, 100,779 issued Paid in Capital in Excess of Par (or APIC) Retained Earnings Cumulative other comprehensive earnings Less treasury shares at cost 4,619 in '18 and 6,949 in '19 139,424 344,809 (3,115) 155,711 264,678 (1,536) (99,933) (78,668) $481,964 $440,964 a) If Pier 1 Imports issued 1,000 more shares of Common Stock at $5 per share on June 3, 2020, what would the journal entry be to record this transaction: b) Based on question 1a and the financial information in the above table, what would be the ending value on June 30, 2020 for: Common Stock $. Paid in Capital in Excess of Par c) How many shares of Treasury Stock did Pier 1 purchase during the year ended December 31, 2019 (assuming none were sold), and how much did they pay for these shares? d) What is the number of shares outstanding at the end of 2019? (Ignore your answers for parts a through c-just use financial information provided in table)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started