1- Super Retail Corporation reported the following information on the financial statements included with its 2010 annual report:

1.Were any new shares of common stock issued between 3/31/2009 and 3/31/2010? Explain how you know this.

2.Did the company report net income for the year ended 3/31/2010? Explain how you know this.

2- Royal Knight Printing Company's corporate charter allows it to sell 400,000 shares of $3 par value common stock.To date, the company has issued 75,000 shares for a total of $337,500.Last month, Royal Knight repurchased 5,000 shares for $4.74 per share.

1.If Royal Knight were to prepare a balance sheet, how many shares would it show as authorized, issued, and outstanding?

2.In addition to the shareholders' equity given previously, Royal Knight also has $295,000 in retained earnings. Using this information, prepare the shareholders' equity section of Royal Knight's balance sheet.

3- Show how each of the following transactions affect the accounting equation:

March 1 Issued 75.000 shares of $0.02 par value common stock for cash of $99,750 April 1 Issued 1,000 shares of $95 par value preferred stock for cash at $115 per share June 30 Purchased 1,000 shares of treasury stock for $3 per share (i.e., the company bought its own common stock in the stock market) Total Dividends to Dividends to Year Ended Dividends Paid Preferred SHs Common SHs June 30, 2010 $20,000 June 30, 2011 36,000 June 30, 2012 40,000