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Project 1: Stockholders' Equity (10 points) Required: Answer the questions on the following page in Excel and upload your file to Moodle by the deadline specified by your instructor. Shown below is the stockholders' equity section of Holiday Travels' balance sheet at December 31, 2022: Common stock, $2 par value, 5,000,000 shares authorized, 370,000 shares issued and outstanding Additional paid-in capital Retained earnings Total stockholders' equity $740,000 1,595,000 2,680,000 $5,015,000 During 2023, the following events occurred: Holiday Travels was authorized to sell 120,000 shares of $100 par, 6% preferred stock > Holiday sold 23,000 shares of the preferred stock at par value A cash dividend of $235,000 was declared and paid Holiday Travels declared and issued a 10% stock dividend on the common stock when the market value of the stock was $17 per share Net income for the year was $1,650,000

Project 1: Stockholders' Equity (10 points) Required: Answer the questions on the following page in Excel and upload your file to Moodle by the deadline specified by your instructor. Shown below is the stockholders' equity section of Holiday Travels' balance sheet at December 31, 2022: Common stock, $2 par value, 5,000,000 shares authorized, 370,000 shares issued and outstanding Additional paid-in capital Retained earnings Total stockholders' equity $740,000 1,595,000 2,680,000 $5,015,000 During 2023, the following events occurred: Holiday Travels was authorized to sell 120,000 shares of $100 par, 6% preferred stock > Holiday sold 23,000 shares of the preferred stock at par value A cash dividend of $235,000 was declared and paid Holiday Travels declared and issued a 10% stock dividend on the common stock when the market value of the stock was $17 per share Net income for the year was $1,650,000

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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Project 1: Stockholders' Equity (10 points) Required: Answer the questions on the following page in Excel and upload your file to Moodle by the deadline specified by your Shown below is the stockholders' equity section of Holiday Travels' balance sheet at December 31, 2022: Common stock, $2 par value, 5,000,000 shares authorized, 370,000 shares issued and outstanding Additional paid-in capital Retained earnings Total stockholders' equity $740,000 1,595,000 2,680,000 $5,015,000 During 2023, the following events occurred: > Holiday Travels was authorized to sell 120,000 shares of $100 par, 6% preferred stock > Holiday sold 23,000 shares of the preferred stock at par value A cash dividend of $235,000 was declared and paid Holiday Travels declared and issued a 10% stock dividend on the common stock when the market value of the stock was $17 per share Net income for the year was $1,650,000
Transcribed Image Text:Project 1: Stockholders' Equity (10 points) Required: Answer the questions on the following page in Excel and upload your file to Moodle by the deadline specified by your Shown below is the stockholders' equity section of Holiday Travels' balance sheet at December 31, 2022: Common stock, $2 par value, 5,000,000 shares authorized, 370,000 shares issued and outstanding Additional paid-in capital Retained earnings Total stockholders' equity $740,000 1,595,000 2,680,000 $5,015,000 During 2023, the following events occurred: > Holiday Travels was authorized to sell 120,000 shares of $100 par, 6% preferred stock > Holiday sold 23,000 shares of the preferred stock at par value A cash dividend of $235,000 was declared and paid Holiday Travels declared and issued a 10% stock dividend on the common stock when the market value of the stock was $17 per share Net income for the year was $1,650,000
Instructions for Project 1: Answer the following, based on the information given on the preceding page: Capital stock, as of December 31, 2023: # of common shares authorized # of common shares issued and outstanding # of preferred shares issued and outstanding Amount of cash dividend to common stockholders Amount of cash dividend to preferred stockholders Total debit to Stock Dividends account Additional paid-in capital, at December 31, 2023 Retained earnings, at January 1, 2023 Retained earnings, at December 31, 2023 Total Stockholders' Equity, at December 31, 2023
Transcribed Image Text:Instructions for Project 1: Answer the following, based on the information given on the preceding page: Capital stock, as of December 31, 2023: # of common shares authorized # of common shares issued and outstanding # of preferred shares issued and outstanding Amount of cash dividend to common stockholders Amount of cash dividend to preferred stockholders Total debit to Stock Dividends account Additional paid-in capital, at December 31, 2023 Retained earnings, at January 1, 2023 Retained earnings, at December 31, 2023 Total Stockholders' Equity, at December 31, 2023
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