Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Duma

[answerhappygod]

Joe Dumars Company Has Outstanding 40 000 Shares Of 5 Par Common Stock Which Had Been Issued At 30 Per Share Joe Duma 1 (29.95 KiB) Viewed 11 times

Joe Dumars Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Joe Dumars then entered into the following transactions. 1. 2. 3. Indicate the effect each of the three transactions has on the financial statement categories listed in the table below, assuming Joe Dumars Company uses the cost method. # 1. 2. Purchased 5,000 treasury shares at $45 per share. Resold 2,000 of the treasury shares at $49 per share. Resold 500 of the treasury shares at $40 per share. 3. Assets < Liabilities Stockholders' Equity Paid-in Capital Retained Earnings > Net Income