A bhaliya United Resources Company obtained a charter from the state in January of this year. The charter authorized 208,000 shares ofcommon stock with a par value of $2. During the year, the company earned $478,000. Also during the year, the following selectedtransactions 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 $23 per share.Required:Prepare the stockholders' equity section of the balance sheet at the end of the year.Note: Amounts to be deducted should be indicated with a minus sign.UNITED RESOURCES COMPANYBalance Sheet (Partial)At December 31, This yearStockholders' equityContributed capital:Common stockAdditional paid-in capitalTotal contributed capitalRetained earningsTreasury stockTotal stockholders' equity+$ 198,000$ 198,000$ 198,000

Balance Sheet :— It is one of the financial statements that shows list of final balances of assets,…

Answered: United Resources Company obtained a…

Principles of Accounting Volume 1

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Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 5PB: Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue...

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James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.
St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
United Resources Company obtained a charter from the state in January of this year. The charter authorized 211,000 shares of common stock with a par value of $1. During the year, the company earned $477,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 98,000 shares of the common stock in an initial public offering for $18 per share. b. Repurchased 29,000 shares of the previously issued shares for $21 per share and is holding them as treasury stock. c. Resold 4,000 shares of treasury stock for $24 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 Total stockholders' equity
United Resources Company obtained a charter from the state in January of this year. The charter authorized 200,000 shares of common stock with a par value of $3. During the year, the company earned $475,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 84,000 shares of the common stock in an initial public offering for $13 per share. b. Repurchased 26,000 shares of the previously issued shares for $16 per share and is holding them as treasury stock. c. Resold 6,000 shares of treasury stock for $19 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: Common stock UNITED RESOURCES COMPANY Additional paid-in capital Balance Sheet (Partial) At December 31, This year Total contributed capital $ 84,000 $ 84,000 Retained earnings Treasury stock
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 $1. During the year, the company earned $481,000. Also during the year, the following selected transactions occurred in the order given: Sold 86,000 shares of the common stock in an initial public offering for $12 per share. Repurchased 23,000 shares of the previously issued shares for $15 per share and is holding them as treasury stock. Resold 6,000 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: Total contributed capital Total stockholders’ equity
United Resources Company obtained a charter from the state in January of this year. The charter authorized 203,000 shares of common stock with a par value of $1. During the year, the company earned $481,000 Also during the year, the following selected transactions occurred in the order given: a. Sold 86,000 shares of the common stock in an initial public offering for $20 per share. b. Repurchased 29,000 shares of the previously issued shares for $23 per share. c. Resold 3,000 shares of treasury stock for $26 per share. Required:
Worldwide Company obtained a charter from the state in January that authorized 200,000 shares ofcommon stock, $10 par value. During the first year, the company earned $38,200 and the followingselected transactions occurred in the order given:a. Issued 60,000 shares of the common stock at $12 cash per share.b. Reacquired 2,000 shares at $15 cash per share from stockholders; the shares are now held intreasury.c. Reissued 1,000 of the shares in transaction ( b) two months later at $18 cash per share.Required:1. Indicate the effects of each transaction on the accounting equation.2. Prepare journal entries to record each transaction.3. Prepare the stockholders’ equity section of the balance sheet at December 31.TIP: Because this is the first year of operations, Retained Earnings has a zero balance at thebeginning of the year.
Upon submitting its corporate charter to the state, Lazer was granted permission to issue 6,000 shares of $0.30 par value common stock. Net income for the year for Lazer was $98,400. In addition, the following transactions took place during the year: January 2: March 12: Investors paid Lazer $7 each for 2,520 shares of common stock Lazer purchases 600 shares of its own common stock for $6.50 per share October 31: Lazer declared a 2-for-1 forward stock split As of December 31, how many shares are issued, and how many shares are outstanding? Select one: О a. Issued, 4,080; Outstanding, 2,520 O b. Issued, 4,080; Outstanding, 5,040 O c. Issued, 5,040; Outstanding, 1,920 о d. Issued, 5,040; Outstanding, 3,840

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