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Sarasota Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $185,000, and Retained Earnings $100,000. In 2022, the company had the following treasury stock transactions. Mar. 1 June 1 Purchased 7,000 shares at $8 per share. Sold 1,500 shares at $13 per share. Sept. 1 Sold 2,000 shares at $11 per share. Dec. 1 Sold 1,000 shares at $6 per share. Sarasota Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $30,000. (c) Prepare the stockholders' equity section for Sarasota Corporation at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) Current Liabilities Paid-in Capital Capital Stock Treasury Stock Additional Paid-in Capital Paid in Capital from Treasury Stock SARASOTA CORPORATION Balance Sheet (Partial) December 31, 2022 $ 11500 $ 20000

Sarasota Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $185,000, and Retained Earnings $100,000. In 2022, the company had the following treasury stock transactions. Mar. 1 June 1 Purchased 7,000 shares at $8 per share. Sold 1,500 shares at $13 per share. Sept. 1 Sold 2,000 shares at $11 per share. Dec. 1 Sold 1,000 shares at $6 per share. Sarasota Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $30,000. (c) Prepare the stockholders' equity section for Sarasota Corporation at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) Current Liabilities Paid-in Capital Capital Stock Treasury Stock Additional Paid-in Capital Paid in Capital from Treasury Stock SARASOTA CORPORATION Balance Sheet (Partial) December 31, 2022 $ 11500 $ 20000

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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Sarasota Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $185,000, and Retained Earnings $100,000. In 2022, the company had the following treasury stock transactions. Purchased 7,000 shares at $8 per share.. Sold 1,500 shares at $13 per share. Sept. 1 Sold 2,000 shares at $11 per share. Dec. 1 Sold 1,000 shares at $6 per share. Mar. 1 June 1 Sarasota Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $30,000. (c) Prepare the stockholders' equity section for Sarasota Corporation at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in t question.) Current Liabilities Paid-in Capital Capital Stock Treasury Stock Additional Paid-in Capital Paid in Capital from Treasury Stock WI V SARASOTA CORPORATION Balance Sheet (Partial) December 31, 2022 11500 $ $ 20000
Transcribed Image Text:Sarasota Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $185,000, and Retained Earnings $100,000. In 2022, the company had the following treasury stock transactions. Purchased 7,000 shares at $8 per share.. Sold 1,500 shares at $13 per share. Sept. 1 Sold 2,000 shares at $11 per share. Dec. 1 Sold 1,000 shares at $6 per share. Mar. 1 June 1 Sarasota Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $30,000. (c) Prepare the stockholders' equity section for Sarasota Corporation at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in t question.) Current Liabilities Paid-in Capital Capital Stock Treasury Stock Additional Paid-in Capital Paid in Capital from Treasury Stock WI V SARASOTA CORPORATION Balance Sheet (Partial) December 31, 2022 11500 $ $ 20000
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