Robinson Industries reported the following statement of shareholders' equity for the year ended 31 December 20X7:OtherContributedReserve re:PreferredCapital(AllSources)2,988CommonUnrealizedGains,Earnings Investments$ 98ShareShareRetainedCapital$ 9,012 $ 5,04711,504(2,565)CapitalBalance, January 1, 20X76,247Issuance of common shares for cashRetirement of common shares(1,716)(1,614)(3,207)Costs associated with equity issueStock dividend634Comprehensive incomeRetirement of preferred shares3,545(200)$ 4,77143(3,680)$ 18,585 $ 1,367(556)Balance, 31 December 20X7$716$141 2. Earnings were $4,578. How much is comprehensive income?Comprehensive income3. What amount was paid to retire common shares during the year?Common shares4-a. What amount was paid to retire preferred shares during the period?Preferred shares

In a companies' monetary reportage, comprehensive financial gain "includes all changes in equity…

Robinson Industries reported the following statement of shareholders' equity for the year ended 31 December 20X7: Other Contributed Reserve re: Capital (All Sources) Common Preferred Unrealized Share Share Retained Capital $ 9,012 $ 5,047 Gains, Earnings Investments $ 98 Capital Balance, January 1, 20X7 2,988 6,247 Issuance of common shares for cash 11,504 (2,565) Retirement of common shares (1,716) Costs associated with equity issue Stock dividend (1,614) (3,207) 634 Comprehensive income Retirement of preferred shares 3,545 43 (3,680) $ 18,585 $ 1,367 $ (556) (200) Balance, 31 December 20X7 716 $ 4,771 $141

Robinson Industries reported the following statement of shareholders' equity for the year ended 31 December 20X7: Other Contributed Reserve re: Capital (All Sources) Common Preferred Unrealized Share Share Retained Capital $ 9,012 $ 5,047 Gains, Earnings Investments $ 98 Capital Balance, January 1, 20X7 2,988 6,247 Issuance of common shares for cash 11,504 (2,565) Retirement of common shares (1,716) Costs associated with equity issue Stock dividend (1,614) (3,207) 634 Comprehensive income Retirement of preferred shares 3,545 43 (3,680) $ 18,585 $ 1,367 $ (556) (200) Balance, 31 December 20X7 716 $ 4,771 $141

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Balance at beginning of year Net income (loss) Deductions: Stock dividend (34,000 shares) RENN-DEVER…

A: Retained earnings are the amount of profit a company has left over after paying all its direct…

Q: During the year, the company acquired and retired shares, while other shares were issued:

A: The record of day-to-day transactions in the books of accounts is called journal entries. In a…

Q: Questions: 1. Return on total assets 2. Return on common stockholder's equity 3. Book value…

A: 1. Return on total assets = 8.10 %

Q: Prepare journal entries for the transactions. (Credit account titles are automatically indented when…

A: Journal entry means in which all financial nature of transaction are maintained by debiting and…

Q: The statement of shareholders’ equity of Bethsheda Storage Corporation for the year ended December…

A: Balance sheet is the financial statement of the company which provides information related to the…

Q: The shareholders’ equity section of HANDLEY Corporation’s statement of financial position at…

A: Average cost of the preferred shares = preferred shares capital / no. of preferred shares issued

Q: The shareholders’ equity section of HANDLEY Corporation’s statement of financial position at…

A: Annual total dividend for preferred shares = No. of preferred shares x dividend per share

Q: The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported…

A: The number of share issued was= Amount of preferred stock/ par value

Q: Kohler Corporation reports the following components of stockholders' equity at December 31 of the…

A: The shareholders' equity tells about the capital and cash that belongs to the shareholders or owners…

Q: What is the amount of retained earnings transferred to paid-in capital accounts (capitalized) for…

A: Solution:- Given, Common stock from 1,00,000 shares authorized 40,000 shares issued on Stockholder's…

Q: On 5 March 20X7, Marchant Ltd issued 200,000 5% irredeemable GHS 1 preference shares. In…

A: As per IAS 32 Financial Instruments, When preference shares are non-redeemable, the appropriate…

Q: Cowboy Clothing issues 2,100 shares of its $0.01 par value common stock to provide funds for further…

A: Double-entry bookkeeping, the method used to document and monitor financial transactions, is based…

Q: The shareholders’ equity section of HANDLEY Corporation’s statement of financial position at…

A: Average cost of the common share = common share capital / No. of common share issued

