The following information pertains to JAE Corp. at January 1, 2016: Common stock

Question

The following information pertains to JAE Corp. at January 1, 2016: Common stock, $10 par, 20,000 shares authorized, 2,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings $20,000 15,000 82,000 JAE Corp. completed the following transactions during 2016: 1. Issued 3,000 shares of $10 par common stock for $25 per share. 2. Repurchased 500 shares of its own common stock for $26 per share. 3. Resold 200 shares of treasury stock for $30 per share. Required a. How many shares of common stock were outstanding at the end of the period? Outstanding shares at the end of the period b. How many shares of common stock had been issued at the end of the period? Issued shares at the end of the period

Explanation / Answer

a) Outstanding shares at the end of the period = 2000+3000-500+200 = 4700 b) Issued shares at the end of the period = 2000+3000 = 5000

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