Williamson Corporation was organized to operate a tax preparation business. The charter common stock, $9 par value, 88,000 shares authorized. During the first year, the followin completed: a. Sold 54,000 shares of common stock for cash at $53 per share. b. Repurchased 7,000 shares at $55 per share.
Williamson Corporation was organized to operate a tax preparation business. The charter common stock, $9 par value, 88,000 shares authorized. During the first year, the followin completed: a. Sold 54,000 shares of common stock for cash at $53 per share. b. Repurchased 7,000 shares at $55 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock:
common stock, $9 par value, 88,000 shares authorized. During the first year, the following selected transactions were
completed:
a. Sold 54,000 shares of common stock for cash at $53 per share.
b. Repurchased 7,000 shares at $55 per share.
2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Assume retained earnings at the end of the
year was $210,000.
Note: Amounts to be deducted should be indicated with a minus sign.
WILLIAMSON CORPORATION
Balance Sheet (Partial)
At End of This Year
Stockholders' equity:
Contributed capital:
Common stock
Additional paid-in capital
Total contributed capital
Treasury stock
Preferred stock
Total stockholders' equity
$
$
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3466162f-1d72-43a1-94cb-31ddbe890b27%2Ff0fb1196-15f2-4fb8-b874-c9176e24750e%2Fyc0opff_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock:
common stock, $9 par value, 88,000 shares authorized. During the first year, the following selected transactions were
completed:
a. Sold 54,000 shares of common stock for cash at $53 per share.
b. Repurchased 7,000 shares at $55 per share.
2. Prepare the stockholders' equity section of the balance sheet at the end of the year. Assume retained earnings at the end of the
year was $210,000.
Note: Amounts to be deducted should be indicated with a minus sign.
WILLIAMSON CORPORATION
Balance Sheet (Partial)
At End of This Year
Stockholders' equity:
Contributed capital:
Common stock
Additional paid-in capital
Total contributed capital
Treasury stock
Preferred stock
Total stockholders' equity
$
$
0
0
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