Q: The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given…

A: The treasury stock decreases the total stockholders' equity of the business. The retained earnings…

Q: These account balances at December 31 relate to Sportring Inc.: Accounts Payable.. $ 51,200…

A: There are two types of shareholders in a company. Preference share holders have preference in…

Q: Caspar Company reported the following balances at December 31, 20X1: Common Stock ($1 par) Paid-in…

A: DECLARATION OF DIVIDENDSDividend is the amount paid by the Corporation its shareholders in return…

Q: The following are extracts from the Statement of Financial Position dated 30/09/2023: Equity £1…

A: The objective of the question is to calculate the total amount that should be shown on the Statement…

Q: The following selected data were taken from the financial statements of Vidahill Inc. for December…

A: The ratio is the technique used by the prospective investor or an individual or strategist to read…

Q: These account balances at December 31 relate to Sportaid Inc.: Accounts Payable.. Accounts…

A: Share Capital Means That Company Raised Through The Issuance Of Common Shares. It Includes The…

Q: The following shareholders' equity accounts are reported by Branch Inc on January 1: Common shares…

A: Contributed capital represents the excess capital remained by issuing the shares at the price above…

Q: Upperchurch Company reports the following components of stockholders' equity on January 1. Common…

A: Date Transaction Impact on Equity Amount Jan'1 Total Stockholders' Equity - January'1 $…

Q: 1. The Janjua Company had the following account balances at 1/1/22: Common Stock Treasury Stock (at…

A: A journal entry is a record of a business transaction in your business books.

Q: Just prior to the end of the fiscal year, Biofuel Corporation reported the following information:…

A: The cash dividend decreases the total shareholder's equity of the business. The stock dividend and…

Q: stock dividend (24,900 shares) common shares retired (110, eee shares) common stock cash dividends…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: If dividends of $14,600 were in arrears on preferred shares, what would be the balance reported for…

A: Retained earnings is the cumulative net income earned by company till date. Net income earned during…

Q: The stockholders' equity section of Larkspur Inc. at the beginning of the current year appears…

A: Stockholders’ equity refers to the ownership interest in the business. It is the claim of the owners…

Concept explainers

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.

Question

Robinson Industries reported the following statement of shareholders' equity for the year ended 31 December 20X7:
Other
Contributed
Reserve re:
Preferred
Capital
(All
Sources)
2,988
Common
Unrealized
Gains,
Earnings Investments
$ 98
Share
Share
Retained
Capital
$ 9,012 $ 5,047
11,504
(2,565)
Capital
Balance, January 1, 20X7
6,247
Issuance of common shares for cash
Retirement of common shares
(1,716)
(1,614)
(3,207)
Costs associated with equity issue
Stock dividend
634
Comprehensive income
Retirement of preferred shares
3,545
(200)
$ 4,771
43
(3,680)
$ 18,585 $ 1,367
(556)
Balance, 31 December 20X7
$
716
$141

2. Earnings were $4,578. How much is comprehensive income?
Comprehensive income
3. What amount was paid to retire common shares during the year?
Common shares
4-a. What amount was paid to retire preferred shares during the period?
Preferred shares

