The stockholders\' equity section on the December 31 balance sheet of Chemfast C
ID: 2429854 • Letter: T
Question
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) Additional Paid-in Capital, Preferred Common Stock (no-par, authorized 20,000 shares, issued and $ 112,000 16,520 outstanding 6,400 shares) Retained Earnings Treasury Stock, 1,000 Preferred shares at cost 665,600 34,000 9,700 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 2. The number of shares of preferred stock outstanding was 3. The average issue price of the preferred stock was 4. The average issue price of the common stock was 5. The treasury stock transaction increased (decreased) stockholders' equity by 6. The treasury stock cost 7. Total stockholders' equity is per share per shareExplanation / Answer
Answers
A
Preferred Stock value
$ 112,000.00
B
Par Value per share
$ 20.00
C=A/B
Answer 1: No. of shares of preferred stock issued was
5,600
A
No. of preferred stock shares issued
5,600
B
No. of Preferred stock held as Treasury Stock
1,000
C=A-B
Answer 2: No. of shares of preferred stock outstanding
4,600
A
Value of Preferred Stock
$ 112,000.00
B
Additional paid in capital Preferred Stock
$ 16,520.00
C=A+B
Total Issued at
$ 128,520.00
D
No. of preferred stock shares issued
5,600
E=C/D
Answer 3: Average issue prcie of the preferred stcok was
$ 22.95
A
Value of Common Stock
$ 665,600.00
B
No. of common stock shares issued and outstanding
6,400
C=A/B
Answer 4: Average issue price of the common stock was
$ 104.00
Answer 5: Treasury Stock transaction DECREASED stockholder's Equity by
$ (9,700.00)
A
Value of Treasury Stock
$ 9,700.00
B
No. of shares held as Treasury Stock
1,000
C=A/B
Answer 6: Treasury Stock cost
$ 9.70
A
Preferred Stock
$ 112,000.00
B
Paid in capital Preferred Stock
$ 16,520.00
C
Common Stock
$ 665,600.00
D
Retained earnings
$ 34,000.00
E
Treasury Stock
$ 9,700.00
F = (A+B+C+D) - E
Answer 7: Total Stockholder's Equity
$ 818,420.00
A
Preferred Stock value
$ 112,000.00
B
Par Value per share
$ 20.00
C=A/B
Answer 1: No. of shares of preferred stock issued was
5,600
A
No. of preferred stock shares issued
5,600
B
No. of Preferred stock held as Treasury Stock
1,000
C=A-B
Answer 2: No. of shares of preferred stock outstanding
4,600
A
Value of Preferred Stock
$ 112,000.00
B
Additional paid in capital Preferred Stock
$ 16,520.00
C=A+B
Total Issued at
$ 128,520.00
D
No. of preferred stock shares issued
5,600
E=C/D
Answer 3: Average issue prcie of the preferred stcok was
$ 22.95
A
Value of Common Stock
$ 665,600.00
B
No. of common stock shares issued and outstanding
6,400
C=A/B
Answer 4: Average issue price of the common stock was
$ 104.00
Answer 5: Treasury Stock transaction DECREASED stockholder's Equity by
$ (9,700.00)
A
Value of Treasury Stock
$ 9,700.00
B
No. of shares held as Treasury Stock
1,000
C=A/B
Answer 6: Treasury Stock cost
$ 9.70
A
Preferred Stock
$ 112,000.00
B
Paid in capital Preferred Stock
$ 16,520.00
C
Common Stock
$ 665,600.00
D
Retained earnings
$ 34,000.00
E
Treasury Stock
$ 9,700.00
F = (A+B+C+D) - E
Answer 7: Total Stockholder's Equity
$ 818,420.00
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