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United Resources Company obtained a charter from the state in January of this year. The charter authorized 208,000 shares of common stock with a par value of $2. During the year, the company earned $478,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 99,000 shares of the common stock in an initial public offering for $17 per share. b. Repurchased 23,000 shares of the previously issued shares for $20 per share and is holding them as treasury stock. c. Resold 7,000 shares of treasury stock for $23 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year i Stockholders' equity Contributed capital: Common stock Additional paid-in capital Total contributed capital Retained earnings Treasury stock Total stockholders' equity 198,000 $ 198,000 $ 198,000

United Resources Company obtained a charter from the state in January of this year. The charter authorized 208,000 shares of common stock with a par value of $2. During the year, the company earned $478,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 99,000 shares of the common stock in an initial public offering for $17 per share. b. Repurchased 23,000 shares of the previously issued shares for $20 per share and is holding them as treasury stock. c. Resold 7,000 shares of treasury stock for $23 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year i Stockholders' equity Contributed capital: Common stock Additional paid-in capital Total contributed capital Retained earnings Treasury stock Total stockholders' equity 198,000 $ 198,000 $ 198,000

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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United Resources Company obtained a charter from the state in January of this year. The charter authorized 208,000 shares of common stock with a par value of $2. During the year, the company earned $478,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 99,000 shares of the common stock in an initial public offering for $17 per share. b. Repurchased 23,000 shares of the previously issued shares for $20 per share and is holding them as treasury stock. c. Resold 7,000 shares of treasury stock for $23 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Stockholders' equity Contributed capital: Common stock Additional paid-in capital Total contributed capital Retained earnings Treasury stock Total stockholders' equity + $ 198,000 $ 198,000 $ 198,000
Transcribed Image Text:United Resources Company obtained a charter from the state in January of this year. The charter authorized 208,000 shares of common stock with a par value of $2. During the year, the company earned $478,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 99,000 shares of the common stock in an initial public offering for $17 per share. b. Repurchased 23,000 shares of the previously issued shares for $20 per share and is holding them as treasury stock. c. Resold 7,000 shares of treasury stock for $23 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Stockholders' equity Contributed capital: Common stock Additional paid-in capital Total contributed capital Retained earnings Treasury stock Total stockholders' equity + $ 198,000 $ 198,000 $ 198,000
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