Required information [The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $14 par value, 12,400 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,400 shares of common stock for cash at $28 per share. b. Sold 2,600 shares of common stock for cash at $33 per share. c. At year-end, the company reported net income of $7,800. No dividends were declared. 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. Stockholders' equity Contributed capital: TARRANT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Total stockholders' equity $ 69

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required information
[The following information applies to the questions displayed below.]
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the
following stock: common stock, $14 par value, 12,400 shares authorized. During the year, the following selected
transactions were completed:
a. Sold 7,400 shares of common stock for cash at $28 per share.
b. Sold 2,600 shares of common stock for cash at $33 per share.
c. At year-end, the company reported net income of $7,800. No dividends were declared.
2. Prepare the stockholders' equity section of the balance sheet at the end of the year.
Note: Amounts to be deducted should be indicated by a minus sign.
Stockholders' equity
Contributed capital:
TARRANT CORPORATION
Balance Sheet (Partial)
At December 31, This year
Total contributed capital
Total stockholders' equity
$
69
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $14 par value, 12,400 shares authorized. During the year, the following selected transactions were completed: a. Sold 7,400 shares of common stock for cash at $28 per share. b. Sold 2,600 shares of common stock for cash at $33 per share. c. At year-end, the company reported net income of $7,800. No dividends were declared. 2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated by a minus sign. Stockholders' equity Contributed capital: TARRANT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Total stockholders' equity $ 69
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