Common stock-$20 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 24 800,000 80,000 400,000 Total stockholders' equity 24 1,280,000 In year 2017, the following transactions affected its stockholders' equity accounts. 1 Purchased 6,000 shares of its own stock at $20 cash per share. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. Jan. Jan. Feb. 28 Paid the dividend declared on January 5. 6 Sold 2,250 of its treasury shares at $24 cash per share. July Aug. 22 Sold 3,750 of its treasury shares at $17 cash per share. Sept. 5Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a statement of retained earnings for the year ended December 31, 2017. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017.

Common stock-$20 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 24 800,000 80,000 400,000 Total stockholders' equity 24 1,280,000 In year 2017, the following transactions affected its stockholders' equity accounts. 1 Purchased 6,000 shares of its own stock at $20 cash per share. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. Jan. Jan. Feb. 28 Paid the dividend declared on January 5. 6 Sold 2,250 of its treasury shares at $24 cash per share. July Aug. 22 Sold 3,750 of its treasury shares at $17 cash per share. Sept. 5Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a statement of retained earnings for the year ended December 31, 2017. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017.

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Description: SavedCommon stock-$20 par value, 100,000 shares authorized,40,000 shares issued and outstandingPaid-in capital in excess of par value, common stockRetained earnings2$800,00080,000400,000Total stockholders' equity2$1,280,000In year 2017, the followin

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Assume the following data relative to ABC Corporation for 2016 is available: Net Income $1,400,000 Transactions in common shares: Jan 1, 2016 Beginning number: 500,000 March 1, 2016 Purchased treasury shares 60,000 June 1,2016 Stock split 2 for 1 Nov 1, 2016 Issuance of new shares 120,000 8% Cumulative Preferred Stock Sold at par, convertible into 200,000 shares as adjusted for stock split $1,000,000 Stock Options-60,000 options Exercisable at the option price of $25 per share. $30 average market price in 2016, $20 year end marke price(market price and option price adjusted for stock split) 4. What is Diluted EPS per share?
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The stockholders' equity section of Blue Spruce Corp, as of December 31, 2017 is as follows: 9% preferred stock, $ 100 par value, authorized 100,000 shares, outstanding 62,000 shares $ 6,200,000 Common stock, $ 1 par, authorized and issued 6,300,000 shares 6,300,000 Additional paid-in capital 78,400,000 Retained earnings 406,600,000 $ 497,500,000 Net income was $ 14,240,000 in 2017. This net income figure reflects a total effective tax rate of 35%. Included in the net income figure is a $5,000,000 (before tax) loss from an earthquake centered in a city where Blue Spruce has a warehouse. Earthquakes are rare in that city. Preferred stock dividends of $ 558,000 were declared and paid in 2017. Blue Spruce Corp. declared and paid dividends of $ 3,030,000 to common stockholders in 2017. Compute earnings per share data as it should appear on the income statement of Blue Spruce Corporation. (Round answers to 2 decimal places, e.g. 1.48.) Earnings Per Share Net Income / (Loss) %24
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