Question

Roberto Corporation was organized on January 1, 2021. The firm was authorized to issue 98,000 shares...

Roberto Corporation was organized on January 1, 2021. The firm was authorized to issue 98,000 shares of $5 par common stock. During 2021, Roberto had the following transactions relating to shareholders' equity:

Issued 9,000 shares of common stock at $6.40 per share.
Issued 20,600 shares of common stock at $9.60 per share.
Reported a net income of $102,000.
Paid dividends of $46,000.
Purchased 2,100 shares of treasury stock at $11.60 (part of the 20,600 shares issued at $9.60).

What is total shareholders' equity at the end of 2021?

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Answer #1

Answer:

Total shareholders' equity at the end of 2021 = $287000

Explanation:

Stockholder’s Equity

Common stock (9000 shares x $5)

$45000

Additional paid in capital – common stock 9000 x ($6.40 - $5)

$12600

Common stock (20600 shares x $5)

$103000

Additional paid in capital – common stock 20600 x ($9.60 - $5)

$94760

Retained Earnings (Net income – Dividend) i.e. ($102000 - $46000)

$56000

Treasury stock (2100 x $11.60)

($24360)

Total Stock holder equity

$287000
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