Business, 11.12.2019 21:31 Vampfox

Tandy company was issued a charter by the state of indiana on january 15 of this year. the charter authorized the following: common stock, $10 par value, 103,000 shares authorized preferred stock, 9 percent, par value $8 per share, 4,000 shares authorized during the year, the following transactions took place in the order presented:

a. sold and issued 20,000 shares of common stock at $16 cash per share.
b. sold and issued 3,000 shares of preferred stock at $20 cash per share.
c. at the end of the year, the accounts showed net income of $60,000. no dividends were declared.

required: 1. prepare the stockholders' equity section of the balance sheet at the end of the year.

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Tandy company was issued a charter by the state of indiana on january 15 of this year. the charter a...