Reference no: EM133179194

Questions -

Q1. A company retired 50,000 shares of P5 par value common stock it held in treasury at an average cost of P26 per share on December 31, 2022. The balances of stockholders' equity accounts before recording the retirement of the treasury stock are

Common Stock 1,080,000

Additional paid-in capital 1,500,000

Retained earnings 1,800,000

Treasury stock, at cost 1,300,000

The company should report common stock outstanding in the December 31, 2022 balance sheet of?

Q2. A company issued 1,000,000 shares of common stock. Of these 150,000 shares were held as treasury stock at December 31, 2002. During 2003, transactions involving A company's common stock were as follows:

May 1 50,000 shares of treasury stock were sold.

1 500,000 shares of previously unissued stock were sold

1 A 2-for-1 stock, split took effect

At December 31, 2003, how many shares of A company common shares were issued?

Q3. A company had 100,000 shares of common stock outstanding in January 2003. The company distributed a 20% stock dividend in March and a 10% stock dividend in June 2003. After acquiring 10,000 shares of treasury stock in July, the company split its stock 5 for 1 in December 2003. How many shares of common stock are outstanding as of December 31, 2003?