1 answer

Required information The following information applies to the questions displayed below) Worldwide Company obtained a charter...

Question:

Required information The following information applies to the questions displayed below) Worldwide Company obtained a charter

Required information The following information applies to the questions displayed below) 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 $37,900, declared no dividends, and the following selected transactions occurred in the order glven: a. Issued 57.000 shares of the common stock at $11 cash per share. b. Reacquired 1,700 shares at $14 cash per share from stockholders; the shares are now held in treasury. C. Reissued 850 of the shares in transaction (b) two months later at $17 cash per share. Required: 1. Indicating the account, amount, and direction of the effect on above transaction. (Enter any decreases to Assets, Liabilities and Stockholders' Equity with a minus sign.) Assets = Liabilities + Stockholders' Equity

Answers

Asset = Liabilities + Stockholder's Equity
a. Cash $                 6,27,000 = + Common stock $                5,70,000
Additional Paid - in - capital - Common stock $                    57,000
b. Cash $                   -23,800 = + Treasury Stock $                  -23,800
c. Cash $                    14,450 = + Treasury Stock $                    11,900
Additional Paid - in - capital - Treasury stock $                      2,550
.

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