Question
Stockholders' Equity Paid-In Capital: Common Stock$5 Par Value; 1,300 shares authorized, 310 shares issued and outstanding $1,550 Paid-In Capital in Excess of ParCommon 4,650 Total
Stockholders' Equity
Paid-In Capital:
Common Stock$5 Par Value; 1,300 shares
authorized, 310 shares issued and outstanding $1,550
Paid-In Capital in Excess of ParCommon 4,650
Total Paid-In Capital 6,200
Retained Earnings 59,000
Total Stockholders' Equity $65,200
DATA TABLE ABOVE
Western Amusements Corporation had the following? stockholders' equity on November 30?:
On December? 30, Western purchased 100 shares of treasury stock at $ 14 per share.
Requirement 1. Journalize the purchase of the treasury stock.? (Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.) Date Accounts and Explanation Debit Credit Dec. 30
Requirement 2. Prepare the? stockholders' equity section of the balance sheet at December? 31, 2018. Assume the balance in retained earnings is unchanged from November 30. Western Amusements Corporation Balance Sheet (Partial) December 31 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity
Requirement 3. How many shares of common stock are outstanding after the purchase of treasury? stock?
_______shares are outstanding.
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