isactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-4, 10-5, 10-7) [The following information applies to the questions displayed below.] Golf Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 120,000 shares of common stock for $62 per share. February 14 Issue 52,000 shares of preferred stock for $13 per share. May B May 31 Purchase 12,000 shares of its own common stock for $52 per share. Resell 6,000 shares of treasury stock for $57 per share. December 1 Declare a cash dividend on its common stock of $0.60 per share and a $20,800 (4% of par value) cash dividend on its preferred stock payable to all-stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividend are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Problem 10-6A (Algo) Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $482,000. (Amounts to be deducted should be indicated by a minus sign.)
isactions and prepare the stockholders' equity section (LO10-2, 10-3, 10-4, 10-5, 10-7) [The following information applies to the questions displayed below.] Golf Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 120,000 shares of common stock for $62 per share. February 14 Issue 52,000 shares of preferred stock for $13 per share. May B May 31 Purchase 12,000 shares of its own common stock for $52 per share. Resell 6,000 shares of treasury stock for $57 per share. December 1 Declare a cash dividend on its common stock of $0.60 per share and a $20,800 (4% of par value) cash dividend on its preferred stock payable to all-stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividend are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Problem 10-6A (Algo) Part 2 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $482,000. (Amounts to be deducted should be indicated by a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required Information
Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2,
10-3, 10-4, 10-5, 10-7)
[The following information applies to the questions displayed below.]
Golf Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following
transactions affect stockholders' equity during 2024, its first year of operations:
January 2 Issue 120,000 shares of common stock for $62 per share.
February 14 Issue 52,000 shares of preferred stock for $13 per share.
May B
Purchase 12,000 shares of its own common stock for $52 per share.
May 31
Resell 6,000 shares of treasury stock for $57 per share.
December 1 Declare a cash dividend on its common stock of $0.60 per share and a $20,800 (4% of par value)
cash dividend on its preferred stock payable to all-stockholders of record on December 15. The
dividend is payable on December 30. (Hint: Dividend are not paid on treasury stock.)
December 30 Pay the cash dividends declared on December 1.
Problem 10-6A (Algo) Part 2
2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $482,000.
(Amounts to be deducted should be indicated by a minus sign.)
Required information
Balance Sheet
(Stockholders' Equity Section)
December 31, 2024
Stockholders' Equity:
Preferred Stock
Common Stock
Additional Paid-in Capital
Total Paid-in Capital
Retained Earnings
Treasury Stock
Total Stockholders Equity
$ 520,000
120,000
7,506,000
8,146,000
396,800
312,000
$8,854,800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb2609320-f248-4f8e-895d-4c62be3effa8%2Ffb6295ec-0a4d-433a-ab39-365677135b77%2Fdjswwwp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2,
10-3, 10-4, 10-5, 10-7)
[The following information applies to the questions displayed below.]
Golf Apparel has two classes of stock authorized: 4%, $10 par preferred, and $1 par value common. The following
transactions affect stockholders' equity during 2024, its first year of operations:
January 2 Issue 120,000 shares of common stock for $62 per share.
February 14 Issue 52,000 shares of preferred stock for $13 per share.
May B
Purchase 12,000 shares of its own common stock for $52 per share.
May 31
Resell 6,000 shares of treasury stock for $57 per share.
December 1 Declare a cash dividend on its common stock of $0.60 per share and a $20,800 (4% of par value)
cash dividend on its preferred stock payable to all-stockholders of record on December 15. The
dividend is payable on December 30. (Hint: Dividend are not paid on treasury stock.)
December 30 Pay the cash dividends declared on December 1.
Problem 10-6A (Algo) Part 2
2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $482,000.
(Amounts to be deducted should be indicated by a minus sign.)
Required information
Balance Sheet
(Stockholders' Equity Section)
December 31, 2024
Stockholders' Equity:
Preferred Stock
Common Stock
Additional Paid-in Capital
Total Paid-in Capital
Retained Earnings
Treasury Stock
Total Stockholders Equity
$ 520,000
120,000
7,506,000
8,146,000
396,800
312,000
$8,854,800
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