Required Information (The following information applies to the questions displayed below] Donnie Hifiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024, 300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024 March 1 Play 15 July 10 October 15 December 1 Issue 1,100 shares of common stock for $42 per share. Purchase 400 shares of treasury stock for $35 per share. Resell 200 shares of treasury stock purchased on May 15 for $40 per share. Issue 200 shares of preferred stock for $45 per share. Declare a cash dividend on both common and preferred stock of $0.50 per share to all stockholders of record on December 15. (wint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock $300, Common Stock $40, Additional Paid-in Capital, $76,000; and Retained Earnings, $30,500. Net Income for the year ended December 31, 2024, IS $10,800 Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the following for Donnie Hilfiger
Required Information (The following information applies to the questions displayed below] Donnie Hifiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024, 300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024 March 1 Play 15 July 10 October 15 December 1 Issue 1,100 shares of common stock for $42 per share. Purchase 400 shares of treasury stock for $35 per share. Resell 200 shares of treasury stock purchased on May 15 for $40 per share. Issue 200 shares of preferred stock for $45 per share. Declare a cash dividend on both common and preferred stock of $0.50 per share to all stockholders of record on December 15. (wint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends declared on December 1. Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock $300, Common Stock $40, Additional Paid-in Capital, $76,000; and Retained Earnings, $30,500. Net Income for the year ended December 31, 2024, IS $10,800 Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the following for Donnie Hilfiger
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Required Information
[The following information applies to the questions displayed below]
Donnie Himger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of
2024, 300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions
affect stockholders' equity during 2024
March 1
Play 15
July 10
October 15
December 1
Issue 1,100 shares of common stock for $42 per share.
Purchase 400 shares of treasury stock for $35 per share.
Resell 200 shares of treasury stock purchased on May 15 for $40 per share.
Issue 200 shares of preferred stock for $45 per share.
Declare a cash dividend on both common and preferred stock of $0.50 per share to all stockholders of
record on December 15. (Hint: Dividends are not paid on treasury stock.)
December 31 Pay the cash dividends declared on December 1.
Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred
Stock $300, Common Stock, $40, Additional Paid-in Capital, $76,000, and Retained Earnings, $30,500 Net Income for
the year ended December 31, 2024, IS $10,800
Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the
following for Donnie Hilfiger
2. Prepare the statement of stockholders' equity for the year ended December 31, 2024. (Amounts to be deducted should be
Indicated by a minus sign.)
Balance, January 1
issue common stock
Purchase treasury stock
Resell treasury stock
Issue preferred stock
Declare cash dividends
Net income
Balance, December 31
DONNIE HILFIGER
Statement of Stockholders' Equity
For the Year Ended December 31, 2024
Preferred Common Additional Paid
Stock
Stock
in Capital
Retained
Earnings
Treasury Stock
Total
Stockholders'
Equity
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdeaf82d8-7c13-47e8-9a82-92ef28c88de0%2F3e124a0a-028d-42a7-9ede-bb6cd67d1ed5%2Ft351mmf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below]
Donnie Himger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of
2024, 300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions
affect stockholders' equity during 2024
March 1
Play 15
July 10
October 15
December 1
Issue 1,100 shares of common stock for $42 per share.
Purchase 400 shares of treasury stock for $35 per share.
Resell 200 shares of treasury stock purchased on May 15 for $40 per share.
Issue 200 shares of preferred stock for $45 per share.
Declare a cash dividend on both common and preferred stock of $0.50 per share to all stockholders of
record on December 15. (Hint: Dividends are not paid on treasury stock.)
December 31 Pay the cash dividends declared on December 1.
Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred
Stock $300, Common Stock, $40, Additional Paid-in Capital, $76,000, and Retained Earnings, $30,500 Net Income for
the year ended December 31, 2024, IS $10,800
Taking into consideration the beginning balances on January 1, 2024 and all the transactions during 2024, respond to the
following for Donnie Hilfiger
2. Prepare the statement of stockholders' equity for the year ended December 31, 2024. (Amounts to be deducted should be
Indicated by a minus sign.)
Balance, January 1
issue common stock
Purchase treasury stock
Resell treasury stock
Issue preferred stock
Declare cash dividends
Net income
Balance, December 31
DONNIE HILFIGER
Statement of Stockholders' Equity
For the Year Ended December 31, 2024
Preferred Common Additional Paid
Stock
Stock
in Capital
Retained
Earnings
Treasury Stock
Total
Stockholders'
Equity
4
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