On January 1, 2016, the accounts of Mac Corporation showed the following: Common stock, par $1, authorized 100,000 ? shares Additional paid-in capital (at $2 per share) 60,000 Retained earnings 140,000 During 2016, the following transactions occurred which affected stockholders' equity (in the order given): Issued a 100% stock dividend when the market |A. price was at $5 per share. Purchased treasury stock, 1,000 shares, at a total В. cost of $8,000. C. Declared and paid cash dividends, $15,000. D. Net income for 2016, $25,000. Required: The stockholders' equity section of the balance sheet for the company must be prepared for the December 31, 2016 balance sheet. The format is provided below with certain amounts missing. Supply the missing amounts by entering them in the blanks.
On January 1, 2016, the accounts of Mac Corporation showed the following: Common stock, par $1, authorized 100,000 ? shares Additional paid-in capital (at $2 per share) 60,000 Retained earnings 140,000 During 2016, the following transactions occurred which affected stockholders' equity (in the order given): Issued a 100% stock dividend when the market |A. price was at $5 per share. Purchased treasury stock, 1,000 shares, at a total В. cost of $8,000. C. Declared and paid cash dividends, $15,000. D. Net income for 2016, $25,000. Required: The stockholders' equity section of the balance sheet for the company must be prepared for the December 31, 2016 balance sheet. The format is provided below with certain amounts missing. Supply the missing amounts by entering them in the blanks.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2016, the accounts of Mac Corporation showed the following:
Common stock, par $1, authorized 100,000
?
shares
Additional paid-in capital (at $2 per share)
60,000
Retained earnings
140,000
During 2016, the following transactions occurred which affected stockholders' equity (in the order
given):
Issued a 100% stock dividend when the market
A.
price was at $5 per share.
Purchased treasury stock, 1,000 shares, at a total
В.
cost of $8,000.
C. Declared and paid cash dividends, $15,000.
D. Net income for 2016, $25,000.
Required:
The stockholders' equity section of the balance sheet for the company must be prepared for the
December 31, 2016 balance sheet. The format is provided below with certain amounts missing.
Supply the missing amounts by entering them in the blanks.
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