The balance sheet of Quartz, Inc., at December 31, 2009, reported 500,000 shares of ($1) par common
Question:
The balance sheet of Quartz, Inc., at December 31, 2009, reported 500,000 shares of \($1\) par common stock authorized with 100,000 shares issued and outstanding. Paid-in Capital in Excess of Par had a balance of \($300,000.\) Retained Earnings had a balance of \($101,000.\) During 2010, the company completed the following selected transactions:
Requirements
1. Record the transactions in the journal. Explanations are not required.
2. Prepare the stockholders’ equity section of the balance sheet at December 31, 2010, assuming the company earned \($73,000\) of net income during the year.
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