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Requirement 2. Prepare a retained earnings statement for the year ended December 31, 2024. Assume Millan's net income for the year was $87,000. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Check your spelling carefully and do ne Millan Management Consulting, Inc. Statement of Retained Earnings Year Ended December 31, 2024 Retained Earnings, January 1, 2024 Net income for the year Stock dividends declared Cash dividends declared Retained Earnings, December 31, 2024 Requirement 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2024. (Use Millan Management Consulting, Inc. Balance Sheet (Partial) December 31, 2024 Stockholders' Equity Paid-In Capital: shares issued, Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Treasury Stock-Common; Total Stockholders' Equity shares authorized, shares outstanding

Requirement 2. Prepare a retained earnings statement for the year ended December 31, 2024. Assume Millan's net income for the year was $87,000. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Check your spelling carefully and do ne Millan Management Consulting, Inc. Statement of Retained Earnings Year Ended December 31, 2024 Retained Earnings, January 1, 2024 Net income for the year Stock dividends declared Cash dividends declared Retained Earnings, December 31, 2024 Requirement 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2024. (Use Millan Management Consulting, Inc. Balance Sheet (Partial) December 31, 2024 Stockholders' Equity Paid-In Capital: shares issued, Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Treasury Stock-Common; Total Stockholders' Equity shares authorized, shares outstanding

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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Data table Paid-In Capital: Common Stock-$10 Par Value; 150,000 shares authorized, 22,000 shares issued and outstanding K Paid-In Capital in Excess of Par-Common Total Paid-In Capital More info Stockholders' Equity Retained Earnings Total Stockholders' Equity Feb. 6 Feb. 15 Jul. 29 Nov. 27 $ $ 220,000 310,000 530,000 156,000 686,000 Declared a 15% stock dividend on common stock. The market value of Millan's stock was $27 per share. Distributed the stock dividend. Purchased 2,400 shares of treasury stock at $27 per share. Declared a $0.30 per share cash dividend on the common stock outstanding. -
Transcribed Image Text:Data table Paid-In Capital: Common Stock-$10 Par Value; 150,000 shares authorized, 22,000 shares issued and outstanding K Paid-In Capital in Excess of Par-Common Total Paid-In Capital More info Stockholders' Equity Retained Earnings Total Stockholders' Equity Feb. 6 Feb. 15 Jul. 29 Nov. 27 $ $ 220,000 310,000 530,000 156,000 686,000 Declared a 15% stock dividend on common stock. The market value of Millan's stock was $27 per share. Distributed the stock dividend. Purchased 2,400 shares of treasury stock at $27 per share. Declared a $0.30 per share cash dividend on the common stock outstanding. -
Requirement 2. Prepare a retained earnings statement for the year ended December 31, 2024. Assume Millan's net income for the year was $87,000. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Check your spelling carefully and do not abbrev Millan Management Consulting, Inc. Statement of Retained Earnings Year Ended December 31, 2024 Retained Earnings, January 1, 2024 Net income for the year Stock dividends declared Cash dividends declared Retained Earnings, December 31, 2024 Requirement 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2024. (Use paren Millan Management Consulting, Inc. Balance Sheet (Partial) December 31, 2024 Stockholders' Equity Paid-In Capital: shares issued, Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Treasury Stock-Common; Total Stockholders' Equity shares authorized, shares outstanding
Transcribed Image Text:Requirement 2. Prepare a retained earnings statement for the year ended December 31, 2024. Assume Millan's net income for the year was $87,000. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Check your spelling carefully and do not abbrev Millan Management Consulting, Inc. Statement of Retained Earnings Year Ended December 31, 2024 Retained Earnings, January 1, 2024 Net income for the year Stock dividends declared Cash dividends declared Retained Earnings, December 31, 2024 Requirement 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2024. (Use paren Millan Management Consulting, Inc. Balance Sheet (Partial) December 31, 2024 Stockholders' Equity Paid-In Capital: shares issued, Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Treasury Stock-Common; Total Stockholders' Equity shares authorized, shares outstanding
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