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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, 2025, Cullumber Inc. had these stockholders' equity balances. Common Stock, $1 par (2,300,000 shares authorized, 675,000 shares issued and outstanding) Paid-in Capital in Excess of Par Retained Earnings Accumulated Other Comprehensive Income During 2025, the following transactions and events occurred. 1 2 3. 4. 5. 6. Issued 48,000 shares of $1 par value common stock for $3 per share. Issued 60,500 shares of common stock for cash at $5 per share. Purchased 22,000 shares of common stock for the treasury at $3.05 per share. Declared and paid a cash dividend of $169,500. Earned net income of $396,000. Had other comprehensive income of $17,600. $675,000 1,687,500- 688,000 56,000
Transcribed Image Text:On January 1, 2025, Cullumber Inc. had these stockholders' equity balances. Common Stock, $1 par (2,300,000 shares authorized, 675,000 shares issued and outstanding) Paid-in Capital in Excess of Par Retained Earnings Accumulated Other Comprehensive Income During 2025, the following transactions and events occurred. 1 2 3. 4. 5. 6. Issued 48,000 shares of $1 par value common stock for $3 per share. Issued 60,500 shares of common stock for cash at $5 per share. Purchased 22,000 shares of common stock for the treasury at $3.05 per share. Declared and paid a cash dividend of $169,500. Earned net income of $396,000. Had other comprehensive income of $17,600. $675,000 1,687,500- 688,000 56,000
Prepare the stockholders' equity section of the balance sheet at December 31, 2025. (Enter account name only and do not provide descriptive information.) eTextbook and Media List of Accounts CULLUMBER INC. Partial Balance Sheet : $
Transcribed Image Text:Prepare the stockholders' equity section of the balance sheet at December 31, 2025. (Enter account name only and do not provide descriptive information.) eTextbook and Media List of Accounts CULLUMBER INC. Partial Balance Sheet : $
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