M-E Drafting Incorporated reports the following statement of stockholders' equity. Solve for the missing amounts.Note: Amounts to be deducted should be indicated by a minus sign.Financial StatementsBeginning balanceNet incomeDividendsStock repurchaseEnding balanceCommon Stock$$5Additional Paid-inCapital$5 $995980$RetainedEarnings100660Total Stockholders'Equity$$1,6001001,645

Total Stockholder's equity = Common Stock + Additional Paid in capital + Retained…

Answered: M-E Drafting Incorporated reports the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $12 par value Paid-in capital in excess of par value, common stock Retained earnings $ 300,000 110,000 300,000 In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit Retained Earnings Common Dividend Payable Common Dividend Payable October 2 60,000 60,000 October 25 60,000 Cash 60,000 October 31 Retained Earnings 67,000 Common Stock Dividend Distributable 32,000 35,000 Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable November 5 32,000 Common Stock, $12 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings 32,000 December 1 December 31 270,000 270,000
Reporting Stockholders' Equity Items on Statement of Cash Flows On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 40,000 shares 800,000 Apr. 2 10,000 shares issued for cash 200,000 1,000,000 June 30 2,000-share stock dividend 40,000 1,040,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 160,000 Apr. 2 10,000 shares issued for cash 280,000 440,000 June 30 Stock dividend 30,000 470,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1…
Statement of Stockholders' Equity The stockholders' equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 20Y9, are as follows. COMMON STOCK Jan. 1 Balance 1,300,000 Apr. 14 Issued 11,400 570,000 shares Dec. 31 Balance 1,870,000 PAID-IN CAPITAL IN EXCESS OF PAR Jan. 1 Balance 208,000 Apr. 14 Issued 11,400 136,800 shares Dec. 31 Balance 344,800 TREASURY STOCK Aug. 7 Purchased 1,900 shares 91,200 RETAINED EARNINGS Mar. 31 Dividend 33,000 Jan. 1 Balance 2,260,000 June. 30 Dividend 33,000 Dec. 31 Closing Sept. 30 Dividend 33,000 (Net income) 339,000 Dec. 31 Dividend 33,000 Dec. 31 Balance 2,467,000 Prepare a statement of stockholders' equity for the year ended December 31, 20Y9. If an amount box does not require an entry I-Cards Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y9
Required information [The following information applies to the questions displayed below.] The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value Common stock, $5 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock Total stockholders' equity $0 13,000 28,600 Number of shares 41,600 46,000 (2,300) $85,300 Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 5. If the treasury stock was purchased at $16 per share, how many shares were purchased? (Enter your answer in total number of shares, not in thousands.)
At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported. Common stock, $12 par value Paid-in capital in excess of par value, common stock Retained earnings In the fourth quarter, the following entries related to its equity are recorded. Date October 2 October 25 October 31 November 5 December 1 December 31 General Journal Retained Earnings Common Dividend Payable $ 420,000 100,000 380,000 Common Dividend Payable Cash Retained Earnings Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Common Stock Common Stock Dividend Distributable Common Stock, $12 Par Value Memo-Change the title of the common stock account to reflect the new par value of $4. Income Summary Retained Earnings Debit 70,000 70,000 75,000 36,000 210,000 Credit 70,000 70,000 36,000 39,000 36,000 210,000
The following events occurred Gargantuan's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash dividend to the stockholders. Adjusting Entries information 9. There was $310 of supplies on hand at the end of the accounting period. 0. The lease on the office space covered a one-year period beginning November 1. 11. There was $5,200 of accrued salaries at the end of the period.
The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value $0 Common stock, $5 par value 19,500 Additional paid-in capital 93,600 Total paid-in capital 113,100 Retained earnings 52,500 Treasury stock (3,600 Total stockholders' equity $162,000 Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 3. Total paid-in capital is $113.10 million. At what average price per share were the common shares issued? Common share issued per share
Reporting Stockholders' Equity Items on Statement of Cash Flows On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the beginning or the end of the year. ACCOUNT Common Stock, $40 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance, 120,000 shares 4,800,000 Apr. 30,000 shares issued for cash 1,200,000 6,000,000 June 30 4,400-share stock dividend 176,000 6,176,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. Balance 360,000 Apr. 30,000 shares issued for cash 720,000 1,080,000 June 30 Stock dividend 114,400 1,194,400 2. 1. 2.
The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $15 par $706,500 Paid-In Capital from Sale of Treasury Stock 29,000 Paid-In Capital in Excess of Par-Common Stock 18,840 Retained Earnings 1,109,000 Treasury Stock 14,630 Prepare the Stockholders' Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 770 shares have been reacquired. Goodale Properties Inc. Stockholders' Equity June 30, 20хх Paid-In Capital: Total Paid-In Capital $4 Total Total Stockholders' Equity
given the following data for the cheyenne company: current liabilities 602; long-term debt 630; common stock 858; retained earnings 1210; total liabilities & stockholders' equity 3300. how would common stock apprear on a common size balance sheet?
On December 31, Westworld Incorporated has the following equity accounts and balances. Preferred Stock $ 7,000 Retained Earnings $ 45,000 Common Stock 1,000 Paid-In Capital in Excess of Par Value, Common Stock 39,000 Treasury Stock 2,000 Paid-In Capital in Excess of Par Value, Preferred Stock 3,000 Prepare the stockholders’ equity section of Westworld’s balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
On December 31, Westworld Incorporated has the following equity accounts and balances. Preferred Stock Common Stock Treasury Stock $ 7,900 Retained Earnings 1,900 Paid-In Capital in Excess of Par Value, Common Stock 2,900 Paid-In Capital in Excess of Par Value, Preferred Stock Prepare the stockholders' equity section of Westworld's balance sheet. (Amounts to be deducted should be indicated by a minus sign.) WESTWORLD INCORPORATED Stockholders' Equity Section of Balance Sheet December 31 Total stockholders' equity $ 49,500 39,900 3,900

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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

SEE MORE TEXTBOOKS