[The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. 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 the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.)

[The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. 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 the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.)

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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! Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. 2. Prepare journal entries to record each transaction. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $39,200, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 70,000 shares of the common stock at $11 cash per share. b. Reacquired 3,000 shares at $14 cash per share from stockholders; the shares are now held in treasury. c. Reissued 1,500 of the shares in transaction (b) two months later at $17 cash per share. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equity a.
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.
Required information [The following information applies to the questions displayed below.] Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,700, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 55,000 shares of the common stock at $12 cash per share. b. Reacquired 1,500 shares c. Reissued 750 of the shares in transaction (b) two months later at $18 cash per share. $15 cash per share from stockholders; the shares are now held in treasury. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets Liabilities Stockholders' Equity a. b. C. II
Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,700, declared no dividends, and the following selected transactions occurred in the order given: a. Issued 55,000 shares of the common stock at $12 cash per share. b. Reacquired 1,500 shares at $15 cash per share from stockholders; the shares are now held in treasury. c. Reissued 750 of the shares in transaction (b) two months later at $18 cash per share. 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 the beginning of the year. (Amounts to be deducted should be indicated by a minus sign.) WORLDWIDE COMPANY Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Totel