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7 J eBook Print References Little League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of common stock for $60 per share. February 14 Issue 50,000 shares of preferred stock for $11 per share. May 8 May 31 December 1 Declare a cash dividend on its common stock of $0.50 per share and a $25,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Purchase 10,000 shares of its own common stock for $50 per share. Resell 5,000 shares of treasury stock for $55 per share. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $480,000. Amounts to be deducted should be indicated by a minus sign.) LITTLE LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Preferred Stock Common Stock Total Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity $ $ 500,000 100,000 600,000 407,500 5,700,000 6,707,500

7 J eBook Print References Little League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of common stock for $60 per share. February 14 Issue 50,000 shares of preferred stock for $11 per share. May 8 May 31 December 1 Declare a cash dividend on its common stock of $0.50 per share and a $25,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Purchase 10,000 shares of its own common stock for $50 per share. Resell 5,000 shares of treasury stock for $55 per share. 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $480,000. Amounts to be deducted should be indicated by a minus sign.) LITTLE LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Preferred Stock Common Stock Total Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity $ $ 500,000 100,000 600,000 407,500 5,700,000 6,707,500

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 16P: Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018,...
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P C 7 2 of 2 eBook Print References Little League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: Issue 100,000 shares of common stock for $60 per share. Issue 50,000 shares of preferred stock for $11 per share. Purchase 10,000 shares of its own common stock for $50 per share. Resell 5,000 shares of treasury stock for $55 per share. Declare a cash dividend on its common stock of $0.50 per share and a $25,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. January 2 February 14 May 8 May 31 December 1 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $480,000. (Amounts to be deducted should be indicated by a minus sign.) LITTLE LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Preferred Stock Common Stock Total Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity $ $ 500,000 100,000 600,000 407,500 5,700,000 6,707,500
Transcribed Image Text:P C 7 2 of 2 eBook Print References Little League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: Issue 100,000 shares of common stock for $60 per share. Issue 50,000 shares of preferred stock for $11 per share. Purchase 10,000 shares of its own common stock for $50 per share. Resell 5,000 shares of treasury stock for $55 per share. Declare a cash dividend on its common stock of $0.50 per share and a $25,000 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. January 2 February 14 May 8 May 31 December 1 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $480,000. (Amounts to be deducted should be indicated by a minus sign.) LITTLE LEAGUE APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Preferred Stock Common Stock Total Paid-in Capital Retained Earnings Treasury Stock Total Stockholders' Equity $ $ 500,000 100,000 600,000 407,500 5,700,000 6,707,500
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