Roberto Designers was organized on January 1,2018.The firm was authorized to issue 100,000 shares of $5 par value common stock.During 2018,Roberto had the following transactions relating to stockholders' equity: Issued 10,000 shares of common stock at $7 per share.Issued 20,000 shares of common stock at $8 per share.Reported a net income of $100,000.Paid dividends of $50,000.Purchased 3,000 shares of treasury stock at $10 (part of the 20,000 shares issued at $8).What is the balance in the Treasury Stock account at the end of 2018?

Question

Quizplus · Accepted Answer

The balance in the Treasury Stock account at the end of 2018 can be calculated by multiplying the number of treasury shares purchased (3,000) by the purchase price per share ($10), which equals $30,000. Therefore, the correct choice is C.

Roberto Designers Was Organized on January 1,2018