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34kurt
3 years ago
9

Corporation was organized on January 1, 2021. The firm was authorized to issue 100,000 shares of $5 par common stock. During 202

1, QWN had the following transactions relating to shareholders' equity:
Issued 10,400 shares of common stock at $5.80 per share.
Issued 19,600 shares of common stock at $9.30 per share.
Reported a net income of $106,000.
Paid dividends of $53,000.
Purchased 2,600 shares of treasury stock at $11.30 (part of the 19,600 shares issued at $9.30).

Required:
What is total shareholders' equity at the end of 2021?
Business
1 answer:
Brrunno [24]3 years ago
7 0

Answer:

Total stochkholders' equity = $266,220

Explanation:

Total stockholders' equity

10,400 x $5.80 = $60,320

19,600 x $9.30 = $182,280

Net income (retained earnigns) = $106,000

Paid cash dividends = -$53,000

Purhcase of treasury stocks = -2,600 x $11.30 = -$29,380

Total stochkholders' equity = $266,220

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