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At the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the followin BARNARD CORPORATION Balance Sheet At December 31, Prior Year equity Stockholders' Contributed capital Common stock (par $15: 6,300 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 94, 500 14,000 108, 500 45,000 $153,500

At the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the followin BARNARD CORPORATION Balance Sheet At December 31, Prior Year equity Stockholders' Contributed capital Common stock (par $15: 6,300 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 94, 500 14,000 108, 500 45,000 $153,500

FINANCIAL ACCOUNTING
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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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 equity Stockholders' Contributed capital Common stock (par $15; 6,300 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 94, 500 14,000 108, 500 45,000 $153, 500 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,400 shares of common stock at $23 cash per share (at year-end). b. Determined net income, $50,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. Balances as of December 31, prior year Add: Net income Less: Dividends declared Stock issued Balances as of December 31, current year BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount 9,450 $ 945,000 $ 1,400 14,000 Paid-in Capital 14,000 $ Retained Earnings Total Stockholders' Equity 45,000 $ 50,000 153,500 50,000
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 equity Stockholders' Contributed capital Common stock (par $15; 6,300 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 94, 500 14,000 108, 500 45,000 $153, 500 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,400 shares of common stock at $23 cash per share (at year-end). b. Determined net income, $50,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. Balances as of December 31, prior year Add: Net income Less: Dividends declared Stock issued Balances as of December 31, current year BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount 9,450 $ 945,000 $ 1,400 14,000 Paid-in Capital 14,000 $ Retained Earnings Total Stockholders' Equity 45,000 $ 50,000 153,500 50,000
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