At the end of the prior year annual reporting period, Mesa Industries' balance sheet showed the followin MEGA INDUSTRIES Balance Sheet At December 31, Prior Year equity Stockholders' Common stock (par $15; 7,700 shares) Additional Paid-in capital Retained earnings Total stockholders' equity $ 115,500 9,700 48,700 $ 173,900 uring the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,300 shares of common stock at $30 cash per share (at year-end). b. Determined net income, $46,700. c. Declared and paid a cash dividend of $1 per share on the beginning shares outstanding.
At the end of the prior year annual reporting period, Mesa Industries' balance sheet showed the followin MEGA INDUSTRIES Balance Sheet At December 31, Prior Year equity Stockholders' Common stock (par $15; 7,700 shares) Additional Paid-in capital Retained earnings Total stockholders' equity $ 115,500 9,700 48,700 $ 173,900 uring the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,300 shares of common stock at $30 cash per share (at year-end). b. Determined net income, $46,700. c. Declared and paid a cash dividend of $1 per share on the beginning shares outstanding.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At the end of the prior year annual reporting period, Mesa Industries' balance sheet showed the following:
MESA INDUSTRIES
Balance Sheet
At December 31, Prior Year
Stockholders' equity
Common stock (par $15; 7,700 shares)
Additional Paid-in capital
Retained earnings.
Total stockholders' equity
During the current year, the following selected transactions (summarized) were completed:
a. Sold and issued 1,300 shares of common stock at $30 cash per share (at year-end).
b. Determined net income, $46,700.
c. Declared and paid a cash dividend of $1 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
$ 115,500
9,700
48,700
$ 173,900
Balances as of December 31, current year
MESA INDUSTRIES
Statement of Stockholders' Equity
Common Stock
Shares
Amount
Paid-in
Capital
Retained
Earnings
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