Problem based on shares of treasury stock


The stockholders' equity section on the December 31, 2009, balance sheet of Chemfast Corporation reported the following amounts:

Contributed Capital

Preferred Stock (par $20; authorized 9,000 shares, ? issued, of which 400 shares are held as treasury stock) $ 172,000
Additional Paid-in Capital, Preferred 13,200
Common Stock (no-par; authorized 21,000 shares, issued and outstanding 8,000 shares)
592,000
Retained Earnings 31,000
Preferred Treasury Stock, 400 shares at cost 1,800

Assume that no shares of treasury stock have been sold in the past.

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 $ per share.
4. The average issue price of the common stock was $ .
5. The treasury stock transaction stockholders' equity by $ .
6. The treasury stock cost $ per share.
7. Total stockholders' equity is $ .

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Accounting Basics: Problem based on shares of treasury stock
Reference No:- TGS053111

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