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The stockholders' equity section on the December 31 balance sheet of Hadley Corporation reported the following amounts: Preferred Stock (par $50; authorized 10,000 shares, ? issued 320300 Additional Paid-in Capital, Preferred 18710 Common Stock (no-par; authorized 20,000 shares, issued and outstanding 5,300 shares) 83417 Retained Earnings 97062 Treasury Stock, 1,000 Preferred shares at cost 56225 What is the total paid in capital for Hadley Corporation?
Statement of Stockholders' Equity The stockholders’ equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 20Y9, are as follows. COMMON STOCK Jan. 1 Balance 1,200,000 Apr. 14 Issued 18,600 shares 558,000 Dec. 31 Balance 1,758,000 PAID-IN CAPITAL IN EXCESS OF PAR Jan. 1 Balance 192,000 Apr. 14 Issued 18,600 shares 130,200 Dec. 31 Balance 322,200 TREASURY STOCK Aug. 7 Purchased 3,100 shares 86,800 RETAINED EARNINGS Mar. 31 Dividend 31,000 Jan. 1 Balance 2,090,000 June. 30 Dividend 31,000 Dec. 31 Closing Sept. 30 Dividend 31,000 (Net income) 314,000 Dec. 31 Dividend 31,000 Dec. 31 Balance 2,280,000 Prepare a statement of stockholders’ equity for the year ended December 31, 20Y9. If an amount box does not require an entry, leave it blank. Also, if an amount reduces Stockholders' Equity, then add "minus" sign. I-Cards Inc.Statement of Stockholders' EquityFor the Year Ended…
Capitalization Amount is $64,800. Cost per share is $13.33 Looking for Net inocme
Please Do not Give image format
The stockholders’ equity section of Bramble Corp.’s balance sheet at December 31 is presented here. BRAMBLE CORP.Balance Sheet (partial) Stockholders’ equity Paid-in capital Preferred stock, cumulative, 12,500 shares authorized, 7,500 shares issued and outstanding $ 787,500 Common stock, no par, 735,000 shares authorized, 565,000 shares issued 2,260,000 Total paid-in capital 3,047,500 Retained earnings 1,158,000 Total paid-in capital and retained earnings 4,205,500 Less: Treasury stock (6,900 common shares) 36,800 Total stockholders’ equity $4,168,700 From a review of the stockholders’ equity section, answer the following questions.(a) How many shares of common stock are outstanding? Common stock outstanding enter a number of shares shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock…
Please do not give image format
A company with 118,808 authorized shares of $5 par common stock issued 31,951 shares at $16 per share. Subsequently, the company declared a 2% stock dividend on a date when the market price was $33 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend? Oa. $17,893 Ob. $21,088 Oc. $3,195 Od. $78,413
At the beginning of 20X1, the accounting records of Friends Corp. reported the following: $ 228,750 Preferred shares, 7,500 shares outstanding, no-par Common shares, 181,400 shares outstanding, no-par Contributed capital on common share retirement Retained earnings 477,082 111,100 555,500 During the year, the company acquired and retired shares, while other shares were issued: 15 March 25,400 common shares bought and retired at $4 per share 16 March 4,300 preferred shares bought and retired at $32.90 per share 20 May 9,500 common shares bought and retired at $1 per share 25 May 1,900 preferred shares bought and retired at $18.30 per share 30 May 11,000 common shares issued at $10.30 per share 15 Nov. 5,100 common shares bought and retired at $30 per share
Financial Statement Presentation of EPS To illustrate EPS reporting for various combinations of gains and losses, assume that 1,000 weighted- average shares of common stock were outstanding for each of the four cases below. Also assume preferred stock dividends of $2,500 were declared and paid during the year in each case. Case A Case B Case C Case D Income (loss) continuing operations $ Income (loss) from discontinued operations 0 $ 0 0 $ 0 $ 0 0 0 0 Required Show the EPS financial statement presentation for basic EPS for each Case A through D. Basic EPS Case A Case B Case C Case D Income (loss) from continuing operations $ 0 $ 0 $ 0 $ 0 Income (loss) from discontinued operations, net of tax 0 0 0 0 Net income (loss) $ 0 $ 0 $ 0 $ 0 Check
Subject: accounting
Statement of Stockholders' Equity The stockholders' equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 20Y9, are as follows. COMMON STOCK Jan. 1 Balance 1,300,000 Apr. 14 Issued 11,400 570,000 shares Dec. 31 Balance 1,870,000 PAID-IN CAPITAL IN EXCESS OF PAR Jan. 1 Balance 208,000 Apr. 14 Issued 11,400 136,800 shares Dec. 31 Balance 344,800 TREASURY STOCK Aug. 7 Purchased 1,900 shares 91,200 RETAINED EARNINGS Mar. 31 Dividend 33,000 Jan. 1 Balance 2,260,000 June. 30 Dividend 33,000 Dec. 31 Closing Sept. 30 Dividend 33,000 (Net income) 339,000 Dec. 31 Dividend 33,000 Dec. 31 Balance 2,467,000 Prepare a statement of stockholders' equity for the year ended December 31, 20Y9. If an amount box does not require an entry I-Cards Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y9
The stockholders' equity section of Cullumber Company's balance sheet at December 31 is presented here. Cullumber Company Balance Sheet(Partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 8,000 shares authorized, 4,000 shares issued and outstanding $320,000 Common stock, no par, 700,000 shares authorized, 500,000 shares issued 2,500,000 Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) Total stockholders' equity 2,820,000 1,858,000 4,678,000 31,200 $4,646,800 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common stock? $ per share (c) What is the par value of the preferred stock? 6A $ per share (d) If the annual dividend on preferred stock is $16,000, what is the dividend rate on preferred stock? % (e) If dividends of…