Question: Read question b) to answer Blossom Technologies Inc. reported the following information related to its shareholders' equity on January 1: Common shares, 1,500,000 authorized, 750,000

Read question b) to answer

 Read question b) to answer Blossom Technologies Inc. reported the followinginformation related to its shareholders' equity on January 1: Common shares, 1,500,000

Blossom Technologies Inc. reported the following information related to its shareholders' equity on January 1: Common shares, 1,500,000 authorized, 750,000 shares issued $1,500,000 Contributed surplus-reacquisition of common shares 15,350 Retained earnings 712,000 During the year, the following transactions related to common shares occurred in the order listed: 1. Issued 39,600 shares at $4.50 per share. 2. Reacquired 9,100 shares at $2.00 per share. 3. Issued 5,300 shares at $4.60 per share. 4. Reacquired 18,900 shares at $4 per share. 5. Reacquired 74,600 shares at $2 per share. (a) Your answer is correct. Calculate the number of shares authorized and issued at the end of the year. Number of shares authorized 1,500,000 Number of shares issued 692,300Determine the ending balances in each of the following accounts: Common Shares, Contributed Surplus-Reacquisition of Common Shares, and Retained Earnings. (Round the average issue price to two decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,271.) Common shares Contributed Surplus-reacquisition of Common shares Retained earnings $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!