The balance sheet of Playtime, Inc., at December 31,2009, reported 900,000 shares of ($1) par common stock

Question:

The balance sheet of Playtime, Inc., at December 31,2009, reported 900,000 shares of \($1\) par common stock authorized with 90,000 shares issued and outstanding. Paid-in Capital in Excess of Par had a balance of \($325,000.\) Retained Earnings had a balance of \($102,000.\) During 2010, the company completed the following selected transactions:image text in transcribed

Requirements

1. Record the transactions in the general journal. Explanations are not required.
2. Prepare the stockholders’ equity section of the balance sheet at December 31, 2010, assuming the company earned \($77,000\) of net income during the year.

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Financial Accounting

ISBN: 9780136060482

1st Edition

Authors: Jeffrey Waybright, Robert Kemp

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