Common stock, no par, 5,000 shares issued, issue price P12 per share Preferred stock, par P5, 1,000 shares issued and outstanding; issue price, P15 per share Unrealized gain, available-for-sale securities, P18,000 Retained earnings, P20,000 (unappropriated) - Preferred stock, par P5, subscribed (not yet issued), 400 shares; subscription price P20 per share Subscriptions receivable on the preferred stock P5,000 to be collected on January 1, 2008 Reserve for bond sinking fun, P15,000 Treasury stock, common stock, 1,000 shares, cost P10 per share

Common stock, no par, 5,000 shares issued, issue price P12 per share Preferred stock, par P5, 1,000 shares issued and outstanding; issue price, P15 per share Unrealized gain, available-for-sale securities, P18,000 Retained earnings, P20,000 (unappropriated) - Preferred stock, par P5, subscribed (not yet issued), 400 shares; subscription price P20 per share Subscriptions receivable on the preferred stock P5,000 to be collected on January 1, 2008 Reserve for bond sinking fun, P15,000 Treasury stock, common stock, 1,000 shares, cost P10 per share

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

At the beginning of 2024, Ellingham Academy reported a balance in common stock of $164,000 and a balance in retained earnings of $64,000. During the year, the company issued additional shares of stock for $54,000, earned net income of $44,000, and paid dividends of $11,400. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Liabilities Cash $54,000 Accounts payable $13,600 Supplies 12,300 Utilities payable 5,200 Prepaid rent 31,000 Salaries payable 4,900 Land 270,000 Notes payable 29,000 Required: Prepare a statement of stockholders' equity. Prepare a balance sheet.
Prepare a corporate income statement in good form from the following year-end balances as of December 31,2022 , from the general ledger of Turner Corporation. The company had 10,000 shares of common issued and outstanding for the year.
The following account balances appear in the 2024 adjusted trial balance of Robin Corporation: Common Stock, $19,000; Retained Earnings, $6,900; Dividends, $500; Service Revenue, $24,700; Salaries Expense, $14,900; and Rent Expense, $7,900. No common stock was issued during the year. Prepare the statement of stockholders' equity for the year ended December 31, 2024. (Amounts to be deducted should be entered with minus sign.)
Required: 2. After all of the transactions for the year ended December 31, 20Y5, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step income statement for the year ended December 31, 20Y5, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. “Less” or “ Add will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. (Round earnings per share to the nearest cent.) b. Prepare a…
At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $519,000. During the year, liabilities increased by $23,000 to $224,000, paid-in capital increased by $38,000 to $176,000, and assets increased by $269,000. Dividends declared and paid during the year were $51,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign. Beginning Changes Changes Ending Assets = 269,000 = Liabilities 23,000 + Stockholders' Equity RE PIC + 38,000 + $ 224,000+ $ 176,000 + $519,000 SE
At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $520,000. During the year. liabilities increased by $26,000 to $222,000; paid-in capital increased by $34,000 to $178,000; and assets increased by $252,000. Dividends declared and paid during the year were $62,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be Indicated with a minus sign.) Beginning Changes Ending Assets 252,000 = Liabilities + + 26,000+ Stockholders' Equity RE PIC + 34,000 + $ 222,000+ $ 178,000+ $520,000 SE
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $680 were declared at the end of the year, and 500 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $3,320 in cash (for a total at the end of the year of 960 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $1,580 Accounts receivable 2,360 Interest receivable 132 Prepaid insurance 1,760 Long-term notes receivable 3,600 Equipment 16,890 Accumulated depreciation $3,320 Accounts payable 2,720 Dividends payable 680 Accrued expenses payable 4,080 Income taxes payable 1,872 Unearned rent revenue 580 Common Stock (960 shares) 96 Additional paid-in capital 3,780 Retained earnings 1,720 Sales revenue 42,180 Rent revenue 880 Interest revenue 132 Wages expense…
Below are incomplete financial statements for Turek, Incorporated. Required: Calculate the missing amounts. TUREK, INCORPORATED Income Statement Year ended December 31, 2024 $ Revenues Expenses: Salaries Advertising Utilities Net income 32,000 4,600 2,600 TUREK, INCORPORATED Statement of Stockholders' Equity Year ended December 31, 2024 Common Retained Total Stockholders'
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $921,978 and liabilities of $271,256. During Year 2, stockholders invested an additional $28,729 and received $25,028 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $984,994 and liabilities were $237,611?
How would I prepare the statement of stockholder's equity?
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $610 were declared at the end of the year, and 500 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $3,040 in cash (for a total at the end of the year of 820 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $1,510 Accounts receivable 2,220 Interest receivable 104 Prepaid insurance 1,620 Long-term notes receivable 2,900 Equipment 15,490 Accumulated depreciation $3,040 Accounts payable 2,440 Dividends payable 610 Accrued expenses payable 3,940 Income taxes payable 1,704 Unearned rent revenue 510 Common Stock (820 shares) 82 Additional paid-in capital 3,640 Retained earnings 1,440 Sales revenue 38,960 Rent revenue 810 Interest revenue 104 Wages expense…
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $640 were declared at the end of the year, and 650 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,600 in cash (for a total at the end of the year of 800 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit $ 1,620 Cash Accounts receivable 2,340 Interest receivable Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Dividends payable 210 1,700 2,990 15,500 $ 2,860 2,310 640 Accrued expenses payable Income taxes payable Unearned rent revenue 3,840 2,580 490 Common Stock (800 shares) Additional paid-in capital Retained earnings Sales revenue 80 3,590 3,830 36,950 170 730 Interest revenue Rent revenue Wages expense Depreciation expense Utilities expense 18,300 1,770 350 Insurance expense 710 Rent…