Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equ a.
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equ a.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10
par value. During the first year, the company earned $39,200, declared no dividends, and the following selected
transactions occurred in the order given:
a. Issued 70,000 shares of the common stock at $11 cash per share.
b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury.
c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share.
Required:
1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and
Stockholders' Equity with a minus sign.)
Assets
Liabilities
Stockholders' Equity
a.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa8691415-a856-4f66-a875-2a1ecae13de8%2F315fbadc-45fa-4698-89a8-91e1b4462e78%2F9m082an_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10
par value. During the first year, the company earned $39,200, declared no dividends, and the following selected
transactions occurred in the order given:
a. Issued 70,000 shares of the common stock at $11 cash per share.
b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury.
c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share.
Required:
1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and
Stockholders' Equity with a minus sign.)
Assets
Liabilities
Stockholders' Equity
a.
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