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Roberto Corporation was organized on January 1, 2016. The firm was authorized to issue 86,000 shares of $5 par common stock. During 2016, Roberto had the following transactions relating to shareholders' equity: a. Issued 9,000 shares of common stock at $5.40 per share. b. Issued 20,900 shares of common stock at $9.90 per share. c. Reported a net income of $108,000. d. Paid dividends of $49,000. e. Purchased 3,300 shares of treasury stock at $11.90 (part of the 20,900 shares issued at $9.90). What is total shareholders' equity at the end of 2016? A. $284,970 B. $324,240 C. $277,440 D. $275,240

Roberto Corporation was organized on January 1, 2016. The firm was authorized to issue 86,000 shares of $5 par common stock. During 2016, Roberto had the following transactions relating to shareholders' equity: a. Issued 9,000 shares of common stock at $5.40 per share. b. Issued 20,900 shares of common stock at $9.90 per share. c. Reported a net income of $108,000. d. Paid dividends of $49,000. e. Purchased 3,300 shares of treasury stock at $11.90 (part of the 20,900 shares issued at $9.90). What is total shareholders' equity at the end of 2016? A. $284,970 B. $324,240 C. $277,440 D. $275,240

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Roberto Corporation was organized on January 1, 2016. The firm was authorized to issue 86,000 shares of $5 par common stock. During 2016, Roberto had the following transactions relating to shareholders' equity: a. Issued 9,000 shares of common stock at $5.40 per share. b. Issued 20,900 shares of common stock at $9.90 per share. c. Reported a net income of $108,000. d. Paid dividends of $49,000. e. Purchased 3,300 shares of treasury stock at $11.90 (part of the 20,900 shares issued at $9.90). What is total shareholders' equity at the end of 2016? A. $284,970 B. $324,240 C. $277,440 D. $275,240
Transcribed Image Text:Roberto Corporation was organized on January 1, 2016. The firm was authorized to issue 86,000 shares of $5 par common stock. During 2016, Roberto had the following transactions relating to shareholders' equity: a. Issued 9,000 shares of common stock at $5.40 per share. b. Issued 20,900 shares of common stock at $9.90 per share. c. Reported a net income of $108,000. d. Paid dividends of $49,000. e. Purchased 3,300 shares of treasury stock at $11.90 (part of the 20,900 shares issued at $9.90). What is total shareholders' equity at the end of 2016? A. $284,970 B. $324,240 C. $277,440 D. $275,240
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