As of December 31, 2024, Warner Corporation reported the following:Cash dividends payable$ 20,000Treasury stock600,000Paid-in capital—share repurchase20,000Common stock and other paid-in capital accounts4,000,000Retained earnings3,000,000What was shareholders' equity as of December 31, 2024?

To calculate shareholders' equity, we need to subtract the liabilities from the assets. The…

Answered: As of December 31, 2024, Warner…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cash dividends payable	$ 20,000
Treasury stock	600,000
Paid-in capital—share repurchase	20,000
Common stock and other paid-in capital accounts	4,000,000
Retained earnings	3,000,000

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A=L+OE
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Listed below are the transactions that affected the shareholders’ equity of Branch-Rickie Corporation during the period 2024–2026. At December 31, 2023, the corporation’s accounts included: ($ in thousands) Common stock, 113 million shares at $1 par $ 113,000 Paid-in capital—excess of par 678,000 Retained earnings 920,000 November 1, 2024, the board of directors declared a cash dividend of $0.50 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. On March 1, 2025, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $2.9 million, but were purchased two years previously for $2.5 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5. On July 12,…
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