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Roberto Corporation was organized on January 1, 2021. The firm was authorized to issue 88,000 shares...

Roberto Corporation was organized on January 1, 2021. The firm was authorized to issue 88,000 shares of $5 par common stock. During 2021, Roberto 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).

What is total shareholders' equity at the end of 2021?

Multiple Choice

  • $289,840.

  • $319,220.

  • $266,220.

  • $268,420.

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Answer #1

Total shareholders equity

= Common stock issued + Net income - Dividends - Treasury stock purchased

= (10,400*5.80) + (19,600*9.30) + 106,000 - 53,000 - (2,600*11.30)

= 266,220

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