Required information E11-7 (Algo) Reporting Stockholders' Equity LO11-1, 11-3, 11-7 [The following information applies to the questions displayed below.)
Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $6 par value, 86,000 shares authorized. During the first year, the following selected transactions were completed: a. Sold 60,000 shares of common stock for cash at $54 per share.
b. Repurchased 5,000 shares from a stockholder for cash at $56 per share. E11-7 Part 2 2. Prepare the stockholders' equity section of the balance sheet at the end of the year.
Assume retained earnings at the end of the year was $200,000. (Amounts to be deducted should be indicated with a minus sign.) WILLIAMSON CORPORATION Balance Sheet (Partial) At End of This Year Stockholders' equity: Contributed Capital: Common stock $ 360,000 Additional paid-in capital 2.880,000 Total contributed capital Treasury stock Retained earnings $ 3,240,000 (280,000) 42,000 Total stockholders' equity $ 3,002,000
