Please help me fill in the blanks. If you can please include what rules/info/formulas I would need to know to solve problems like these in the future.I am espcially confused with how to calculate the additional paid in capitial and treasurey stock; please let me know if everything else is correct. UNITED RESOURCES COMPANYBalance Sheet (Partial)At December 31, This yearStockholders' equity:Contributed capital:Common stockAdditional paid-in capitalTotal contributed capitalRetained earningsTotal contributed capital and retained earningsTreasury stockTotal stockholders' equity$ 100,000590,000100,000690,000$ 690,000 United Resources Company obtained a charter from the state in January of this year. The charter authorized 200,000 shares ofcommon stock with a par value of $1. During the year, the company earned $590,000. Also during the year, the followingselected transactions occurred in the order given:a. Sold 100,000 shares of the common stock in an initial public offering for $12 per share.b. Repurchased 20,000 shares of the previously issued shares for $15 per share.c. Resold 5,000 shares of treasury stock for $18 per share.Required:Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should beindicated with a minus sign.)

The shareholder's equity includes the paid in capital and retained earnings of the business. The…

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 $1. During the year, the company earned $590,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 100,000 shares of the common stock in an initial public offering for $12 per share. b. Repurchased 20,000 shares of the previously issued shares for $15 per share. c. Resold 5,000 shares of treasury stock for $18 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.)

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 $1. During the year, the company earned $590,000. Also during the year, the following selected transactions occurred in the order given: a. Sold 100,000 shares of the common stock in an initial public offering for $12 per share. b. Repurchased 20,000 shares of the previously issued shares for $15 per share. c. Resold 5,000 shares of treasury stock for $18 per share. Required: Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.)

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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