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Please help me with the balance sheet. Thank you Problem 11-2A (Part Level Submission) Fechter Corporation had the following stockholders' equity accounts on January 1,
Please help me with the balance sheet. Thank you
Problem 11-2A (Part Level Submission) Fechter Corporation had the following stockholders' equity accounts on January 1, 2017: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings $100,000. In 2017, the company had the following treasury stock transactions. share. June 1 Sold 1.000 shares at t12 per share t$10 per share Sept. 1 Sold 2,000 shares Dec. 1 Sold 1,000 shares at $7 per share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2017, the company reported net income of $30,000. (a) Your answer is correct. Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2017, for net income. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Credit Date Account Titles and Explanation Debit 40,000 T Mar. 1 TTreasury Stock Cash 40,000 TJune 1 Cash 12,000 Treasury Stock 8,000 Paid-in Capital from Tre 4,000 Sept. 1 20,000 | Cash Treasury Stock 16,000 Paid-in Capital from Tre 4,000 7,000 Dec Casl TPaid-in Capital from Treas 1,000 Treasury Stock 8,000 Income Summary Dec. 31 30,000 Retained Earnings 30,000 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT of 3 used Attempts: (b) Your answer is correct. Open accounts for Paid-in Capital from Treasury Stock, Treasury Stock, and Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Paid-in Capital from Treasury Stock Explanation Ref. Debit Balance Date Credit J10 June 13 4000 4000 J10 Sept. 1 4000 8000 Dec. 1 J10 1000 7000 Treasury Stock Explanation Ref. Date Debit Credit Balance J10 T Mar. 1 40,000 40,000 J10 T June 1 8,000 32,000 Sept. 14 J10 16,000 16,000 J10 Dec. 1 8.000 8.000 Retained Earnings Explanation Ref. Credit Date Debit Balance Balance Jan. 1 5 100000 10 Dec. 31 30000 130000 SHOW ANSWER SHOW LIST OF ACCOUNTS LINK TO TT LINK TO TEXT Attempts: 3 of 3 used (c) Prepare the stockholders' equity section for Fechter Corporation at December 31, 2017. (Enter the account name only and do not provide the descriptive information provided in the question.) FECHTER CORPORATION Balance Sheet (Partial) Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock Paid-in Capital from Treas Total Additional Paid-in Capital Prepare the stockholders' equity section for Fechter Corporation at December 31, 2017. (Enter the account name only and do not provide the descriptive information provided in the question.) Balance Sheet (Partial) Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock Paid-in Capital from Treas Total Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Treasury Stock Less . Total Stockholders' Equity SHOW LIST OF ACCOUNTSStep by Step Solution
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