Quality Corporation reports the following information in its January 1, 2014, balance sheet: -- Stockholders' Equity -- Common stock, $12 par value, 48,000 shares authorized, 29,500 outstanding Shares issued and outstanding: $354,000 Paid-in capital in excess of par value: 113,300 Retained earnings: 77,400 Total stockholders' equity: $544,700 During 2014, Quality was affected by the following accounting events: 1. Purchased 1,500 shares of treasury stock at $20 per share. 2. Reissued 900 shares of treasury stock at $22 per share. 3. Earned $70,900 of cash revenues. 4. Paid $37,850 of cash operating expenses. Prepare stockholder's equity section of the year-end balance sheet.
Quality Corporation reports the following information in its January 1, 2014, balance sheet: -- Stockholders' Equity -- Common stock, $12 par value, 48,000 shares authorized, 29,500 outstanding Shares issued and outstanding: $354,000 Paid-in capital in excess of par value: 113,300 Retained earnings: 77,400 Total stockholders' equity: $544,700 During 2014, Quality was affected by the following accounting events: 1. Purchased 1,500 shares of treasury stock at $20 per share. 2. Reissued 900 shares of treasury stock at $22 per share. 3. Earned $70,900 of cash revenues. 4. Paid $37,850 of cash operating expenses. Prepare stockholder's equity section of the year-end balance sheet.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Quality Corporation reports the following information in its January 1, 2014, balance sheet:
-- Stockholders' Equity --
Common stock, $12 par value, 48,000 shares authorized, 29,500 outstanding
Shares issued and outstanding: $354,000
Paid-in capital in excess of par value: 113,300
Retained earnings: 77,400
Total stockholders' equity: $544,700
During 2014, Quality was affected by the following accounting events:
1. Purchased 1,500 shares of treasury stock at $20 per share.
2. Reissued 900 shares of treasury stock at $22 per share.
3. Earned $70,900 of cash revenues.
4. Paid $37,850 of cash operating expenses.
Prepare stockholder's equity section of the year-end balance sheet.
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