Homework Help is Here – Start Your Trial Now!
Business
Accounting
United Resources Company obtained a charter from the state in January of this year. The charter authorized 204,000 shares of common stock with a par value of $2. During the year, the company earned $495,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 94,000 shares of the common stock in an initial public offering for $12 per share. b. Repurchased 21,000 shares of the previously issued shares for $15 per share and is holding them as treasury stock. c. Resold 8,000 shares of treasury stock for $18 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

United Resources Company obtained a charter from the state in January of this year. The charter authorized 204,000 shares of common stock with a par value of $2. During the year, the company earned $495,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 94,000 shares of the common stock in an initial public offering for $12 per share. b. Repurchased 21,000 shares of the previously issued shares for $15 per share and is holding them as treasury stock. c. Resold 8,000 shares of treasury stock for $18 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

icon
Related questions
Question

please help me

United Resources Company obtained a charter from the state in January of this year. The charter authorized 204,000 shares of common stock with a par value of $2. During the year, the company earned $495,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 94,000 shares of the common stock in an initial public offering for $12 per share. b. Repurchased 21,000 shares of the previously issued shares for $15 per share and is holding them as treasury stock. c. Resold 8,000 shares of treasury stock for $18 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 Additional paid-in capital Total contributed capital Retained earnings Treasury stock Preferred stock Total stockholders' equity $ $ 0 0
Transcribed Image Text:United Resources Company obtained a charter from the state in January of this year. The charter authorized 204,000 shares of common stock with a par value of $2. During the year, the company earned $495,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 94,000 shares of the common stock in an initial public offering for $12 per share. b. Repurchased 21,000 shares of the previously issued shares for $15 per share and is holding them as treasury stock. c. Resold 8,000 shares of treasury stock for $18 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 Additional paid-in capital Total contributed capital Retained earnings Treasury stock Preferred stock Total stockholders' equity $ $ 0 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Depletions and Amortizations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.