STHC Inc. originally issued 10,000 shares of common stock for $10/share. At the beginning of the...
STHC Inc. originally issued 10,000 shares of common stock for $10/share. At the beginning of the current year, the company repurchased 2,000 shares for $15/share. Yesterday, the company reissued 1,000 shares for $20/share. Ignoring retained earnings, what will be STHC's total equity at the end of the current year?
|
$70,000 |
||
|
$90,000 |
||
|
$100,000 |
||
|
$110,000 |
Homework Answers
Correct answer------------$90,000
Working
| Beginning stockholder's equity (10000 x 10) | $ 100,000.00 |
| Less: Repurchase of stock (2000 x 15) | $ (30,000.00) |
| Reissue of stock (1000 x 20) | $ 20,000.00 |
| Ending balance of Equity | $ 90,000.00 |
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