Carter Corporation reports the following information in its January 1, 2010, balance sheet Stockholders equity Common stock, $10 par value, 50,000 shares authorized, 30,000 shares issued and outstanding $300,000 Paid in capital in excess of par value 150,000 Retained earnings 100,000 Total stockhol...

Stockholders Equity Common Stock 10 par value 50000 shares ...

Carter Corporation reports the following information in its January 1, 2010, balance sheet: Stockholders equity Common stock,

Question:

Carter reports the following information in its January 1, 2010, balance sheet:
Stockholders’ equity
Common stock, $10 shares authorized, 30,000 shares issued and outstanding $300,000
Paid-in capital in excess of 150,000
Retained earnings 100,000
Total stockholders’ equity $550,000
During 2010, Carter was affected by the following accounting events.
1. Purchased 1,000 shares of treasury stock at $20 per share.
2. Reissued 600 shares of treasury stock at $22 per share.
3. Earned $64,000 of cash service revenues.
4. Paid $38,000 of cash operating expenses.
Required
Prepare the stockholders’ equity section of the year-end balance sheet.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...