ACCT 209 Study Guide - Final Guide: Treasury Stock, Issued Shares, Preferred Stock

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30 Oct 2014
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Final exam additional review problems with solutions. 5% preferred stock, (a) par value, 15,000 shares authorized, 9,000 shares issued and outstanding. Common stock, par value, 200,000 shares auth, (b) shares issued and (c) shares outstanding. Additional information: earnings for the corporation over its three-year life have been ,000 per year; no dividends have even been paid. E: par value per share * # shares issued = stock account balance. Par value per share * # shares issued = stock account balance. # shares issued - # shares in treasury = # shares outstanding. *for # shares in treasury, see g below. # treasury shares * cost per share = balance in treasury stock account. Each year, net income is added to re and dividends are deducted. = ,000, dividends = 0, so re balance = 3 * 18,000 = 54,000. E = 4,043,500 (remember treasury stock is a contra-equity account; it reduces total stockholders" equity)

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