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On January 1, 2020, Splish Brothers Inc had the following stockholders' equity balances. Common Stock (493,000 shares issued) $986,000 Paid-in Capital in Excess of Par-Common Stock 486,000 Common StocNDividends Distrībutable 49.300 Retained Earnings 601,000 During 2020, the following transactions and events occurred. 1. Issued 24,650 shares of $2 par value common stock as a result of 5% stock dividend declared on December 15, 2019. 2. Issued 27,500 shares of common stock for cash at $7 per share. 3. Purchased 24,500 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $114,000. 5. Sold 8,300 shares of treasury stock for cash at $5 per share. 6. Earned net income of $303,000 Prepere a stockholders' equity statement for the year. (If an amount reduces the occount balance then enter with negotive sign preceding the number eg 45 or parentheses eg (45))

On January 1, 2020, Splish Brothers Inc had the following stockholders' equity balances. Common Stock (493,000 shares issued) $986,000 Paid-in Capital in Excess of Par-Common Stock 486,000 Common StocNDividends Distrībutable 49.300 Retained Earnings 601,000 During 2020, the following transactions and events occurred. 1. Issued 24,650 shares of $2 par value common stock as a result of 5% stock dividend declared on December 15, 2019. 2. Issued 27,500 shares of common stock for cash at $7 per share. 3. Purchased 24,500 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $114,000. 5. Sold 8,300 shares of treasury stock for cash at $5 per share. 6. Earned net income of $303,000 Prepere a stockholders' equity statement for the year. (If an amount reduces the occount balance then enter with negotive sign preceding the number eg 45 or parentheses eg (45))

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2020, Splish Brothers Inc had the following stockholders equity balances. Common Stock (493,000 shares issued) $986.000 Paid-in Capital in Excess of Par-Common Stock 486,000 Common StocADividends Distrībutable 49,300 Retained Earnings 601,000 During 2020,the following transactions and events occurred, 1. Issued 24,650 shares of $2 par value common stock as a result of 5% stock dividend declared on December 15, 2019. 2. Issued 27,500 shares of common stock for cash at $7 per share. 3. Purchased 24,500 shares of common stock for the treasury at $5 per share. Declared and paid a cash dividend of $114,000. 5. Sold 8,300 shares of treasury stock for cash at $5 per share. Earmed net income of $303,000. Prepere a stockholders' equity statement for the year (il on omount rechuces the account, balonce then enter with negutive sign preceding the number eg 45 or parentheses eg (45)) Splish Brothers Inc. Stockholders' Equity Statement Paid-in 4.
Transcribed Image Text:On January 1, 2020, Splish Brothers Inc had the following stockholders equity balances. Common Stock (493,000 shares issued) $986.000 Paid-in Capital in Excess of Par-Common Stock 486,000 Common StocADividends Distrībutable 49,300 Retained Earnings 601,000 During 2020,the following transactions and events occurred, 1. Issued 24,650 shares of $2 par value common stock as a result of 5% stock dividend declared on December 15, 2019. 2. Issued 27,500 shares of common stock for cash at $7 per share. 3. Purchased 24,500 shares of common stock for the treasury at $5 per share. Declared and paid a cash dividend of $114,000. 5. Sold 8,300 shares of treasury stock for cash at $5 per share. Earmed net income of $303,000. Prepere a stockholders' equity statement for the year (il on omount rechuces the account, balonce then enter with negutive sign preceding the number eg 45 or parentheses eg (45)) Splish Brothers Inc. Stockholders' Equity Statement Paid-in 4.
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