At the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the following BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $76,500 16,000 92,500 49,000 $141,500 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,200 shares of common stock at $22 cash per share (at year-end). b. Determined net income, $47,000. c. Declared and paid a cash dividend of $3 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year
At the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the following BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $76,500 16,000 92,500 49,000 $141,500 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,200 shares of common stock at $22 cash per share (at year-end). b. Determined net income, $47,000. c. Declared and paid a cash dividend of $3 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject: accounting
Transcribed Image Text:At the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the following:
BARNARD CORPORATION
Balance Sheet
At December 31, Prior Year
Stockholders' equity
Contributed capital
Common stock (par $15; 5,100 shares)
Paid-in capital
Total contributed capital
Retained earnings
Total stockholders' equity
$ 76,500
16,000
92,500
49,000
$141,500
During the current year, the following selected transactions (summarized) were completed:
a. Sold and issued 1,200 shares of common stock at $22 cash per share (at year-end).
b. Determined net income, $47,000.
c. Declared and paid a cash dividend of $3 per share on the beginning shares outstanding.
Required:
Prepare a statement of stockholders' equity for the year ended December 31, current year.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education