Reporting Stockholders' EquityUsing the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Five hundred thousand shares of common stock are authorized,and 35,000 shares have been reacquired.Common Stock, $120 par$25,500,000Paid-In Capital from Sale of Treasury Stock4,074,000Paid-In Capital in Excess of Par-Common Stock7,230,000Retained Earnings47,101,000Treasury Stock3,920,000Stockholders' EquityPaid-in capital:Total Paid-In CapitalTotal Stockholders' Equity%24

The question is based on the concept of Financial Accounting.

Answered: Reporting Stockholders' Equity Using…

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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The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value $0 Common stock, $5 par value 19,500 Additional paid-in capital 93,600 Total paid-in capital 113,100 Retained earnings 52,500 Treasury stock (3,600) Total stockholders' equity $162,000 Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 2. How many shares of common stock have been issued? (Enter your answer in total number of shares, not in thousands.) Number of shares
The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value $0 Common stock, $5 par value 19,500 Additional paid-in capital 93,600 Total paid-in capital 113,100 Retained earnings 52,500 Treasury stock (3,600) Total stockholders' equity $162,000 Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 5. If the treasury stock was purchase at $18 per share, how many shares were purchased? (Enter your answer in total number of shares, not in thousands.) Number of shares
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Reporting stockholders' equity Using the following accounts and balances, prepare the Stockholders'Equity section of the balance sheet using Method 1 of Exhibit 8. Five hundred thousand shares of common stock are authorized, and 40,000shares have been reacquired.
Using the following accounts and balances, prepare the stockholders' equity section of the balance sheet. Fifty thousand shares of common stock are authorized, and 1,000 shares have been reacquired. Common Stock, $70 par $2,730,000 Paid-In Capital in Excess of Par 123,070 Paid-In Capital from Sale of Treasury Stock 6,070 Retained Earnings 125,000 Treasury Stock 4,570
Stockholders’ Equity: Transactions and Balance Sheet Presentation The stockholders’ equity accounts of Scott Corporation at January 1 follow: Common stock, $5 par value, 350,000 shares authorized; 150,000 shares issued and outstanding $750,000 Paid-in capital in excess of par value (common stock) 600,000 Retained earnings 346,000 During the year, the following transactions occurred: Jan. 5 Issued 10,000 shares of common stock for $13 cash per share. 18 Purchased 4,000 shares of common stock as treasury stock at $15 cash per share. Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $18 per share. July 17 Sold 500 shares of the remaining treasury stock for $14 per share. Oct. 1 Issued 5,000 shares of eight percent, $25 par value preferred stock for $36 cash per share. These are the first preferred shares issued out of 50,000 authorized shares. Dec. 31 Closed the net income of $73,500 to the Retained Earnings account.…
Identifying and Analyzing Financial Statement Effects of Stock Transactions (FSET) Lipe Company reports the following transactions relating to its stock accounts. Feb. 20 Issued 16,800 shares of $1 par value common stock at $25 cash per share. Feb. 21 Issued 25,200 shares of $100 par value, 8% preferred stock at $250 cash per share.. Jun. 30 Purchased 3,360 shares of its own common stock at $15 cash per share. Sep. 25 Sold 1,680 shares of the treasury stock at $21 cash per share. Using the financial statement effects template, illustrate the effects of these transactions. NOTE: Use negative signs with your answers, when appropriate. NOTE: Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction Issuance of common stock. Issuance of preferred stock. Purchase of treasury stock. Sale of treasury stock. Check Cash Cash Cash Cash Cash Asset 420,000 + ✓N/A 6,300,000 ✓ # ✓N/A (50,400)✓ 35,280 + ✓ ✔ N/A Noncash Assets 0 + 0✔ + 0✔ + = ✔ N/A N/A Liabilities…
Identifying and Analyzing Financial Statement Effects of Stock TransactionsMelo Company reports the following transactions relating to its stock accounts in the current year. Use the financial statement effects template to indicate the effects from each of these transactions.(a) Mar. 2 Issued 7,000 shares of $1 par value common stock at $30 cash per share.(b) Apr. 14 Issued 10,500 shares of $100 par value, 8% preferred stock at $250 cash per share.(c) June. 30 Purchased 2,100 shares of its own common stock at $22 cash per share.(d) Sep. 25 Sold 1,050 shares of its treasury stock at $26 cash per share.Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.Note: Indicate a decrease in an account category by including a negative sign with the amount.
Required information [The following information applies to the questions displayed below.] The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value Common stock, $5 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock Total stockholders' equity $0 13,000 28,600 Number of shares 41,600 46,000 (2,300) $85,300 Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 5. If the treasury stock was purchased at $16 per share, how many shares were purchased? (Enter your answer in total number of shares, not in thousands.)
Reporting Stockholders' Equity Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. 30,000 shares of common stock authorized, and 1,000 shares have been reacquired. Common Stock, $60 par $1,080,000 Paid-In Capital from Sale of Treasury Stock 43,000 Paid-In Capital in Excess of Par—Common Stock 378,000 Retained Earnings 594,000 Treasury Stock 22,000 Balance Sheet Stockholders' Equity Paid-in capital: $ Paid-in capital, common stock $ Total paid-in capital $ Total $ Total stockholders' equity $
Treasury Shares On October 10, the capital of the shareholders (stockholders' equity) of Sherman Systems, Inc. it consisted of the following: Common stock–$10 par value, 72,000 shares authorized, issued, and outstanding $ 720,000 Paid-in capital in excess of par value, common stock 216,000 Retained earnings 864,000 Total stockholders’ equity $ 1,800,000 Prepare the daily entries to record the following transactions: October 11 – Sherman Systems purchased 5,000 of its own common stock at a price of $25 per share. November 1 – Sherman Systems sold 1,000 of its shares in treasury stock at a price of $31 per share. November 25 – Sherman Systems sold the remaining shares in treasury at a price of $20 per share.
Reporting StocknolderS Equity Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Two hundred thousand shares of common stock are authorized. and 5,000 shares have been reacquired. Common Stock, $3 par $270,000 Paid-In Capital from Sale of Treasury Stock 62,000 Paid-In Capital in Excess of Par-Common Stock 1,196,000 Retained Earnings 7,430,000 Treasury Stock 230,000 Stockholders' Equity Paid-in capital: Total Paid-In Capital Total Stockholders' Equity 0000 00 00 64

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