The Following Items Were Shown on the Balance Sheet of Martin

question 31

Essay

The following items were shown on the balance sheet of Martin Corporation on December 31, 2014:


Instructions
Complete the following statements and show your computations. (a) The number of shares of common stock issued was___________
(b) The number of shares of common stock outstanding was___________
(c) The total sales price of the common stock when issued was $\$$ -___________
(d) How much did the treasury stock cost per share? $\$$ .___________
(e) What was the average issue price of the common stock? $\$$ .___________

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Definitions:

Service Fees Earned

Service fees earned refer to revenues a company generates from providing services to clients or customers, as opposed to selling physical goods.

Work Sheet

A paper or electronic document used by accountants to compile and analyze financial information prior to preparing financial statements.

Net Income

The total earnings of a company after subtracting all expenses, including taxes and operating expenses.

Income Summary

An account used in the closing process that summarizes revenues and expenses for a specific period, facilitating the transfer of their net effect to capital or owner's equity.