On January 1, 2022, Pharoah Corporation had the following stockholders' equity accounts. Common Stock (no par value, 90,000 shares issued and outstanding) $1,390,000 Retained Earnings 499,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 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 3-for-1 stock split. Prior to the split, the market price per share was $36. July 1 Declared a 4% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $10 per share Issued the shares for the stock dividend. 31 Dec. 1 Declared a $0.70 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $398,000.
On January 1, 2022, Pharoah Corporation had the following stockholders' equity accounts. Common Stock (no par value, 90,000 shares issued and outstanding) $1,390,000 Retained Earnings 499,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 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 3-for-1 stock split. Prior to the split, the market price per share was $36. July 1 Declared a 4% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $10 per share Issued the shares for the stock dividend. 31 Dec. 1 Declared a $0.70 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $398,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Am. 13.
Transcribed Image Text:(d)
Your answer is partially correct.
Prepare the stockholders' equity section of the balance sheet at December 31, 2022. (Enter account name only
Stockholders' Equity
Pald-In Capital
Capital Stock
Common Stock
Retained Earnings
Total Stockholders' Equity
PHAROAH CORPORATION
Partial Balance Sheet
December 31, 2022
69
1498000
301000
1799000
Transcribed Image Text:On January 1, 2022, Pharoah Corporation had the following stockholders' equity accounts.
Common Stock (no par value, 90,000 shares issued and outstanding) $1,390,000
Retained Earnings
499,000
During the year, the following transactions occurred.
Feb. 1
Mar. 1
Apr.1
July 1
31
Dec. 1
31
Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Paid the dividend declared in February.
Announced a 3-for-1 stock split. Prior to the split, the market price per share was $36.
Declared a 4% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $10 per share.
Issued the shares for the stock dividend.
Declared a $0.70 per share dividend to stockholders of record on December 15, payable January 5, 2023.
Determined that net income for the year was $398,000.
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