Quality Corporation reports the following information in its January 1, 2014, balance sheet: -- Stockholders' Equity -- Common stock, $12 par value, 48,000 shares authorized, 29,500 outstanding Shares issued and outstanding: $354,000 Paid-in capital in excess of par value: 113,300 Retained earnings: 77,400 Total stockholders' equity: $544,700 During 2014, Quality was affected by the following accounting events: 1. Purchased 1,500 shares of treasury stock at $20 per share. 2. Reissued 900 shares of treasury stock at $22 per share. 3. Earned $70,900 of cash revenues. 4. Paid $37,850 of cash operating expenses. Prepare stockholder's equity section of the year-end balance sheet.
Quality Corporation reports the following information in its January 1, 2014, balance sheet: -- Stockholders' Equity -- Common stock, $12 par value, 48,000 shares authorized, 29,500 outstanding Shares issued and outstanding: $354,000 Paid-in capital in excess of par value: 113,300 Retained earnings: 77,400 Total stockholders' equity: $544,700 During 2014, Quality was affected by the following accounting events: 1. Purchased 1,500 shares of treasury stock at $20 per share. 2. Reissued 900 shares of treasury stock at $22 per share. 3. Earned $70,900 of cash revenues. 4. Paid $37,850 of cash operating expenses. Prepare stockholder's equity section of the year-end balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Want Both Questions answer
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
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