Kingbird 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 stockholders' equity.Preferred Stock, 160,200 sharesCommon Stock, 1,983,000 sharesPaid-in Capital in Excess of Par-Preferred StockPaid-in Capital in Excess of Par-Common StockRetained EarningsThe following transactions affected stockholders' equity during 2026.Jan. 1Feb. 1June 1July 1Sept. 15Dec. 31$3,204,0009,915,000200,00026,495,0004,431,000Dec. 3129,300 shares of preferred stock issued at $24 per share.48,800 shares of common stock issued at $21 per share.2-for-1 stock split (par value reduced to $2.50).28,100 shares of common treasury stock purchased at $11 per share. Kingbird uses the cost method.10,200 shares of treasury stock reissued at $12 per share.The preferred dividend is declared, and a common dividend of 55¢ per share is declared.Net income is $2,103,000.Prepare the stockholders' equity section for Kingbird Company at December 31, 2026. (Enter account name only and do not providedescriptive information.) Capital StockPreferred StockCommon StockTotal Capital StockAdditional Paid-in CapitalCommon StockPreferred StockTreasury StockTotal Paid-in CapitalRetained EarningsTotal Paid-in CapitalLess: Treasury StockTotal Stockholders' EquityKINGBIRD COMPANYStockholders' EquityDecember 31, 2026$37900001015900011720078080010200$$13949090821485724005188628196900186659

Treasury stock represent the acquisition of previously issued common shares. In simple words it…

Answered: Kingbird Company has two classes of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Bramble Corp. reported the following balances at December 31, 2021: common stock $408,000, paid-in Capital in Excess of Par- common stock $106,000, and retained earnings $242,000. During 2022, the following transactions affected stockholders' equity. 1. 2. 3. 4. Issued preferred stock with a par value of $128,500 for $209,000. Purchased treasury stock (common) for $36,500. Earned net income of $135,000. Declared and paid cash dividends of $52,500. Prepare the stockholders' equity section of Bramble Corp's December 31, 2022, balance sheet.
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, 2026, Sheridan Corp. had 491,000 shares of common stock outstanding. During 2026, it had the following transactions that affected the common stock account. February 1 March 1 May 1 June 1 October 1 (a) Issued 116,000 shares Issued a 10% stock dividend Acquired 96,000 shares of treasury stock Issued a 3-for-1 stock split Reissued 59,000 shares of treasury stock Your answer is incorrect. Determine the weighted-average number of shares outstanding as of December 31, 2026. The weighted-average number of shares outstanding
Herman Inc. has 180,000 shares of $5 par common stock outstanding at the beginning of the year 2022. The following transactions affecting stockholders’ equity occured suring the year. Assume Paid-in Capital—Treasury Stock has a zero beginning balance. · January 15: Purchased common stock as treasury shares, 6,000 shares at $20. · April 15: Sold common treasury stock, 2,400 shares at $14. The journal entry on April 15, 2022 will include: A) A credit to Treasury Stock for $120,000 B) A debit to Retained Earnings for $14,400 C) A debit to Treasury Stock for $48,000 D) A debit to Paid-in-Capital, Treasury Stock for $14,400
On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 20: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Shareholders' equity Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend…
Skysong Company's ledger shows the following balances on December 31, 2025. 6% Preferred stock-$10 par value, outstanding 20,100 shares Common stock-$100 par value, outstanding 30,300 shares Retained earnings Assuming that the directors decide to declare total dividends in the amount of $362,000, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock. a. The preferred stock is cumulative and fully participating. (Round the rate of participation to 6 decimal places, eg0.014278. Round answers to O decimal places, e.g. 38,487.) Preferred Preferred 158,870 Preferred b. The preferred stock is noncumulative and nonparticipatine. (Round answers to 0 decimal places, eg. 38,487.) 12060 Common 76712 Common 203130 $201.000 3,030,000 664,000 c. The preferred stock is noncumulative and is participating in distributions in excess of a 8% dividend rate on the common stock. (Round the rate of…
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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'…
The stockholders' equity accounts of Skysong, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) $400,000 1,250,000 135,000 1,400,000 1,800,000 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $121,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,800. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,200. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $410,000. No dividends were declared during the year. Tul Journalize the transactions and the closing entry for net income.…
On January 1, 2022, Metro Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued 250,000 Additional paid-in capital, common 500,000 Additional paid-in capital, preferred 100,000 Preferred stock, $100 par, 10,000 shares issued 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 common shares 25,000 During 2022, Metro Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Denver Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share. December 1: Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. 1) Prepare the journal entry (ies) for…
The following stockholders' equity accounts arranged alphabetically are in the ledger of Concord Corporation at December 31, 2022. Common Stock ($7 stated value) Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock (8%, $55 par) Retained Earnings Treasury Stock (10,000 common shares) 4: eTextbook and Media List of Accounts Save for Later + Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) + $2,793,000 ◆ 11,000 675,000 159,000 880,000 1,748,000 130,000 CONCORD CORPORATION Balance Sheet (Partial) $ $ Attempts: 0 of 3 used $ Submit Answer

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