Equity Section of the Balance Sheet - Analysis and JEsThe stockholders' equity category of Frost Company's December 31, 2019balance sheet in the first year of operations appears below.Preferred stock, 500,000 shares authorized, 6.25%,750,000150,000 shares issued and outstandingCommon stock, $0.50 par value, 800,000 shares authorized,110,000220,000 shares issued, 180,000 shares outstandingAdditional paid in capital - common stockTotal contributed capitalRetained earnings2,420,0003,280,000Treasury stock - common stockTotal stockholders' equity2,000,000(440,000)4,840,000RequiredNote there's a difference between the number of shares and the dollar value of shares.1 Determine the number of shares of common stock issued.2 Determine the number of shares of preferred stock issued.3 Determine the dollar value paid to repurchase common stock.4 Determine the number of shares in treasury stock.5 Record the necessary journal entry for the issuance of preferred stock.General JournalDRCRPage 16 Record the necessary journal entry for the issuance of common stock.General JournalDRCR "Page 16 Record the necessary journal entry for the issuance of common stock.General JournalDRCR7 Record the repurchase of common stock.General JournalDRCR8 Record $50,000 in cash dividends declared.General JournalDRCR9 Record the $50,000 cash dividends that have now been paid.General JournalDRCR10 Assume and record a property dividend of inventory valued at $75,000 declared and paid.General JournalDRCR11 Assume a common stock dividend declared of 19% of shares outstanding. Market at $12 per share.General JournalDRCR12 Assume a common stock dividend declared of 35% of shares outstanding.General JournalDRCR

1. Common stock issued 220,000 shares 2. Preferred stock issued 150,000 shares 3. $440,000 4.…

Equity Section of the Balance Sheet - Analysis and JEs The stockholders' equity category of Frost Company's December 31, 2019 balance sheet in the first year of operations appears below. Preferred stock, 500,000 shares authorized, 6.25%, 750,000 150,000 shares issued and outstanding Common stock, $0.50 par value, 800,000 shares authorized, 110,000 220,000 shares issued, 180,000 shares outstanding Additional paid in capital - common stock Total contributed capital Retained earnings Treasury stock - common stock Total stockholders' equity 2,420,000 3,280,000 2,000,000 (440,000) 4,840,000

Equity Section of the Balance Sheet - Analysis and JEs The stockholders' equity category of Frost Company's December 31, 2019 balance sheet in the first year of operations appears below. Preferred stock, 500,000 shares authorized, 6.25%, 750,000 150,000 shares issued and outstanding Common stock, $0.50 par value, 800,000 shares authorized, 110,000 220,000 shares issued, 180,000 shares outstanding Additional paid in capital - common stock Total contributed capital Retained earnings Treasury stock - common stock Total stockholders' equity 2,420,000 3,280,000 2,000,000 (440,000) 4,840,000

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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Comparative statements of shareholders’ equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2021, 2022, and 2023. ANACONDA INTERNATIONAL CORPORATIONStatements of Shareholders' EquityFor the Years Ended Dec. 31, 2021, 2022, and 2023($ in millions) Preferred Stock$10 par Common Stock$1 par AdditionalPaid-In Capital Retained Earnings TotalShareholders' Equity Balance at January 1, 2021 65 520 1,860 2,445 Sale of preferred shares 30 900 930 Sale of common shares 7 56 63 Cash dividend, preferred (3 ) (3 ) Cash dividend, common (17 ) (17 ) Net income 340 340 Balance at December 31, 2021 30 72 1,476 2,180 3,758 Retirement of shares (2 ) (16 ) (24 ) (42 ) Cash dividend, preferred…
Comparative Earnings per Share Lucas Company reports net income of $2,460 for the year ended December 31, 2019, its first year of operations. On January 4, 2019, Lucas issued 9,000 shares of common stock. On August 2, 2019, it issued an additional 3,000 shares of stock, resulting in 12,000 shares outstanding at year-end. During 2020, Lucas earned net income of $17,400. It issued 3,000 additional shares of stock on March 3, 2020, and declared and issued a 2-for-1 stock split on November 3, 2020, resulting in 30,000 shares outstanding at year-end. During 2021, Lucas earned net income of $28,800. The only common stock transaction during 2021 was a 20% stock dividend issued on July 2, 2021. If required, round your final answers to two decimal places.
Bacon Inc. has the following stockholders’ equity section in its May 31, 2019, comparative balance sheets: May 31, 2019 April 30, 2019 Paid-in capital: Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized, 140,000 shares issued and outstanding $ 16,800,000 $ 16,800,000 Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000 shares issued, respectively ? 2,700,000 Additional paid-in capital 26,100,000 23,220,000 Retained earnings 36,200,000 34,640,000 Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares, respectively (4,412,000 ) (4,148,000 ) Total stockholders' equity $ ? $ 73,212,000 g. Assume that instead of the stock dividend described in f, the board of directors authorized a 2-for-1 stock split on June 1 when the market price of the common stock was $70 per share.1. What will be the par value, and how many shares of common stock will be…
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Subject : Accounting
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