Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cant figure out how i get retained earnings and the treasury stock at cost? The following Information applies to the questions displayed belowj Global Marine

Cant figure out how i get retained earnings and the treasury stock at cost?

image text in transcribed

The following Information applies to the questions displayed belowj Global Marine obtalned a charter from the state In January that authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $380,000 of net Income, declared no dividends, and the following selected transactions occurred In the order given: a Issued 100,000 shares of the common stock at $53 cash per share b. Reacquired 23,000 shares at $48 cash per share C. Relssued 9,000 shares from treasury for $49 per share d. Relssued 9,000 shares from treasury for $47 per share PA11-1 Part 3 3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be Indicated by a minus sign.) Answer is complete but not entirely correct. GLOBAL MARINE Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Common Stock $500,000 Additional Paid-In Capital, Common Stock 4,800,000 5,300,000 450,000 Total Contributed Capital Retained Earnings Total 5,750,000 (432,000) Less: Treasury Stock, at cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions