Roberto Corporation was organized on January 1, 2016. The firm was authorized to

Question

Roberto Corporation was organized on January 1, 2016. The firm was authorized to issue 85,000 shares of $5 par common stock. During 2016, Roberto had the following transactions relating to shareholders' equity:

$305,430.

$330,960.

$286,960.

$283,960.

Roberto Corporation was organized on January 1, 2016. The firm was authorized to issue 85,000 shares of $5 par common stock. During 2016, Roberto had the following transactions relating to shareholders' equity:

Issued 10,100 shares of common stock at $6.70 per share. Issued 20,200 shares of common stock at $9.10 per share. Reported a net income of $105,000. Paid dividends of $47,000. Purchased 2,300 shares of treasury stock at $11.10 (part of the 20,200 shares issued at $9.10). What is total shareholders' equity at the end of 2016?

Explanation / Answer

10100 SHARE COMMON STOCK (10100 * $6.70) $67670 20200 SHARE COMMON STOCK (20200 * $9.10) $183820 ADD REPORTED NET INCOME $105000 LESS DIVIDEND PAID ($47000) LESS TREASURY STOCK (2300 *$11.10) ($25530) SHARE HOLDERS EQUITY END OF 2016 $283960

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