Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common.At December 31, 2025, the following accounts were included in the stockholders' equity.Preferred Stock, 148,200 shares$2,964,000Common Stock, 1,991,000 shares9,955,000Paid-in Capital in Excess of Par--Preferred Stock207,000Paid-in Capital in Excess of Par--Common Stock 26,478,000Retained Earnings4,495,000The following transactions affected stockholders' equity during 2026.Jan. 129,200 shares of preferred stock issued at $23 per share.Feb. 146,100 shares of common stock issued at $21 per share.June 12-for-1 stock split (par value reduced to $2.50).July 128,900 shares of common treasury stock purchased at $10 per share. Blossom uses thecost method.Sept.159,200 shares of treasury stock reissued at $12 per share.Dec. 31The preferred dividend is declared, and a common dividend of 53 cents per share isdeclared.Dec. 31Net income is $2,138,000.Prepare the stockholders' equity section for Company at December 31, 2026.(Enter account name only and do not provide descriptive information.)Stockholders' Equity$

Answered: Company has two classes of capital…

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 following items were shown on the balance sheet of Westwind Corporation on December 31, 2020: Stockholders’ Equity Paid-In Capital Capital Stock Common stock, $5 par value, 400,000 sharesauthorized; ______ shares issued and ______ outstanding $1,850,000 Additional paid-in capital In excess of par 165,000 Total paid in capital 2,015,000 Retained Earnings 750,000 Total paid-in capital and retained earnings 2,765,000 Less: Treasury stock (18,000 shares) 180,000 Total stockholders’ equity $2,585,000 Complete the following statements. (a) The number of shares of common stock issued was shares (b) The number of shares of common stock outstanding was shares (c) The sales price of the common stock when issued was $ (d) The cost per share of the treasury stock was $ per share (e) The average…
5 On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 244,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 18,000 shares outstanding Retained earnings Treasury stock, at cost, 4,400 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Shareholders' equity $ 244,000 488,000 180,000 1,800,000 3,600,000 22,000 Declared a property dividend of 100,000 shares of Burak Company (book value $11.6 per share, fair value $9.80 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock…
The stockholders’ equity accounts of Cheyenne Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,400 shares authorized) $264,000 Common Stock ($4 stated value, 310,000 shares authorized) 1,033,333 Paid-in Capital in Excess of Par Value—Preferred Stock 13,200 Paid-in Capital in Excess of Stated Value—Common Stock 496,000 Retained Earnings 683,500 Treasury Stock (4,400 common shares) 35,200 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,620 shares of common stock for $32,340. Mar. 20 Purchased 1,250 additional shares of common treasury stock at $8 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31 Determined…
The stockholders' equity section of Meyer Corporation's balance sheet as of December 31, 2018 is as follows: Common Stock, $5 par value; 2,000,000 shares authorized and 400,000 shares issued and outstanding $ 2,000,000 Paid-in Capital in Excess of Par—Common Stock 850,000 Retained Earnings 3,000,000 $5,850,000 Required: Below and on the following page, record the following events that occurred during 2019. If no entry is required, write “No Entry.” Jan 15 30,000 shares common stock were issued for $8 per share. Jan 16 Declared a cash dividend of $0.20 per share, payable February 14 to stockholders of record on February 5. Mar 1 Reacquired 15,000 of its own shares at $10 per share. April 1 Reissued 5,000 of the shares acquired March 1 at $9 per share. May 1 Reissued the remaining 10,000 shares acquired March 1 at $14 per share. June 1 A 30% stock dividend was declared, distributable June 30 to stockholders of record on June 15. Market value per share is currently $21. July 1 A…
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The stockholders' equity accounts of Martinez Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 5,000 shares of common stock for $30,000. Mar. 20 Oct. 1 Nov. 1 Paid the dividend declared on October 1. Dec. 1 $300,000 1,000,000 15,000 480,000 689,000 40,000 Dec. 31 Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. Paid the dividend declared on December 1.
Thoughtful Comfort specialist, Inc, reported the following stockholder's equity on its balance sheet on June 30, 2018. Stockholder's Equity Paid-In Capital: Preferred Stock-5%, ? Par Value; 650,000 shares authorized, 325,000 shares issued and outstanding $ 1,300,000 Common Stock-$1 Par Value; 7,000,000 shares authorized, 1,320,000 shares issued and outstanding 1,320,000 Paid-In Capital in Excess of Par-Common 2,700,000 Total Paid-in Capital 5,320,000 Retained Earnings 11,800,000 Total Stockholder's Equity $ 17,120,000 Requirment Question: No preferred dividends are in arrears. Jounalize the declaration of a $700,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Use separate Dividends…
The following items were shown on the balance sheet of Oriole Pet Supply Corporation on 12/31/2025: Stockholders' Equity Paid-In Capital Capital Stock Common stock, $5 par value, 726,000 shares authorized: shares issued and outstanding Additional paid-in capital In excess of par Total paid-in capital Retained Earnings Total paid-in capital and retained earnings Less: Treasury stock (18,800 shares) Total stockholders' equity $2,880,000 195,840 3,075,840 544,000 3,619,840 282,000 $3,337,840 -/10
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued $ 250,000 Paid-in capital—excess of par, common 500,000 Paid-in capital—excess of par, preferred 100,000 Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date. July 18: Declared and distributed a 3%…
The stockholders' equity accounts of Skysong, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) $ 400,000 1,250,000 135,000 1,400,000 1,800,000 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $121,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,800. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,200. Nov. 10 Dec. Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. 31 Determined that net income for the year was $410,000. No dividends were declared during the year. Tuy Journalize the transactions and the closing entry for net income.…
Flint Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders’ equity. Preferred Stock, 160,200 shares $ 3,204,000 Common Stock, 1,983,000 shares 9,915,000 Paid-in Capital in Excess of Par—Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 26,495,000 Retained Earnings 4,431,000 The following transactions affected stockholders’ equity during 2021. Jan. 1 29,300 shares of preferred stock issued at $24 per share. Feb. 1 48,800 shares of common stock issued at $21 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 28,100 shares of common treasury stock purchased at $11 per share. Flint uses the cost method. Sept. 15 10,200 shares of treasury stock reissued at $12 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 55¢ per share is declared. Dec. 31 Net…
Cullumber Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders’ equity. Preferred Stock, 160,200 shares $ 3,204,000 Common Stock, 1,983,000 shares 9,915,000 Paid-in Capital in Excess of Par—Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 26,495,000 Retained Earnings 4,431,000 The following transactions affected stockholders’ equity during 2021. Jan. 1 29,300 shares of preferred stock issued at $24 per share. Feb. 1 48,800 shares of common stock issued at $21 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 28,100 shares of common treasury stock purchased at $11 per share. Cullumber uses the cost method. Sept. 15 10,200 shares of treasury stock reissued at $12 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 55¢ per share is declared. Dec.…

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