Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of...
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Worldwide Company obtained a charter from the state in January that authorized 200,000 shares of common stock, $10 par value. During the first year, the company earned $37,500 and the following selected transactions occurred in the order given: a. Issued 53,000 shares of the common stock at $13 cash per share. b. Reacquired 1,300 shares at $16 cash per share from stockholders; the shares are now held in treasury. c. Reissued 650 of the shares in transaction (b) two months later at $19 cash per share.I need help finishing this problem. Thank you!
3. Prepare the stockholders' equity section of the balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) TIP: Because this is the first year of operations, Retained Earnings has a zero balance at the beginning of the year. WORLDWIDE COMPANY Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Additional Paid-in Capital, Common Stock 159,000 1,950 Additional Paid-in Capital, Treasury Stock 160,950 Total Contributed Capital Retained Earnings Total 160,950 (10,400) Less: Treasury Stock, at Cost 150,550 Total Stockholders' Equity
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I need help finishing this problem. Thank you!