On January 1, 2022, Cheyenne Corp. had the following stockholders’ equity accounts. Common Stock ($20 par value, 57,900 shares issued and outstanding) $1,158,000 Paid-in Capital in Excess of Par—Common Stock 202,000 Retained Earnings 580,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $345,000.Prepare a stockholders’ equity section at December 31. (Enter account name only and do not provide descriptive information.) Cheyenne Corp. Balance Sheet (Partial) choose the accounting period select an opening section name select an opening subsection name select a opening name of subordinate part one of the subsection enter a balance sheet item $enter a dollar amount select a name of subordinate part two of the subsection enter a balance sheet item enter a dollar amount select a closing sub section name enter a subtotal of the two previous amounts enter a balance sheet item enter a dollar amount select a closing section name $enter a total amount for this section

On January 1, 2022, Cheyenne Corp. had the following stockholders’ equity accounts. Common Stock ($20 par value, 57,900 shares issued and outstanding) $1,158,000 Paid-in Capital in Excess of Par—Common Stock 202,000 Retained Earnings 580,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $345,000.Prepare a stockholders’ equity section at December 31. (Enter account name only and do not provide descriptive information.) Cheyenne Corp. Balance Sheet (Partial) choose the accounting period select an opening section name select an opening subsection name select a opening name of subordinate part one of the subsection enter a balance sheet item $enter a dollar amount select a name of subordinate part two of the subsection enter a balance sheet item enter a dollar amount select a closing sub section name enter a subtotal of the two previous amounts enter a balance sheet item enter a dollar amount select a closing section name $enter a total amount for this section

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

On January 1, 2022, Cheyenne Corp. had the following stockholders’ equity accounts.

Common Stock ($20 par value, 57,900 shares issued and outstanding)		$1,158,000
Paid-in Capital in Excess of Par—Common Stock		202,000
Retained Earnings		580,000

During the year, the following transactions occurred.

Feb. 1		Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1.
Mar. 1		Paid the dividend declared in February.
Apr. 1		Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35.
July 1		Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share.
31		Issued the shares for the stock dividend.
Dec. 1		Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023.
31		Determined that net income for the year was $345,000.

Prepare a stockholders’ equity section at December 31. (Enter account name only and do not provide descriptive information.)

Cheyenne Corp. Balance Sheet (Partial) choose the accounting period
select an opening section name
select an opening subsection name
select a opening name of subordinate part one of the subsection
enter a balance sheet item			$enter a dollar amount
select a name of subordinate part two of the subsection
enter a balance sheet item			enter a dollar amount
select a closing sub section name			enter a subtotal of the two previous amounts
enter a balance sheet item			enter a dollar amount
select a closing section name			$enter a total amount for this section

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.