Supermart,Inc.completed the following treasury stock transactions in 2016:
Mar. 3 Rurchased 1,BO0 shares of the company's $\$ 3$ par value common stock as treasury stock, paying cash of $\$ 10$ per share.
Mar. 17 Sold 400 shares of the treasury stock for cash of $\$ 12$ per share.
Mar. 25 Sold 600 shares of the treasury stock for cash of $\$ 7$ per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on March 24 is $ 1,200. )
Journalize these transactions.Explanations are not required.
How will Supermart,Inc.report treasury stock on its balance sheet as of December 31,2016?

Question

Supermart,Inc.completed the following treasury stock transactions in 2016:
 Mar. 3 Rurchased 1,BO0 shares of the company's $\$ 3$ par value common stock as treasury stock, paying cash of $\$ 10$ per share.
Mar. 17 Sold 400 shares of the treasury stock for cash of $\$ 12$ per share.
Mar. 25 Sold 600 shares of the treasury stock for cash of $\$ 7$ per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on March 24 is $ 1,200. )
Journalize these transactions.Explanations are not required.
How will Supermart,Inc.report treasury stock on its balance sheet as of December 31,2016?

Quizplus · Accepted Answer

The Answer of Supermart,Inc.completed the following treasury stock transactions in 2016:
 Mar. 3 Rurchased 1,BO0 shares of the company's $\$ 3$ par value common stock as treasury stock, paying cash of $\$ 10$ per share.
Mar. 17 Sold 400 shares of the treasury stock for cash of $\$ 12$ per share.
Mar. 25 Sold 600 shares of the treasury stock for cash of $\$ 7$ per share. (Assume the balance in Paid-In Capital from Treasury Stock Transactions on March 24 is $ 1,200. )
Journalize these transactions.Explanations are not required.
How will Supermart,Inc.report treasury stock on its balance sheet as of December 31,2016?

Supermart,Inc $3\$ 3$3 Par Value Common Stock as Treasury Stock, Paying Cash Of 3

Supermart,Inc $\$ 3$ Par Value Common Stock as Treasury Stock, Paying Cash Of 3