Saved Required information [The following information applies to the questions displayed below] Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of common stock for $55 per share. May 8 February 14 Issue 45,000 shares of preferred stock for $11 per share May 31 Purchase 10,000 shares of its own common stock for $45 per s share. Resell 5,000 shares of treasury stock for $50 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Amounts to be deducted should be indicated by a minus sign.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $475,000. GOLF APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity 13 hp
Saved Required information [The following information applies to the questions displayed below] Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issue 100,000 shares of common stock for $55 per share. May 8 February 14 Issue 45,000 shares of preferred stock for $11 per share May 31 Purchase 10,000 shares of its own common stock for $45 per s share. Resell 5,000 shares of treasury stock for $50 per share. December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (5% of par value) cash dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.) December 30 Pay the cash dividends declared on December 1. Amounts to be deducted should be indicated by a minus sign.) 2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $475,000. GOLF APPAREL Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' Equity: Total Paid-in Capital Total Stockholders' Equity 13 hp
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...
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Required information
[The following information applies to the questions displayed below]
Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following
transactions affect stockholders' equity during 2024, its first year of operations:
January 2
Issue 100,000 shares of common stock for $55 per share.
May 8
February 14 Issue 45,000 shares of preferred stock for $11 per share
May 31
Purchase 10,000 shares of its own common stock for $45 per s share.
Resell 5,000 shares of treasury stock for $50 per share.
December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (5% of par value) cash
dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is
payable on December 30. (Hint: Dividends are not paid on treasury stock.)
December 30 Pay the cash dividends declared on December 1.
Amounts to be deducted should be indicated by a minus sign.)
2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $475,000.
GOLF APPAREL
Balance Sheet
(Stockholders' Equity Section)
December 31, 2024
Stockholders' Equity:
Total Paid-in Capital
Total Stockholders' Equity
13
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Transcribed Image Text:Saved
Required information
[The following information applies to the questions displayed below]
Golf Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following
transactions affect stockholders' equity during 2024, its first year of operations:
January 2
Issue 100,000 shares of common stock for $55 per share.
May 8
February 14 Issue 45,000 shares of preferred stock for $11 per share
May 31
Purchase 10,000 shares of its own common stock for $45 per s share.
Resell 5,000 shares of treasury stock for $50 per share.
December 1 Declare a cash dividend on its common stock of $0.75 per share and a $22,500 (5% of par value) cash
dividend on its preferred stock payable to all stockholders of record on December 15. The dividend is
payable on December 30. (Hint: Dividends are not paid on treasury stock.)
December 30 Pay the cash dividends declared on December 1.
Amounts to be deducted should be indicated by a minus sign.)
2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $475,000.
GOLF APPAREL
Balance Sheet
(Stockholders' Equity Section)
December 31, 2024
Stockholders' Equity:
Total Paid-in Capital
Total Stockholders' Equity
13
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