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Use the Telex Information to complete the following questions: Preferred Stock Number of Shares Authorized Number of Shares Issued Par Value of Preferred Stock Total cash received from sale of Preferred Stock Market Price per share of Preferred Stock Common Stock Number of Shares Authorized Number of Shares Issued Par Value of Common Stock Total cash received from sale of Common Stock Market Price per share of Common Stock Number of Treasury Shares Number of Common Shares Outstanding Cost per share of Treasury Stock Use the information below to attempt to answer the questions on page 3. Trial Balance Debit Credit Preferred 5% Stock, $80 Par Paid-In Capital in Excess of Par Preferred Stock Common Stock, $2 Par Paid-In Capital in Excess of Par Common Stock Retained Earnings Treasury Stock 80,000 1,000 120,000 60,000 75,000 20,000 Additional Information Authorized Shares Common 200,000 5,000 Preferred 120,000 0. Treasury Shares

Use the Telex Information to complete the following questions: Preferred Stock Number of Shares Authorized Number of Shares Issued Par Value of Preferred Stock Total cash received from sale of Preferred Stock Market Price per share of Preferred Stock Common Stock Number of Shares Authorized Number of Shares Issued Par Value of Common Stock Total cash received from sale of Common Stock Market Price per share of Common Stock Number of Treasury Shares Number of Common Shares Outstanding Cost per share of Treasury Stock Use the information below to attempt to answer the questions on page 3. Trial Balance Debit Credit Preferred 5% Stock, $80 Par Paid-In Capital in Excess of Par Preferred Stock Common Stock, $2 Par Paid-In Capital in Excess of Par Common Stock Retained Earnings Treasury Stock 80,000 1,000 120,000 60,000 75,000 20,000 Additional Information Authorized Shares Common 200,000 5,000 Preferred 120,000 0. Treasury Shares

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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**Telex Inc. Balance Sheet** **December 31, 20Y7** **Stockholders’ Equity** **Paid-in Capital:** - **Preferred 10% stock, $50 par (2,000 shares authorized and issued):** $100,000 - **Excess of issue price over par (Preferred Stock):** $10,000 **Total Paid-in Capital, Preferred Stock:** $110,000 - **Common stock, $20 par (50,000 shares authorized, 45,000 shares issued):** $900,000 - **Excess of issue price over par (Common Stock):** $190,000 **Total Paid-in Capital, Common Stock:** $1,090,000 - **From sale of treasury stock:** $2,000 **Total Paid-in Capital:** $1,202,000 **Retained Earnings:** $350,000 **Total:** $1,552,000 **Treasury Stock (600 shares at cost):** ($27,000) **Total Stockholders’ Equity:** $1,525,000
Transcribed Image Text:**Telex Inc. Balance Sheet** **December 31, 20Y7** **Stockholders’ Equity** **Paid-in Capital:** - **Preferred 10% stock, $50 par (2,000 shares authorized and issued):** $100,000 - **Excess of issue price over par (Preferred Stock):** $10,000 **Total Paid-in Capital, Preferred Stock:** $110,000 - **Common stock, $20 par (50,000 shares authorized, 45,000 shares issued):** $900,000 - **Excess of issue price over par (Common Stock):** $190,000 **Total Paid-in Capital, Common Stock:** $1,090,000 - **From sale of treasury stock:** $2,000 **Total Paid-in Capital:** $1,202,000 **Retained Earnings:** $350,000 **Total:** $1,552,000 **Treasury Stock (600 shares at cost):** ($27,000) **Total Stockholders’ Equity:** $1,525,000
**Preferred Stock Information:** - Number of Shares Authorized: ____ - Number of Shares Issued: ____ - Par Value of Preferred Stock: ____ - Total Cash Received from Sale of Preferred Stock: ____ - Market Price Per Share of Preferred Stock: ____ **Common Stock Information:** - Number of Shares Authorized: ____ - Number of Shares Issued: ____ - Par Value of Common Stock: ____ - Total Cash Received from Sale of Common Stock: ____ - Market Price Per Share of Common Stock: ____ **Additional Information:** - Number of Treasury Shares: ____ - Number of Common Shares Outstanding: ____ - Cost Per Share of Treasury Stock: ____ **Trial Balance:** | Item | Debit | Credit | |-----------------------------------------------|-----------|-----------| | Preferred 5% Stock, $80 Par | | 80,000 | | Paid-In Capital in Excess of Par - Preferred Stock | | 1,000 | | Common Stock, $2 Par | | 120,000 | | Paid-In Capital in Excess of Par - Common Stock | | 60,000 | | Retained Earnings | | 75,000 | | Treasury Stock | 20,000 | | **Authorized Shares:** - Common: 200,000 - Preferred: 120,000 **Treasury Shares:** - 5,000
Transcribed Image Text:**Preferred Stock Information:** - Number of Shares Authorized: ____ - Number of Shares Issued: ____ - Par Value of Preferred Stock: ____ - Total Cash Received from Sale of Preferred Stock: ____ - Market Price Per Share of Preferred Stock: ____ **Common Stock Information:** - Number of Shares Authorized: ____ - Number of Shares Issued: ____ - Par Value of Common Stock: ____ - Total Cash Received from Sale of Common Stock: ____ - Market Price Per Share of Common Stock: ____ **Additional Information:** - Number of Treasury Shares: ____ - Number of Common Shares Outstanding: ____ - Cost Per Share of Treasury Stock: ____ **Trial Balance:** | Item | Debit | Credit | |-----------------------------------------------|-----------|-----------| | Preferred 5% Stock, $80 Par | | 80,000 | | Paid-In Capital in Excess of Par - Preferred Stock | | 1,000 | | Common Stock, $2 Par | | 120,000 | | Paid-In Capital in Excess of Par - Common Stock | | 60,000 | | Retained Earnings | | 75,000 | | Treasury Stock | 20,000 | | **Authorized Shares:** - Common: 200,000 - Preferred: 120,000 **Treasury Shares:** - 5,000
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