### Required Information**Note:** 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: $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.### Question2. **How many shares of common stock have been issued?** (*Enter your answer in total number of shares, not in thousands.*)*Number of shares: [_______________]*---**Explanation of Financial Data:**- **Common Stock, $5 Par Value:** This represents the portion of stockholders' equity specifically from common stock, valued at its par value. In this case, it amounts to $19,500 in thousands.- **Additional Paid-In Capital:** This is the amount received from shareholders that is above the par value of common stock. Here, it totals $93,600 in thousands.- **Total Paid-In Capital:** The sum of common stock par value and additional paid-in capital, equating to $113,100 in thousands.- **Retained Earnings:** This is the accumulated net income held by the company for reinvestment or to pay debt, totaling $52,500 in thousands.- **Treasury Stock:** Reflects shares that were repurchased by the company, valued at ($3,600) in thousands, indicating a negative impact on equity.- **Total Stockholders' Equity:** The overall value attributable to shareholders after all liabilities have been subtracted from assets, which is $162,000 in thousands here.

Common stock represents ownership in a company, entitling shareholders to vote on certain matters…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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I'm having trouble compiling the Shareholder's Equity Section of the balance sheet. Please help! The balance sheet of Consolidated Paper, Inc., included the following shareholders’ equity accounts at December 31, 2020: Paid-in capital: Preferred stock, 7.5%, 98,000 shares at $1 par $ 98,000 Common stock, 484,800 shares at $1 par 484,800 Paid-in capital—excess of par, preferred 1,595,000 Paid-in capital—excess of par, common 2,645,000 Retained earnings 9,745,000 Treasury stock, at cost; 4,800 common shares (52,800 ) Total shareholders' equity $ 14,515,000 During 2021, several events and transactions affected the retained earnings of Consolidated Paper. Required: 1. Prepare the appropriate entries for these events. On March 3, the board of directors declared a property dividend of 290,000 shares of Leasco International common stock that Consolidated Paper had purchased in January as an investment (book value: $552,000). The investment shares had a fair value of $2 per share and were…
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The following events occurred Gargantuan's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash dividend to the stockholders. Adjusting Entries information 9. There was $310 of supplies on hand at the end of the accounting period. 0. The lease on the office space covered a one-year period beginning November 1. 11. There was $5,200 of accrued salaries at the end of the period.
The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ 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. 3. Total paid-in capital is $113.10 million. At what average price per share were the common shares issued? Common share issued per share
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Thoughtful Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2024: (Click the icon to view the partial balance sheet.) Read the requirements. Requirement 1. Identify the different classes of stock that Thoughtful Comfort Specialists has outstanding. Thoughtful has outstanding. common stock preferred stock preferred stock and common stock preferred stock and treasury stock Requirements 2. 1. Identify the different classes of stock that Thoughtful Comfort Specialists has outstanding. What is the par value per share of Thoughtful Comfort Specialists' preferred stock? 3. () Make two summary journal entries to record issuance of all the Thoughtful Comfort Specialists' stock for cash. Explanations are not required. 4. No preferred dividends are in arrears. Journalize the declaration of a $800,000 dividend at June 30, 2024, and the payment of the dividend on July 20, 2024. Use separate Dividends Payable accounts for preferred and common…
Match (by letter) the following terms with their definitions. Each letter is used only once.Terms_____ 1. PE ratio._____ 2. Stockholders’ equity section of the balance sheet._____ 3. Accumulated deficit._____ 4. Growth stocks._____ 5. 100% stock dividend._____ 6. Statement of stockholders’ equity._____ 7. Treasury stock._____ 8. Value stocks._____ 9. Return on equity._____ 10. Retained earnings.Definitionsa. A debit balance in Retained Earnings.b. Priced high in relation to current earnings as investors expect future earnings to be higher.c. Effectively the same as a 2-for-1 stock split.d. The earnings not paid out in dividends.e. The stock price divided by earnings per share.f. Summarizes the changes in the balance in each stockholders’ equity account over a period of time.g. Priced low in relation to current earnings.h. Measures the ability of company management to generate earnings from the resources that owners provide.i. Shows the balance in each equity account at a point in…
Current Attempt in Progress The following financial information is available for Monty Corporation. (in millions) Average common stockholders' equity Dividends declared for common stockholders Dividends declared for preferred stockholders Net income (a1) Payout ratio Return on common stockholders' equity 2025 e Textbook and Media $2,500 300 30 500 2024 $2,600 Calculate the payout ratio and return on common stockholders' equity for 2025 and 2024. (Round answers to 1 decimal place, e.g. 12.5%) 638 2025 30 550 % % 2024 % %
The stockholders' equity section of The Seventies Shop is presented here THE SEVENTIES SHOP Balance Sheet (partial) ($ 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 se 17,500 70,000 87,500 50,500 (3,200) $134,800 Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands Dividends paid 4. If retained earnings at the beginning of the period was $42 million and net income during the year was $13.450,000, how much was paid in dividends for the year? (Enter your answer in dollars not in millions. (i.e., 5 should be entered as 5,000,000).)

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