Homework Help is Here – Start Your Trial Now!
Business
Accounting
ed 55,000 shares of $1p ed 63,500 shares of com

ed 55,000 shares of $1p ed 63,500 shares of com

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please Complete Solution With details and Do not give solution in image format Thank You?
On January 1, 2022, Larkspur, Inc. had these stockholders' equity balances. Common Stock, $1 par (2,000,000 shares authorized, 590,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income During 2022, the following transactions and events occurred. 1. 2. 3. 4. 5. 6. Issued 55,000 shares of $1 par value common stock for $3 per share. Issued 63,500 shares of common stock for cash at $6 per share. Purchased 17,500 shares of common stock for the treasury at $3.00 per share. Declared and paid a cash dividend of $217,000. Earned net income of $430,000. Had other comprehensive income of $19,000. Prepare the stockholders' equity section of the balance sheet at December 31, 2022. LARKSPUR, INC. Partial Balance Sheet $590,000 1,450,000 688,000 57,000
Transcribed Image Text:On January 1, 2022, Larkspur, Inc. had these stockholders' equity balances. Common Stock, $1 par (2,000,000 shares authorized, 590,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income During 2022, the following transactions and events occurred. 1. 2. 3. 4. 5. 6. Issued 55,000 shares of $1 par value common stock for $3 per share. Issued 63,500 shares of common stock for cash at $6 per share. Purchased 17,500 shares of common stock for the treasury at $3.00 per share. Declared and paid a cash dividend of $217,000. Earned net income of $430,000. Had other comprehensive income of $19,000. Prepare the stockholders' equity section of the balance sheet at December 31, 2022. LARKSPUR, INC. Partial Balance Sheet $590,000 1,450,000 688,000 57,000
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS