Sake has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions a ockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $20 per share. February 6 Issues 1,500 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $25 per share. December 15 Resells 5,000 shares of treasury stock at $30 per share. in its first year of operations, For Feet's Sake has net income of $145,000 and pays dividends at the end of the year of $95,000 ($1 share) on all common shares outstanding and $1,200 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for For Feet's Sake as of December 31, 2024 (Amounts to be deduc should be indicated by a minus sign.) FOR FLET'S SAKE Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' equity: Preferred stock Common stock Podari 2,000,000
Sake has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions a ockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $20 per share. February 6 Issues 1,500 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $25 per share. December 15 Resells 5,000 shares of treasury stock at $30 per share. in its first year of operations, For Feet's Sake has net income of $145,000 and pays dividends at the end of the year of $95,000 ($1 share) on all common shares outstanding and $1,200 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for For Feet's Sake as of December 31, 2024 (Amounts to be deduc should be indicated by a minus sign.) FOR FLET'S SAKE Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' equity: Preferred stock Common stock Podari 2,000,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 16E: Contributed Capital Adams Companys records provide the following information on December 31, 2019:...
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