PART 2!!!!!! b. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y8. Decreases in equity and purchase should be entered as negative amounts by using a minus sign. If your answer is zero, enter “0”. Equinox Products Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y8 Preferred Stock Paid-In Capital in Excess of Par— Preferred Stock Common Stock Paid-In Capital in Excess of Par— Common Stock Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Total Balances, January 1 $ $ $ $ $ $ $ $ Issued Common Stock Issued Preferred Stock Net income Cash dividends Sale of treasury stock Purchase of treasury stock Balances, December 31 $ $ $ $ $ $ $ $
I NEED HELP WITH PART 2!!!!!!!!!!!!!!!!!
PART 1
a. Issued 15,000 shares of $20 par common stock at $30, receiving cash.
| Descr | D | C |
|---|---|---|
b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash.
| Descr | D | C |
|---|---|---|
c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.
| Descr | D | C |
|---|---|---|
d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on
| Descr | D | C |
|---|---|---|
e. Paid the cash dividends declared in (d).
| Descr | D | C |
|---|---|---|
f. Purchased 8,000 shares of treasury common stock at $33 per share.
| Descr | D | C |
|---|---|---|
g. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued.
| Descr | D | C |
|---|---|---|
h. Paid the cash dividends to the preferred stockholders.
| Descr | D | C |
|---|---|---|
i. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (f).
| Descr | D | C |
|---|---|---|
j. Recorded the payment of semiannual interest on the bonds issued in (c) and the amortization of the premium for 6 months. The amortization is determined using the straight-line method.
| Descr | D | C |
|---|---|---|
You must complete part 1 before part 2.
After all of the transactions for the year ended Dec 31, 20Y8, had been
| Income statement data: | ||
| Advertising expense | $150,000 | |
| Cost of goods sold | 3,700,000 | |
| Delivery expense | 30,000 | |
| Depreciation expense—office buildings and equipment | 30,000 | |
| Depreciation expense—store buildings and equipment | 100,000 | |
| Income tax expense | 140,500 | |
| Interest expense | 21,000 | |
| Interest revenue | 30,000 | |
| Misc administrative expense | 7,500 | |
| Misc selling expense | 14,000 | |
| Office rent expense | 50,000 | |
| Office salaries expense | 170,000 | |
| Office supplies expense | 10,000 | |
| Sales | 5,313,000 | |
| Sales commissions | 185,000 | |
| Sales salaries expense | 385,000 | |
| Store supplies expense | 21,000 | |
| Accounts payable | $194,300 | |
| 545,000 | ||
| 1,580,000 | ||
| Accumulated depreciation—store buildings and equipment | 4,126,000 | |
| Allowance for doubtful accounts | 8,450 | |
| Bonds payable, 5%, due in 10 years | 500,000 | |
| Cash | 282,850 | |
| Common stock, $20 par (400,000 shares authorized; 85,000 shares issued, 94,600 outstanding), Jan 1, 20Y8 |
1,700,000 | |
| Dividends: | ||
| Cash dividends for common stock | 155,120 | |
| Cash dividends for preferred stock | 100,000 | |
| Goodwill | 700,000 | |
| Income tax payable | 44,000 | |
| Interest receivable | 1,200 | |
| Inventory (Dec 31, 20Y8), at lower of cost (FIFO) or market | 778,000 | |
| Office buildings and equipment | 4,320,000 | |
| Paid-in capital from sale of |
0 | |
| Paid-in capital in excess of par—common stock, Jan 1, 20Y8 | 736,800 | |
| Paid-in capital in excess of par—preferred stock, Jan 1, 20Y8 | 70,000 | |
| Preferred 5% stock, $80 par (30,000 shares authorized; 16,000 shares issued), Jan 1, 20Y8 |
1,280,000 | |
| Premium on bonds payable | 19,000 | |
| Prepaid expenses | 27,400 | |
| Retained earnings, Jan 1, 20Y8 | 8,197,220 | |
| Store buildings and equipment | 12,560,000 | |
| Treasury stock, Jan 1, 20Y8 | 0 |
PART 2!!!!!!
b. Prepare a statement of
| Equinox Products Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y8 |
||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Stock | Paid-In Capital in Excess of Par— Preferred Stock |
Common Stock | Paid-In Capital in Excess of Par— Common Stock |
Paid-In Capital from Sale of Treasury Stock |
Retained Earnings |
Treasury Stock |
Total | |
| Balances, January 1 | $ | $ | $ | $ | $ | $ | $ | $ |
| Issued Common Stock | ||||||||
| Issued Preferred Stock | ||||||||
| Net income | ||||||||
| Cash dividends | ||||||||
| Sale of treasury stock | ||||||||
| Purchase of treasury stock | ||||||||
| Balances, December 31 | $ | $ | $ | $ | $ | $ | $ | $ |
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