Intel's 12/31/2020 balance sheet showed the following:6% preferred stock, $20 par value,cumulative,30,000 shares authorized; 20,000 sharesissuedCommon stock, $10 par value, 3,000,000shares authorized;1,950,000 shares issued, 1,920,000shares outstandingPaid-in capital in excess of par value - .preferred stockPaid-in capital in excess of par value -common stockRetained earningsTreasury stock (30,000 shares)Intel's total paid-in capital wasO $47,960,000.O $48,590,000.O $47,330,000.O $28,060,000.$ 400,00019,500,00060,00028,000,0009,650,000630,000

The paid-in capital is computed by adding the face value and paid-in capital in excess of par value…

Answered: Intel's 12/31/2020 balance sheet showed…

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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The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given below: Common stock, $14 par value ................. $525,000 Paid-in capital – common stock .............. $150,000 Treasury stock (14,000 shares @ $16 cost) ... $224,000 Paid-in capital – treasury stock ............ $ 13,000 Retained earnings ........................... $107,000 XYZ Company entered into the following transactions during 2031: a. Re-issued 2,000 of the treasury shares for $11 per share. b. Re-issued 3,000 of the treasury shares for $13 per share. c. Issued 5,000 shares of previously un-issued common stock for $21 per share. d. Re-issued 6,000 of the treasury shares for $19 per share. Calculate the balance in the retained earnings account after all four transactions above are recorded.
Shown below is information relating to the stockholders' equity of Perry Corporation as of December 31, Year 1: 5.5% cumulative preferred stock, $100 par value; authorized, ?? shares; issued and outstanding, ?? shares Common stock, $10 par value; authorized, 360,000 shares; issued and outstanding, 140,000 shares Additional paid-in capital: Common stock Retained earnings (Deficit) Dividends in arrears What was the original issue price per share of common stock?
The equity section of the December 31", 2025, balance sheet for BOOYA Inc. showed the following: BOOYA Inc. Equity Section of the Balance Sheet December 31, 2025 Contributed Capital: Preferred shares, $0.25 non-cumulative, 80,000 shares authorized, 60,000 shares issued and outstanding Common shares, 250,000 shares authorized, 120,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $150,000 120.000 $270,000 92.500 $362,500 During the year 2026, BOOYA Inc had the following transactions affecting equity accounts: Sold 20,000 common shares for a total of $21,500 cash Sold 5,000 preferred shares for $3.00 each, cash. Issued and exchanged 7,000 common shares for equipment with a list price of $10,000 (fair value unknown). Common shares were trading at $1.42 on June 15th. Jan. 3 Mar. 1 June 15. Closed the Income Summary account, which showed a credit balance of $175,000. Dec. 31 The board of directors had not declared a dividend for the past two years…
Analyzing and Computing Issue Price, Treasury Stock Cost, and Shares Outstanding Following is the stockholders' equity section of the 2018 Merck & Co. Inc. balance sheet. Stockholders' Equity ($ millions, except par value) 2018 Common stock, $0.50 par value; 6,500,000 authorized shares; 3,577,107,522 issued shares $1,789 Other paid-in capital 31,046 Retained earnings 34,063 Accumulated other comprehensive loss (4,436) Stockholders' equity before deduction for treasury stock $62,103 Less treasury stock, at cost: 984,543,979 shares Total Merck & Co. Inc. stockholders' equity 40,743 $21,360 a. Show the computation of the $1,789 million in the common stock account. shares x $ per share is approximately $ million on the balance sheet. b. At what average price were the Merck common shares issued? Note: Round your answers to two decimal places (for example, enter 67.49 for 67.48555). per share c. At what average cost was the Merck treasury stock purchased? Note: Round your answers to two…
9. Home Co. reported the following amounts in the stockholders’ equity section of its balance sheet dated Dec. 31, 2021: Preference share capital (P150 par value, 20,000 shares) 3,000,000 Ordinary share capital (P37.50 par value, 100,000 shares) 3,750,000 Share premium reserve 6,000,000 Accumulated profits 4,500,000 Treasury stock, at cost (5,000 ordinary shares) 250,000 On January 2, 2022, Home sold 20,000 additional shares of ordinary share for P90 per share. Late in 2022, it was learned that because of mathematical error, an overstatement of depreciation expense by P375,000 had occurred in 2015. Home reported net income of P825,000 for 2022. Home declared cash dividends of P150,000 on preference share and P450,000 on the ordinary…
Waterway Corporation’s December 31, 2020 balance sheet showed the following: 8% preferred stock, $20 par value, 69400 shares authorized; 49400 shares issued $ 988000 Common stock, $10 par value, 6750000 shares authorized; 6650000 shares issued, 6610000 shares outstanding 66500000 Paid-in capital in excess of par—preferred stock 125500 Paid-in capital in excess of par—common stock 54000000 Retained earnings 15350000 Treasury stock (69400 shares) 1261000 Waterway’s total paid-in capital was $122874500. $121613500. $54125500. $120352500.
