Roberto Corporation was organized on January 1, 2021. The firm was authorized to issue 82,000 shares of $5 par common stock. During 2021, Roberto had the following transactions relating to shareholders' equity:  Issued 10,800 shares of common stock at $5.50 per share.  Issued 20,600 shares of common stock at $9.10 per share.  Reported a net income of $94,000.  Paid dividends of $46,000.  Purchased 3,700 shares of treasury stock at $11.10 (part of the 20,600 shares issued at $9.10).    What is total shareholders' equity at the end of 2021? $258,720. $253,790. $256,590. $299,790.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 2MC: Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions...
icon
Related questions
Question

 

  • Roberto Corporation was organized on January 1, 2021. The firm was authorized to issue 82,000 shares of $5 par common stock. During 2021, Roberto had the following transactions relating to shareholders' equity:

     Issued 10,800 shares of common stock at $5.50 per share.
     Issued 20,600 shares of common stock at $9.10 per share.
     Reported a net income of $94,000.
     Paid dividends of $46,000.
     Purchased 3,700 shares of treasury stock at $11.10 (part of the 20,600 shares issued at $9.10).
     
     What is total shareholders' equity at the end of 2021?
    1. $258,720.
    2. $253,790.
    3. $256,590.
    4. $299,790.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning