United Resources Company obtained a charter from the state in January of this year. The charter authorized 215,000 shares of common stock with a par value of $1. During the year, the company earned $482,000. Also during the year, the following selecte transactions occurred in the order given: a. Sold 81,000 shares of the common stock in an initial public offering for $17 per share. b. Repurchased 25,000 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. Stockholders' equity Contributed capital UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Total contributed capital
United Resources Company obtained a charter from the state in January of this year. The charter authorized 215,000 shares of common stock with a par value of $1. During the year, the company earned $482,000. Also during the year, the following selecte transactions occurred in the order given: a. Sold 81,000 shares of the common stock in an initial public offering for $17 per share. b. Repurchased 25,000 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. Stockholders' equity Contributed capital UNITED RESOURCES COMPANY Balance Sheet (Partial) At December 31, This year Total contributed capital
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please avoid images in solutions thank you
Transcribed Image Text:United Resources Company obtained a charter from the state in January of this year. The charter authorized 215,000 shares of
common stock with a par value of $1. During the year, the company earned $482,000. Also during the year, the following selected
transactions occurred in the order given:
a. Sold 81,000 shares of the common stock in an initial public offering for $17 per share.
b. Repurchased 25,000 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.
Stockholders' equity:
Contributed capital
UNITED RESOURCES COMPANY
Balance Sheet (Partial)
At December 31, This year
Total contributed capital
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education