Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Stock Transactions 12/01/2015 Purchase 50 shs of common stock @ $50 per share 01/15/2016 Resell 30 shs @ $60 per share 10/20/2016 Resell 10 shs

Stock Transactions

12/01/2015 Purchase 50 shs of common stock @ $50 per share

01/15/2016 Resell 30 shs @ $60 per share

10/20/2016 Resell 10 shs @ $25 per share

Scenario 1 12/15/2016 Resell 10 shs @ $25 per share

Scenario 2 12/15/2016 Retire remaining 10 shares Treasury Stock Requirements

image text in transcribedc Prepare the Partial Balance Sheet for 12/31/2016 for each scenario

ACC 102 Corp Balance Sheet Partial December 31, 2014 Stockholder's Equity Capital Stock 8% Preferred stock, $100 par value, 2,000 shares authorized, 500 shares issued and outstanding Common stock, $3 par value, 5,000 shares authorized, 200 shares issued and outstanding $ 75,000 $ 600 Total Capital Stock $ 75,600 Additional Paid In Capital Additional paid in capital - preferred stock Additional paid in capital - common stock $ 25,000 5,400 Total additional paid in capital 30,400 Total contributed capital Retained earnings Total contributed capital and retained earnings $ 106,000 $ 100,000 $ 206,000 Total stockholder's equity $ 206,000

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_2

Step: 3

blur-text-image_3

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

Internal Auditing Assurance & Consulting Services

Authors: Kurt F Reading, Paul J Sobel, Urton L Anderson, Michael J Head, Sri Ramamoorti

1st Edition

0894136100, 9780894136108

More Books

Students also viewed these Accounting questions

Question

Dont off er e-mail communication if you arent going to respond.

Answered: 1 week ago