Shareholders' Equity The following are several of Graf Corporation's accounts at the end of 2019 Account Credit Balance Common Stock, $1O par $51,700 Bonds Payable (due 2020) 134,000 Additional Paid-in Capital on Preferred Stock 40,000 Retained Earnings 155,000 Premium on Bonds Payable 12,300 Unearned Rent 4,300 Preferred Stock, $100 par $77,800 Additional Paid-in Capital on Common Stock 58,500 Unfunded Accrued Pension Cost 19,700 Treasury Stock (cost) (5,000) debit Accumulated Other Comprehensive Income 7,400 Required:

Shareholders' Equity The following are several of Graf Corporation's accounts at the end of 2019 Account Credit Balance Common Stock, $1O par $51,700 Bonds Payable (due 2020) 134,000 Additional Paid-in Capital on Preferred Stock 40,000 Retained Earnings 155,000 Premium on Bonds Payable 12,300 Unearned Rent 4,300 Preferred Stock, $100 par $77,800 Additional Paid-in Capital on Common Stock 58,500 Unfunded Accrued Pension Cost 19,700 Treasury Stock (cost) (5,000) debit Accumulated Other Comprehensive Income 7,400 Required:

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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On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 10,000 shares outstanding Retained earnings Treasury stock, at cost, 5,000 shares During 2021, Fascom Inc. had several transactions relating to common stock. $ 250,000 500,000 100,000 1,000,000 2,000,000 25,000 January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April July December 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. 18: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per…
Preparing a Stockholders' Equity Section On December 31, 2020, Polar Inc. had the following account balances. Preferred stock, $10 par value $300,000 Paid in capital in excess of par-Preferred stock 24,000 Common stock, $1 par value 16,000 Paid in capital in excess of par-Common stock 80,000 Retained earnings 440,000 Accumulated other comprehensive loss (12,000) Prepare the stockholders' equity section of the balance sheet for Polar Inc. at December 31, 2020. Ignore disclosure on number of shares. Stockholders' Equity Section December 31, 2020 Preferred stock, par $10 Common stock, par $1 Paid-in capital in excess of par Retained earnings Accumulated other comprehensive loss Total stockholders' equity $
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Crane Supply Corporation provided the following schedule detailing the changes in the shareholders' equity accounts during 2020 and 2021. 2021 Number of Shares 2020 Amount Number Amount of Shares Common shares, unlimited authorized Balance, January 1 Issued shares for cash Reacquired shares Balance, December 31 Contributed surplus-reacquisition of common shares Balance, January 1 Reacquired common shares Balance, December 31 Retained earnings Balance, January 1 Profit (loss) Common dividends-Cash Balance, December 31 Accumulated other comprehensive income Balance, January 1 Other comprehensive income (loss) Balance, December 31 Shareholders' equity, December 31 CRANE SUPPLY CORPORATION Statement of Changes in Shareholders' Equity choose the accounting period 380,000 38,000 (19,000 ) 399,000 $456,000 380,000 $456,000 24,500 (21,841 ) 458,659 380,000 456,000 11,500 6,100 17,600 11,500 11,500 136,500 17,000 (15,500 ) 138,000 144,000 15,500 (23,000 ) 136,500 39,000 13,000 41,000 (2,000 )…
BERGER PAINTS For the Year Ended December 31, 2019 Retained Earnings 1,000,000 Net Income 460,000 2 per share for 2019 dividend on 10,000 shares of preferred stock outstanding. 2 per share for 2018 dividend on 10,000 shares of preferred stock outstanding. 1 per share for 2019 dividend on 100,000 shares of common stock outstanding. Required: Prepare a statement of retained earnings for 2019.
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