Green Corporation is authorized to issue 120,000 common shares and 80,000, $4 preferred shares. At Jan 1, 2019, the company's shareholders equity included the below: 22,000 common shares valued at $182,000 7,000 preferred shares valued at $75,000 Retained earning was $45,000 During 2019 the net profit earned by Green Corp. was $25,000. The company did not issue any dividend during 2019. Also during 2019 the company issued the below: On Apr 4, 2019 - 8,000 common shares for $10 each On Jun 10, 2019 - 4,000 preferred shares for $15 each and On Aug 7, 2019 - 12,000 common shares for land valued at $125,000. Prepare the shareholders equity part of the balance sheet in Dec 31, 2019.
Green Corporation is authorized to issue 120,000 common shares and 80,000, $4 preferred shares. At Jan 1, 2019, the company's shareholders equity included the below: 22,000 common shares valued at $182,000 7,000 preferred shares valued at $75,000 Retained earning was $45,000 During 2019 the net profit earned by Green Corp. was $25,000. The company did not issue any dividend during 2019. Also during 2019 the company issued the below: On Apr 4, 2019 - 8,000 common shares for $10 each On Jun 10, 2019 - 4,000 preferred shares for $15 each and On Aug 7, 2019 - 12,000 common shares for land valued at $125,000. Prepare the shareholders equity part of the balance sheet in Dec 31, 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Green Corporation is authorized to issue 120,000 common shares and 80,000, $4
22,000 common shares valued at $182,000
7,000 preferred shares valued at $75,000
During 2019 the net profit earned by Green Corp. was $25,000. The company did not issue any dividend during 2019. Also during 2019 the company issued the below:
On Apr 4, 2019 - 8,000 common shares for $10 each
On Jun 10, 2019 - 4,000 preferred shares for $15 each and
On Aug 7, 2019 - 12,000 common shares for land valued at $125,000.
Prepare the shareholders equity part of the
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
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,
Accounting
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