Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wildhorse Technologies Inc. reported the following information related to its shareholders' equity on January 1: Common shares, 1,400,000 authorized, 700.000 shares issued $1,400,000 Contributed surplus-reacquisition

image text in transcribedimage text in transcribed

Wildhorse Technologies Inc. reported the following information related to its shareholders' equity on January 1: Common shares, 1,400,000 authorized, 700.000 shares issued $1,400,000 Contributed surplus-reacquisition of common shares 14,810 Retained earnings 709,000 During the year, the following transactions related to common shares occurred in the order listed: 1 Issued 35,000 shares at $4.10 per share. 2. Reacquired 9,000 shares at $2.00 per share. 3. Issued 3,000 shares at $4.53 per share. Reacquired 19,000 shares at $4 per share 5. Reacquired 74,000 shares at $2 per share. (a) Calculate the number of shares authorized and issued at the end of the year. Number of shares authorized Number of shares issued (b) Determine the ending balances in each of the following accounts: Common Shares, Contributed Surplus-Reacquisition of Common Shares, and Retained Earnings. (Round the average issue price to two decimal places, e.g. 5.27 and final answers to O decimal places, e.g. 5,276.) Common shares $ Contributed Surplus-reacquisition of common shares ta Retained earnings ta

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions