Changes in Shareholders' Equity On January 1, 2016, the Osgood Film Studios reported the following alphabetical list of shareholders' equity items: Additional paid-in capital on common stock $118,150 Additional paid-in capital on preferred stock 19,200 Common stock, $2 par 55,600 Preferred stock, $100 par 96,000 Retained earnings 236,000 During 2016, the company sold 4,600 shares of common stock for $15 per share and 440 shares of preferred stock for $124 per share. It also earned income of $81,000 and paid dividends of $9 per share on the preferred stock and $1.20 per share on the common stock outstanding at the end of 2016. Required: Prepare Osgood's statement of shareholders' equity (include retained earnings) for 2016. OSGOOD FILM STUDIOS Statement of Shareholders' Equity For Year Ended December 31, 2016 Additional Paid-in Capital on Preferred Stock Additional Paid-in Preferred Common Stock $100 par par Retained Capital Stock $2 on Earnings Total Common Stock

Changes in Shareholders' Equity On January 1, 2016, the Osgood Film Studios reported the following alphabetical list of shareholders' equity items: Additional paid-in capital on common stock $118,150 Additional paid-in capital on preferred stock 19,200 Common stock, $2 par 55,600 Preferred stock, $100 par 96,000 Retained earnings 236,000 During 2016, the company sold 4,600 shares of common stock for $15 per share and 440 shares of preferred stock for $124 per share. It also earned income of $81,000 and paid dividends of $9 per share on the preferred stock and $1.20 per share on the common stock outstanding at the end of 2016. Required: Prepare Osgood's statement of shareholders' equity (include retained earnings) for 2016. OSGOOD FILM STUDIOS Statement of Shareholders' Equity For Year Ended December 31, 2016 Additional Paid-in Capital on Preferred Stock Additional Paid-in Preferred Common Stock $100 par par Retained Capital Stock $2 on Earnings Total Common Stock

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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The shareholders’ equity of Proactive Solutions, Inc., included the following at December 31, 2016: Common stock, $1 par Paid-in capital—excess of par on common stock 7% cumulative convertible preferred stock, $100 par value Paid-in capital—excess of par on preferred stock Retained earnings Additional Information: • Proactive had 7 million shares of preferred stock authorized of which 2 million were outstanding. All 2 million shares outstanding were issued in 2010 for $112 a share. The preferred stock is convertible into common stock on a two-for-one basis until December 31, 2018, after which the preferred stock no longer is convertible. None of the preferred stock has been converted into common stock at December 31, 2016. There were no dividends in arrears. • Of the 13 million common shares authorized, there were 8 million shares outstanding at January 1, 2016. Proactive also sold 3 million shares at the beginning of September 2016 at a price of $52 a share. • The company has an…
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