The Stockholders' Equity accounts of ExxonMobil on December 31, 2022 were as follows: Preferred Stock ( 6%, $100 par, cumulative, 800 authorized) $720,000 Common Stock ($3 par, 1,500,000 authorized) 1,080,000 APIC - Preferred Stock APIC-Common Stock Retained Earnings Treasury Stock - Common ($9 cost) During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders' equity: March 21: Issued 24,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $210,000 and the stock was selling for $11 per share. April 17: Sold 1,800 shares of Treasury Stock - Common for $12 per share. November 22: Purchased 800 shares of Common Stock for the Treasury at a cost of $7,560. December 31: Determine that net income for the year was $556,000. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders of record as of December 12. Preferred dividends are…
On January 1, 2021, the stockholders’ equity section of Jayhawk Corporation’s balance sheet showed the following Preferred stock, $100 par value, 5%, 50,000 shares authorized, 5,000 shares issued and outstanding $500,000 Additional Paid-in-Capital, Preferred Stock 100,000 Common stock, $3 par value, 500,000 shares authorized, 20,000 shares issued and outstanding 60,000 Additional Paid-in-Capital, Common Stock 250,000 Total Contributed Capital 910,000 Retained Earnings 320,000 Total Stockholders' Equity $1,230,000 During the year, 2021, the following transactions occurred: February 2 Issued 2,000 shares of common stock for $22 per share. April 15 Issued 1,000 shares of preferred stock for $125 per share. July 10 Repurchased 500 shares of common stock (treasury stock) at $20 per share. Required: Prepare journal entries to…
Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. - Common stock; $10 par value; 500,000 shares authorized; 200,000 shares issued and outstanding - Paid in capital in excess of par value, common stock $ 2,000,000 ..400,000 900,000 ********** - Retained earnings. *************** Total $3,300,000 The Corporation completed the following transactions in 2021. 1- Jan. 10, Directors declared a $1 per share cash dividend payable on March 15 to the Jan. 31 stockholders of record. 2- Mar. 01, Purchased 10,000 shares of its own common for $15 per share. 3- Mar. 15, Paid the cash dividend declared on Jan. 10. 4- May 01, Sold 6,000 of its treasury shares at $15 cash per share. 5-Sep. 30, Directors declared a 30% stock dividend when the share market price is $16. 6- Nov. 01, Distributed stock dividends declared on Sep. 30. 7- Nov. 15. The company implemented 5-for-1 stock split for the common stock. Required: Prepare journal entries to record each of…
Hatch Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders’ equity. Preferred Stock, 150,000 shares $ 3,000,000 Common Stock, 2,000,000 shares 10,000,000 Paid-in Capital in Excess of Par—Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 27,000,000 Retained Earnings 4,500,000 The following transactions affected stockholders’ equity during 2021. Jan. 1 000 30,000 shares of preferred stock issued at $22 per share. Feb. 1 50,000 shares of common stock issued at $20 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 30,000 shares of common treasury stock purchased at $10 per share. Hatch uses the cost method. Sept. 15 10,000 shares of treasury stock reissued at $11 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 50¢ per share is declared. Dec. 31…
Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2025, the following accounts were included in the stockholders' equity. Preferred Stock, 148,200 shares $2,964,000 Common Stock, 1,991,000 shares 9,955,000 Paid-in Capital in Excess of Par--Preferred Stock 207,000 Paid-in Capital in Excess of Par--Common Stock 26,478,000 Retained Earnings 4,495,000 The following transactions affected stockholders' equity during 2026. Jan. 1 29,200 shares of preferred stock issued at $23 per share. Feb. 1 46,100 shares of common stock issued at $21 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 28,900 shares of common treasury stock purchased at $10 per share. Blossom uses the cost method. Sept.15 9,200 shares of treasury stock reissued at $12 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 53 cents per share is declared. Dec. 31 Net income is $2,138,000. Prepare the stockholders'…
bBramble Corporation’s December 31, 2020 balance sheet showed the following: 7% preferred stock, $20 par value, 18300 shares authorized; 13300 shares issued $ 266000 Common stock, $10 par value, 1930000 shares authorized; 1880000 shares issued, 1860000 shares outstanding 18800000 Paid-in capital in excess of par—preferred stock 59500 Paid-in capital in excess of par—common stock 24900000 Retained earnings 7670000 Treasury stock (19800 shares) 623700 Bramble’s total stockholders’ equity was $44051800. $51695500. $52331800. $51071800.

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