Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed Capital Preferred Stock (par $20; authorized 10,000

The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed Capital Preferred Stock (par $20; authorized 10,000 shares, ? issued, of which 1,000 shares are held as treasury stock) $ 124,000 Additional Paid-in Capital, Preferred 20,150 Common Stock (no-par; authorized 20,000 shares, issued and outstanding 7,000 shares) 770,000 Retained Earnings 40,000 Treasury Stock, 1,000 Preferred shares at cost 10,000 Assume that no shares of treasury stock have been sold in the past. Required: Complete the following statements. (Decreases should be indicated by a minus sign. Round per share to 2 decimal places.)

1. The number of shares of preferred stock issued was 6,200
2. The number of shares of preferred stock outstanding was 5,200
3. The average issue price of the preferred stock was $23.25 per share
4. The average issue price of the common stock was $110
5. The treasury stock transaction increased (decreased) stockholders equity by
6. The treasury stock cost per share
7. Total stockholders equity is

i need help with 5,6 and 7

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

978-0073526706, 9780073526706

More Books

Students also viewed these Accounting questions

Question

Explain why households do not hold diversified portfolios.

Answered: 1 week ago