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On January 1, Year 7, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital: Preferred stock, $100 par Common stock, $5 par Additional paid-in capital on preferred stock Additional paid-in capital on common stock Total contributed capital $ 92,800 37,300 21,500 58,700 $210,300 185,000 $395,300 Retained earnings Total Shareholders' Equity During the year, the following transactions and events occurred and were properly recorded: 1. Powder issued 1,800 shares of common stock at $13 per share. 2. Powder issued 330 shares of preferred stock at $140 per share. 3. Powder earned net income of $38,950. 4. Powder paid a $8 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of Year 7. Required: Prepare Powder's statement of shareholders' equity (include retained earnings) for Year 7. POWDER COMPANY Statement of Shareholders' Equity For Year Ended December 31, Year 7 10 Additional Preferred Common Paid-in Capital on Preferred Stock $100 par Stock $5 par Stock Additional Paid-in Capital on Common Stock 0 Retained Earnings Total poooode

On January 1, Year 7, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital: Preferred stock, $100 par Common stock, $5 par Additional paid-in capital on preferred stock Additional paid-in capital on common stock Total contributed capital $ 92,800 37,300 21,500 58,700 $210,300 185,000 $395,300 Retained earnings Total Shareholders' Equity During the year, the following transactions and events occurred and were properly recorded: 1. Powder issued 1,800 shares of common stock at $13 per share. 2. Powder issued 330 shares of preferred stock at $140 per share. 3. Powder earned net income of $38,950. 4. Powder paid a $8 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of Year 7. Required: Prepare Powder's statement of shareholders' equity (include retained earnings) for Year 7. POWDER COMPANY Statement of Shareholders' Equity For Year Ended December 31, Year 7 10 Additional Preferred Common Paid-in Capital on Preferred Stock $100 par Stock $5 par Stock Additional Paid-in Capital on Common Stock 0 Retained Earnings Total poooode

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Statement of Shareholders' Equity On January 1, Year 7, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital: Preferred stock, $100 par Common stock, $5 par Additional paid-in capital on preferred stock Additional paid-in capital on common stock Total contributed capital Retained earnings Total Shareholders' Equity During the year, the following transactions and events occurred and were properly recorded: 1. Powder issued 1,800 shares of common stock at $13 per share. 2. Powder issued 330 shares of preferred stock at $140 per share. $ 92,800 37,300 21,500 58,700 3. Powder earned net income of $38,950. 4. Powder paid a $8 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of Year 7. Preferred Stock Common Stock $100 par $5 par $210,300 185,000 $395,300 Required: Prepare Powder's statement of shareholders' equity (include retained earnings) for Year 7. POWDER COMPANY Statement of Shareholders' Equity For Year Ended December 31, Year 7 Additional Paid-in Capital on Preferred Stock 10 Additional Paid-in Capital on Common Stock Retained Earnings Total
Transcribed Image Text:Statement of Shareholders' Equity On January 1, Year 7, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital: Preferred stock, $100 par Common stock, $5 par Additional paid-in capital on preferred stock Additional paid-in capital on common stock Total contributed capital Retained earnings Total Shareholders' Equity During the year, the following transactions and events occurred and were properly recorded: 1. Powder issued 1,800 shares of common stock at $13 per share. 2. Powder issued 330 shares of preferred stock at $140 per share. $ 92,800 37,300 21,500 58,700 3. Powder earned net income of $38,950. 4. Powder paid a $8 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of Year 7. Preferred Stock Common Stock $100 par $5 par $210,300 185,000 $395,300 Required: Prepare Powder's statement of shareholders' equity (include retained earnings) for Year 7. POWDER COMPANY Statement of Shareholders' Equity For Year Ended December 31, Year 7 Additional Paid-in Capital on Preferred Stock 10 Additional Paid-in Capital on Common Stock Retained Earnings Total
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