Chapter 10 Homework A Saved Help Save & Exit Submit Check my work 7 Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $24 per share. February 6 Issues 1,900 shares of 78 preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $29 per share. December 15 Resells 6,000 shares of treasury stock at $34 per share. points In its first year of operations, Finishing Touches has net income of $149,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,330 on all preferred shares outstanding. eBook Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Hint FINISHING TOUCHES Print Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Common stock Proforred stock Additional paid-in capital References 100,000 19,000 Total paid-in capital Treasury stock Retained earnings 119,000 Total stockholders' equity 24 119,000
Chapter 10 Homework A Saved Help Save & Exit Submit Check my work 7 Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $24 per share. February 6 Issues 1,900 shares of 78 preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $29 per share. December 15 Resells 6,000 shares of treasury stock at $34 per share. points In its first year of operations, Finishing Touches has net income of $149,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,330 on all preferred shares outstanding. eBook Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Hint FINISHING TOUCHES Print Balance Sheet (Stockholders' Equity Section) December 31, 2021 Stockholders' equity: Common stock Proforred stock Additional paid-in capital References 100,000 19,000 Total paid-in capital Treasury stock Retained earnings 119,000 Total stockholders' equity 24 119,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Chapter 10 Homework A
Saved
Help
Save & Exit
Submit
Check my work
7
Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions
affect stockholders' equity during 2021, its first year of operations:
January 2 Issues 100,000 shares of common stock for $24 per share.
February 6 Issues 1,900 shares of 78 preferred stock for $13 per share.
September 10 Purchases 12,000 shares of its own common stock for $29 per share.
December 15 Resells 6,000 shares of treasury stock at $34 per share.
2
points
In its first year of operations, Finishing Touches has net income of $149,000 and pays dividends at the end of the year of $94,000 ($1
per share) on all common shares outstanding and $1,330 on all preferred shares outstanding.
eBook
Required:
Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2021. (Amounts to be
deducted should be indicated by a minus sign.)
Hint
FINISHING TOUCHES
Print
Balance Sheet
(Stockholders' Equity Section)
December 31, 2021
References
Stockholders' equity:
Common stock
%24
100,000
Preferred stock
19,000
Additional paid-in capital
Total paid-in capital
119,000
Treasury stock
Retained earnings
Total stockholders' equity
%2$
119,000
Mc
Graw
Hill
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