Question

Stockholders' equity of Ziyech Corporation as of January 1, 2020, is as follows: Common stock, $20...

Stockholders' equity of Ziyech Corporation as of January 1, 2020, is as follows:

Common stock, $20 par; issued and outstanding 90,000 shares: $1,800,000

Paid-in capital – excess of par: $900,000

Retained earnings: $760,000

Ziyech had not repurchased shares before. During 2020, Ziyech entered into the following transactions:

1. Acquired 2,500 shares of its stock for $75,000.

2. Sold 2,000 treasury shares at $32 per share.

3. Sold the remaining treasury shares at $20 per share.

Assuming no other equity transactions occurred during 2020, net income and dividends for the year were $33,000 and $6,000, respectively, what is retained earnings balance on December 31, 2020?

  • $783,000

  • $786,000

  • $777,000

  • $787,000

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued...
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued and outstanding 225,000 shares: $2,250,000 Paid-in capital – excess of par: $900,000 Retained earnings: $2,190,000 During 2020, Sosa had the following stock transactions: 1. Acquired 6,000 shares of its stock for $270,000. 2. Sold 3,600 treasury shares at $50 a share. 3. Sold the remaining treasury shares at $41 per share. No other stock transactions occurred during 2020. Sosa reported net income of $540,000...
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued...
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued and outstanding 225,000 shares: $2,250,000 Paid-in capital – excess of par: $900,000 Retained earnings: $2,190,000 During 2020, Sosa had the following stock transactions: 1. Acquired 6,000 shares of its stock for $270,000. 2. Sold 3,600 treasury shares at $50 a share. 3. Sold the remaining treasury shares at $41 per share. No other stock transactions occurred during 2020. Sosa reported net income of $540,000...
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued...
Sosa Company’s stockholders' equity at January 1, 2020 is as follows: Common stock, $10 par; issued and outstanding 225,000 shares: $2,250,000 Paid-in capital – excess of par: $900,000 Retained earnings: $2,190,000 During 2020, Sosa had the following stock transactions: 1. Acquired 6,000 shares of its stock for $270,000. 2. Sold 3,600 treasury shares at $50 a share. 3. Sold the remaining treasury shares at $41 per share. No other stock transactions occurred during 2020. Sosa reported net income of $540,000...
Presented below if the stockholders’ equity section of Blue Corporation at December 31, 2020: Common stock,...
Presented below if the stockholders’ equity section of Blue Corporation at December 31, 2020: Common stock, par value $20; authorized 75,000 shares; issued and outstanding 45,000 shares $900,000 Paid-in-capital in excess of par value 350,000 Retained earnings 500,000 During 2021, the following transactions occurred related to stockholder’ equity: 3,000 shares were reacquired at $28 per share. 3,000 shares were reacquired at $35 per share. 3,200 shares of treasury stock were sold at $30 per share. For the year ended December...
On January 1, 2019, the stockholders' equity section of Smiley Corporation shows: common stock ($5 par...
On January 1, 2019, the stockholders' equity section of Smiley Corporation shows: common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $ 1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar.1 Purchased 30,000 shares for cash at $20 per share. July.1 Sold 6,000 treasury shares for cash at $27 per share. Sept.1 Sold 5,000 treasury shares for cash at $9 per share. Requirements: Journalize the treasury stock transactions.
On January 1, 2015, the stockholders’ equity section of Martin Corporation shows: common stock ($5 par...
On January 1, 2015, the stockholders’ equity section of Martin Corporation shows: common stock ($5 par value) $2,000,000; paid-in capital in excess of par value $1,200,000; and retained earnings $1,400,000. During the year, the following treasury stock transactions occurred. Mar. 1    Purchased 60,000 shares for cash at $18 per share. July 1      Sold 15,000 treasury shares for cash at $19 per share. Sept. 1    Sold 10,000 treasury shares for cash at $17 per share. Instructions: Journalize the...
On January 1, 2017, the stockholders’ equity section of Newlin Corporation shows common stock ($7 par...
On January 1, 2017, the stockholders’ equity section of Newlin Corporation shows common stock ($7 par value) $2,100,000; paid-in capital in excess of par $1,020,000; and retained earnings $1,210,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 51,000 shares for cash at $15 per share. July 1 Sold 11,000 treasury shares for cash at $17 per share. Sept. 1 Sold 9,500 treasury shares for cash at $14 per share. Restate the entry for September 1, assuming...
On January 1, 2017, the stockholders’ equity section of horton Corporation shows Common stock ($5 par...
On January 1, 2017, the stockholders’ equity section of horton Corporation shows Common stock ($5 par value) $1,500,000 paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following transactions occurred. Mar.           1   Purchased 30,000 shares for cash at $22 per share. July            1   Sold 6,000 treasury shares for cash at $27 per share. Oct.           1   Sold 5,000 treasury shares for cash at $19 per share. Dec            1    Sold 3,000 treasury share for cash...
3. Jet Corporation had the following balances in its stockholders' equity accounts at December 31, 2019:...
3. Jet Corporation had the following balances in its stockholders' equity accounts at December 31, 2019: Common Stock $5 par, 900,000 shares authorized, 80,000 shares issued, 75,000 shares outstanding $400,000 Paid-in Capital in Excess of Par, Common Stock 1,600,000 Retained Earnings 900,000 Treasury Stock, 5,000 shares (125,000) Total stockholders’ equity $2,775,000 The following transactions occurred during 2020: January 2 Issued 20,000 shares of common stock for $20 per share. May 10 Declared dividends at $0.75 per share. June 10 paid...
On its December 31, 20x6, balance sheet, Block Corporation reported its stockholders’ equity as follows: Common...
On its December 31, 20x6, balance sheet, Block Corporation reported its stockholders’ equity as follows: Common stock—$5 par value, 1,000,000 shares authorized, 100,000 shares issued and outstanding $500,000 Paid-in capital in excess of par value, common 100,000 Retained earnings 400,000 Total stockholders’ equity $1,000,000 During 20x7, the following transactions occurred: 1. Reacquired 2,500 shares at $7 per share. 2. Sold 1,200 shares of treasury stock at $8 per share. 3. Sold 500 shares of treasury stock at $6 per share....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT