GL1101 - Based on Problem 11-2A LO C3, P2, P3Upperchurch Company reports the following components of stockholders' equity on January 1.Common stock-$10 par value, 130,e00 shares authorized,5e,ee0 shares issued and outstandingPaid-in capital in excess of par value, common stockRetained earnings$ 500,00075,000410,000Total stockholders' equity$ 985,000During the year, the following transactions affected its stockholders' equity accounts.2 Purchased 5,000 shares of itS own stock at $23 cash per share.5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.28 Paid the dividend declared on January 5.6 Sold 1,900 of its treasury shares at $27 cash per share.22 Sold 3,100 of its treasury shares at $20 cash per share.5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.28 Paid the dividend declared on September 5.31 Closed the $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings.Jan.Jan.Feb.JulyAug.Sept.Oct.Dec.X Answer is not complete.GeneralJournalGeneralStatement ofREStockholdersEquityRequirementImpact onEquityTrial BalanceLedgerPrepare the stockholders' equity section of Upperchurch Corporation's balance sheet as of December 31.Dates: Jan 01to: Dec 31UPPERCHURCH CORPORATIONStockholders' Equity Section of the Balance SheetDecember 31Common stock - $10 par valueS 500,000Paid-in capital in excess of par value, common stock73,0008Total contributed capital573,000Retained eamings434,000Total stockholders' equity$ 1,007.000< Statement of REImpact on Equity > Total stockholders' equity$ 985, e00During the year, the following transactions affected its stockholders' equity accounts.2 Purchased 5,e00 shares of its own stock at $23 cash per share.5 Directors declared a $2 per share cash dividend payable on February 28 to the February5 stockholders of record.28 Paid the dividend declared on January 5.6 Sold 1,9e8 of its treasury shares at $27 cash per share.22 Sold 3,100 of its treasury shares at $20 cash per share.5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.28 Paid the dividend declared on September 5.31 Closed the $214,e0e credit balance (from net income) in the Income Summary account to Retained Earnings.Jan.Jan.Feb.JulyAug.Sept.Oct.Dec.X Answer is not complete.GeneralJournalGeneralLedgerStatement of StockholdersRERequirementImpact onEquityTrial BalanceEquityFor each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negativevalues. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on thebalance sheet.Dates: Jan 01to: Dec 31Impact on equityTotal Stockholders' Equity - January 1s 985,000OJan. 2) Purchased 5,000 shares of its ownstock at $23 cash per share.Jan. 5) Directors declared a $2 per share cashdividend payable on Feb. 28 to the Feb. 5stockholders of record.Feb. 28) Paid the dividend declared onJanuary 5I Sold 1,900 of its treasury shares at $27Stockholders' equitydecreased115,000 xStockholders equity90,000 XdecreasedNo change in total equityStockholders equityincreased51,300cash per share.Aug. 22) Sold 3,100 of its treasury shares at$20 cash per share.Stockholders' equityincreased62,000Sep. 5) Directors declared a $2 per share cashdividend payable on October 28 to theSeatember 25 stockholders of record.Oct 28) Paid the dividend declared onSeptember 5.Dec. 31) Closed the $214,000 credit balance(from net income) in the Income Summaryaccount to Retained Earnings.Stockholders' equitydecreased100,000No change in total equityStockholders' equity214,000 OincreasedS 1.617,300$ 1,007,000Total Stockholders' Equity - as calculated on December 31Total Stockholder's Equity as reported on Stockholder's Equity tabUnreconciled difference:S610,300< Stockholders Equity

The stockholders' equity includes the total capital contribution by owner, retained earnings,…

Answered: GL1101 - Based on Problem 11-2A LO C3,…

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

CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Common Stock Total Stockholders' Retained Earnings Equity Beginning balance Issuances of stock Add: Net income Less: Dividends 2$ 13,000 $ 6,000 $ 19,000 4,000 4,000 Ending balance 2$ 15,000 $ 7,000 $ 22,000
1a-6 please!
Please help me jn this sir accounting question
Reporting Stockholders' Equity Using the following accounts and balances, prepare the Stockholders' Equity se Common Stock, $70 par $5,600,000 Paid-In Capital from Sale of Treasury Stock 112,000 Paid-In Capital in Excess of Par-Common Stock 2,160,000 Retained Earnings 2,800,000 Treasury Stock 67,000 Stockholders' Equity Paid-in capital: Total Paid-In Capital Total Stockholders' Equity
Dog
6. The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders’ Equity (January 1) Common stock—$6 par value, 100,000 shares authorized, 35,000 shares issued and outstanding $ 210,000 Paid-in capital in excess of par value, common stock 170,000 Retained earnings 320,000 Total stockholders’ equity $ 700,000 Stockholders’ Equity (December 31) Common stock—$6 par value, 100,000 shares authorized, 41,000 shares issued, 5,000 shares in treasury $ 246,000 Paid-in capital in excess of par value, common stock 218,000 Retained earnings ($40,000 restricted by treasury stock) 400,000 864,000 Less cost of treasury stock (40,000) Total stockholders’ equity $ 824,000 The following transactions and events affected its equity during the year. January 5 Declared a $0.50 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5…
Goda
Kohler Corporation reports the following components of stockholders’ equity at December 31 of the prior year. Common stock—$25 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $ 1,500,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 460,000 Total stockholders' equity $ 2,040,000 During the current year, the following transactions affected its stockholders’ equity accounts. January 2 Purchased 6,000 shares of its own stock at $15 cash per share. January 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 3,000 of its treasury shares at $19 cash per share. August 22 Sold 3,000 of its treasury shares at $11 cash per share. September 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend…
Statement of Stockholders' Equity The stockholders' equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 20Y9, are as follows. COMMON STOCK Jan. 1 Balance 1,300,000 Apr. 14 Issued 11,400 570,000 shares Dec. 31 Balance 1,870,000 PAID-IN CAPITAL IN EXCESS OF PAR Jan. 1 Balance 208,000 Apr. 14 Issued 11,400 136,800 shares Dec. 31 Balance 344,800 TREASURY STOCK Aug. 7 Purchased 1,900 shares 91,200 RETAINED EARNINGS Mar. 31 Dividend 33,000 Jan. 1 Balance 2,260,000 June. 30 Dividend 33,000 Dec. 31 Closing Sept. 30 Dividend 33,000 (Net income) 339,000 Dec. 31 Dividend 33,000 Dec. 31 Balance 2,467,000 Prepare a statement of stockholders' equity for the year ended December 31, 20Y9. If an amount box does not require an entry I-Cards Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y9
Reporting Stockholders' Equity Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. 30,000 shares of common stock authorized, and 1,000 shares have been reacquired. Common Stock, $60 par $1,080,000 Paid-In Capital from Sale of Treasury Stock 43,000 Paid-In Capital in Excess of Par—Common Stock 378,000 Retained Earnings 594,000 Treasury Stock 22,000 Balance Sheet Stockholders' Equity Paid-in capital: $ Paid-in capital, common stock $ Total paid-in capital $ Total $ Total stockholders' equity $
The stockholders' equity section of Cullumber Company's balance sheet at December 31 is presented here. Cullumber Company Balance Sheet(Partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 8,000 shares authorized, 4,000 shares issued and outstanding $320,000 Common stock, no par, 700,000 shares authorized, 500,000 shares issued 2,500,000 Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) Total stockholders' equity 2,820,000 1,858,000 4,678,000 31,200 $4,646,800 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common stock? $ per share (c) What is the par value of the preferred stock? 6A $ per share (d) If the annual dividend on preferred stock is $16,000, what is the dividend rate on preferred stock? % (e) If dividends of…
The year end balance sheet of CP, In., include the following stockholders’ equity section (with certain details omitted). Stockholders’ equity: Capital stock: 7% cumulative preferred stock, $100 par value……………. $15,000,000 Common stock, $5 par value, 5,000,000 shares Authorized, 4,000,000 shares issued and outstanding…… 20,000,000 Additional paid in capital: Common stock……………………………………………………………… 44,000,000 Retained earnings………………………………………………………… 64,450,000 Total stockholders’ equity…………………………………………… $143,450,000 From this information, I must compute the answers to the following question. 1. What is the amount of legal capital and the amount of total paid-in capital? 2. What is the book value per share of common stock, assuming no dividends in arrears? 3. Is it possible to determine the fair market value per share of common stock from the stock-holders' equity section? Explain

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

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