A company had the following equity account balances on January 1. January 1 balances Common stock, $3 par value, 360,000 shares authorized, 90,000 shares issued and outstanding $270,000 Paid-in capital in excess of par - common stock $210,000 Retained earnings $245,000 During the year, the following equity transactions occurred. Transactions during the year February 10 May 16 August 3 Issued 16,000 shares of common stock for $27 per share. Purchased 8,400 shares of its own common stock for $29 per share. Sold 3,360 of the treasury shares acquired May 16 for $32 per share. December 31 Reported net income for the year of $172,000. Complete the following stockholders' equity section of the balance sheet as of December 31. December 31 balances Common stock Paid-in capital in excess of par - common stock Retained earnings Treasury stock [Select] [Select] [Select] [Select] > < >
A company had the following equity account balances on January 1. January 1 balances Common stock, $3 par value, 360,000 shares authorized, 90,000 shares issued and outstanding $270,000 Paid-in capital in excess of par - common stock $210,000 Retained earnings $245,000 During the year, the following equity transactions occurred. Transactions during the year February 10 May 16 August 3 Issued 16,000 shares of common stock for $27 per share. Purchased 8,400 shares of its own common stock for $29 per share. Sold 3,360 of the treasury shares acquired May 16 for $32 per share. December 31 Reported net income for the year of $172,000. Complete the following stockholders' equity section of the balance sheet as of December 31. December 31 balances Common stock Paid-in capital in excess of par - common stock Retained earnings Treasury stock [Select] [Select] [Select] [Select] > < >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me
![A company had the following equity account balances on January 1.
January 1 balances
Common stock, $3 par value, 360,000 shares authorized, 90,000 shares issued and outstanding $270,000
Paid-in capital in excess of par - common stock
$210,000
Retained earnings
$245,000
During the year, the following equity transactions occurred.
Transactions during the year
February 10 Issued 16,000 shares of common stock for $27 per share.
May 16 Purchased 8,400 shares of its own common stock for $29 per share.
Sold 3,360 of the treasury shares acquired May 16 for $32 per share.
August 3
December 31 Reported net income for the year of $172,000.
Complete the following stockholders' equity section of the balance sheet as of December 31.
December 31 balances
Common stock
Paid-in capital in excess of par - common stock
Retained earnings
Treasury stock
[Select]
[Select]
[Select]
[Select]
<
>
<
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ba58301-c9a3-4da3-8531-6263856f8e77%2F431fe633-d0cc-473b-b339-79f45590e66e%2Fyx5yrg_processed.png&w=3840&q=75)
Transcribed Image Text:A company had the following equity account balances on January 1.
January 1 balances
Common stock, $3 par value, 360,000 shares authorized, 90,000 shares issued and outstanding $270,000
Paid-in capital in excess of par - common stock
$210,000
Retained earnings
$245,000
During the year, the following equity transactions occurred.
Transactions during the year
February 10 Issued 16,000 shares of common stock for $27 per share.
May 16 Purchased 8,400 shares of its own common stock for $29 per share.
Sold 3,360 of the treasury shares acquired May 16 for $32 per share.
August 3
December 31 Reported net income for the year of $172,000.
Complete the following stockholders' equity section of the balance sheet as of December 31.
December 31 balances
Common stock
Paid-in capital in excess of par - common stock
Retained earnings
Treasury stock
[Select]
[Select]
[Select]
[Select]
<
>
<
>
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education