Keep getting information for Treasury Stock incorrect amount incorrect. On January 1, 2020, Sheridan Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) $1,190,000 Paid-in Capital in Excess of Par-Common Stock 540,000 Common Stock Dividends Distributable 210,000 Retained Earnings 620,000 During 2020, the following transactions and events occurred. 1. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 52,500 shares of common stock for cash at $4 per share. 3. Purchased 29,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $111,000. 5. Sold 5,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $320,000. Prepare a stockholders' equity statement for the year. Purchased 29,000 shares of treasury stock 145000 -145000 Sold 5,000 shares of treasury stock -25000 25000
Keep getting information for Treasury Stock incorrect amount incorrect. On January 1, 2020, Sheridan Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) $1,190,000 Paid-in Capital in Excess of Par-Common Stock 540,000 Common Stock Dividends Distributable 210,000 Retained Earnings 620,000 During 2020, the following transactions and events occurred. 1. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 52,500 shares of common stock for cash at $4 per share. 3. Purchased 29,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $111,000. 5. Sold 5,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $320,000. Prepare a stockholders' equity statement for the year. Purchased 29,000 shares of treasury stock 145000 -145000 Sold 5,000 shares of treasury stock -25000 25000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2020, Sheridan Inc. had the following
| Common Stock (595,000 shares issued) | $1,190,000 |
| Paid-in Capital in Excess of Par-Common Stock | 540,000 |
| Common Stock Dividends Distributable | 210,000 |
| 620,000 |
During 2020, the following transactions and events occurred.
| 1. | Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. | ||
| 2. | Issued 52,500 shares of common stock for cash at $4 per share. | ||
| 3. | Purchased 29,000 shares of common stock for the treasury at $5 per share. | ||
| 4. | Declared and paid a cash dividend of $111,000. | ||
| 5. | Sold 5,000 shares of treasury stock for cash at $5 per share. | ||
| 6. | Earned net income of $320,000. |
Prepare a stockholders' equity statement for the year.
| Purchased 29,000 shares of treasury stock |
145000
|
-145000
|
| Sold 5,000 shares of treasury stock |
-25000
|
25000
|
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