Homework 4 - Homework #4 (LAST ONE!) NAME: _ Section/Time:...

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Homework #4 (LAST ONE!!) NAME: ___________________ Section/Time: _________________ 1. The following is taken from Macon’s Equity Section of his 2006 Balance Sheet: YOU MUST SHOW WORK FOR ANY CREDIT!!! Common Stock ($3 par, 900,000 shares authorized, 500,000 issued, 350,000 outstanding) ??? Additional Paid In Capital, common stock $7,000,000 Treasury Stock $1,250,000 Retained Earnings $1,000,000 a.) What is the value of the common stock? b.) For how much, on average, did Macon sell each share of common stock? c.) How many shares are in the Treasury? d.) For how much, on average, did Macon pay for each share of treasury stock? e.) What is the total value of Macon’s Equity? f.) If she declared a $3 per share common stock dividend, how much would she pay? 2. Prepare the journal entries for the following transactions assuming he has $10,000 of retained earnings: a.) Macon purchases 2,000 shares of his own $5 par stock for $30 each b.) He sells 200 shares for $41 each, cash c.) He sells 170 shares for $38 each, cash
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This note was uploaded on 07/02/2011 for the course ACCT 225 taught by Professor Canace during the Spring '08 term at South Carolina.

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Homework 4 - Homework #4 (LAST ONE!) NAME: _ Section/Time:...

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