Roberto Corporation was organized on January 1, 2018. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2018, Roberto had the following transactions relating to shareholders' equity: • Issued 10,000 shares of common stock at $7 per share. • Issued 20,000 shares of common stock at $8 per share. • Reported a net income of $100,000. • Paid dividends of $50,000. • Purchased 3,000 shares of treasury stock at $10 (part of the 20,000 shares issued at $8). What is total shareholders' equity at the end of 2018?

Roberto Corporation was organized on January 1, 2018. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2018, Roberto had the following transactions relating to shareholders' equity: • Issued 10,000 shares of common stock at $7 per share. • Issued 20,000 shares of common stock at $8 per share. • Reported a net income of $100,000. • Paid dividends of $50,000. • Purchased 3,000 shares of treasury stock at $10 (part of the 20,000 shares issued at $8). What is total shareholders' equity at the end of 2018?

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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