Exercise 10-7B Prepare the stockholders' equity section (LO10-7)A company has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affectstockholders' equity during Year 1, its first year of operations:JanuaryFebruarySeptember 10 Purchases 11,000 shares of its own common stock for $27 per share.December 15 Resells 5,500 shares of treasury stock at $32 per share.2 Issues 100,000 shares of common stock for $22 per share.6 Issues 1,700 shares of 9% preferred stock for $11 per share.In its first year of operations, the company has net income of $147,000 and pays dividends at the end of the year of $94,500 ($1 pershare) on all common shares outstanding and $1,530 on all preferred shares outstanding.Required:Prepare the stockholders' equity section of the balance sheet for the company as of December 31, Year 1. (Amounts to be deductedshould be indicated by a minus sign.)Balance Sheet(Stockholders' Equity Section)December 31, Year 1Stockholders' equity:Total paid-in capitalTotal stockholders' equity2$ !Required informationProblem 10-3A Indicate effect of stock dividends and stock splits (LO10-6)[The following information applies to the questions displayed below.]Sammy's Sportshops has been very profitable in recent years and has seen its stock price steadily increase to over $100per share. The CFO thinks the company should consider either a 100% stock dividend or a 2-for-1 stock split.Problem 10-3A Part 1Required:1. Complete the following table comparing the effects of a 100% stock dividend versus a 2-for-1 stock split on the stockholders' equityaccounts, shares outstanding, par value, and share price. (Round "Par value per share" to 2 decimal places.)After 100%After 2-for-1BeforeStockStock SplitDividendCommon stock, $1 par value$ 1,000Additional paid-in capital44,000Total paid-in capital45,000Retained earnings22,350Total stockholders' equity$ 67,3500 $Shares outstanding1,000Par value per share$1.00Share price100

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Exercise 10-7B Prepare the stockholders' equity section (LO10-7) A company has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during Year 1, its first year of operations: January 2 Issues 100,000 shares of common stock for $22 per share. February 6 Issues 1,700 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $27 per share. December 15 Resells 5,500 shares of treasury stock at $32 per share. In its first year of operations, the company has net income of $147,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $1,530 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for the company as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.)

Exercise 10-7B Prepare the stockholders' equity section (LO10-7) A company has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during Year 1, its first year of operations: January 2 Issues 100,000 shares of common stock for $22 per share. February 6 Issues 1,700 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $27 per share. December 15 Resells 5,500 shares of treasury stock at $32 per share. In its first year of operations, the company has net income of $147,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common shares outstanding and $1,530 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for the company as of December 31, Year 1. (Amounts to be deducted should be indicated by a minus sign.)

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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