Rollers company is incorporated on January 1, 2018. Company is authorized to issue 160,000 shares of $6 par value. Following transactions related to stockholder's equity is given below: Shares issued 16,000 @ $8 per share 32,000 @ $9 per share $160,000 S80,000 3,500 shares @ $11 per share Shares issued Net income Dividend paid Treasury stock purchased The balance of stockholder's equity at end of year 2018 is: a. $416,000 b. $457,500 c. $576,000 d. $489,500

Rollers company is incorporated on January 1, 2018. Company is authorized to issue 160,000 shares of $6 par value. Following transactions related to stockholder's equity is given below: Shares issued 16,000 @ $8 per share 32,000 @ $9 per share $160,000 S80,000 3,500 shares @ $11 per share Shares issued Net income Dividend paid Treasury stock purchased The balance of stockholder's equity at end of year 2018 is: a. $416,000 b. $457,500 c. $576,000 d. $489,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

National Supply's shareholders' equity included the following accounts at December 31, 2020: $ Shareholders' Equity Common stock 6,000,000 shares $1 par $6,000,000 Paid-in Capital in excess of par $30,000,000 Retained earnings $6,500,000 REQUIRED: 1. National Supply reacquired shares of its common stock in two separate transactions and later sold shares. Prepare the entries for each of the transactions 15-Feb-21 Reacquired 300,000 shares at $8 per share 17-Feb- 22 Reacquired 300,000 shares at $5.50 per share 9-Nov-23 Sold 200,000 shares at $7 per share 2. Prepare the shareholders' equity section of National Supply's balance sheet at December 31, 2023, assuming the shares are a) retired and b) accounted for as treasury stock. Net income was $14,000,000 in 2021 $15,000,000 in 2022 $16,000,000 in 2023
Please provide answer in text (Without image)
Multiple Select Question Select all that apply Select the statements below that describe the purpose of a post-closing trial balance. (Check all that apply.) ☐One purpose is to verify that total debits equal total credits for all temporary accounts. One purpose is to verify that all permanent accounts have zero balances. One purpose is to confirm that if debits equal credits then no errors in journalizing and positing occurred during the period. □ One purpose is to verify that all temporary accounts have zero balances. ☐One purpose is to verify that total debits equal total credit for permanent accounts.
On January 1, 2018, Vermont Maple Corp. had 2,650,000 shares of commons stock issued and outstanding. During 2018, it had the following transactions that affected the common stock account:
Skysong Company's ledger shows the following balances on December 31, 2025. 6% Preferred stock-$10 par value, outstanding 20,100 shares Common stock-$100 par value, outstanding 30,300 shares Retained earnings Assuming that the directors decide to declare total dividends in the amount of $362,000, determine how much each class of stock should receive under each of the conditions stated below. One year's dividends are in arrears on the preferred stock. a. The preferred stock is cumulative and fully participating. (Round the rate of participation to 6 decimal places, eg0.014278. Round answers to O decimal places, e.g. 38,487.) Preferred Preferred 158,870 Preferred b. The preferred stock is noncumulative and nonparticipatine. (Round answers to 0 decimal places, eg. 38,487.) 12060 Common 76712 Common 203130 $201.000 3,030,000 664,000 c. The preferred stock is noncumulative and is participating in distributions in excess of a 8% dividend rate on the common stock. (Round the rate of…
The following is the Stockholders' Equity section of the balance for Spencer Corporation as of December 31, 2019. Stockholders' Equity Common stock, $1 par value; authorized, 10,000,000 shares. Issued and outstanding, 500,000 shares Additional paid-in capital, common stock Retained earnings Total Stockholders' Equity $500,000 3,500,000 6,750,000 $10.750.000 Spencer Corporation declared a 10% stock dividend on January 1, 2020, at which date the fair value of Spencer Corporation common stock was trading at $35 per share. Prepare the January 1, 2020, journal entry to record the declaration of the stock dividend. Date Account Debit Credit
J
I need solution please
Subject: accounting The shareholders’ equity of Phax Corporation includes $200.000 of $1 par common stock and $400,000 shares of $1 par value of 6% cumulative, nonparticipating preferred stock. The board of directors of Phax declared cash dividends of $50,000 in 2018 after paying $20,000 cash dividends in each of 2020 and 2021. What is the amount of dividends common shareholders receive in 2021?
Help me