Sheffield Corp. has these accounts at December 31: Common Stock, $12 par, 6,000 shares issued, $72,000; Paid-in Capital in Excess of ParValue $19,500; Retained Earnings $44,500; and Treasury Stock, 550 shares, $12,100.Prepare the stockholders' equity section of the balance sheet.Sheffield Corp.Balance Sheet (Partial)December 31$$1

A stockholders’ equity section is prepared by the company to measure the total amount of capital…

Answered: Sheffield Corp. has these accounts at…

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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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…
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Statement of Stockholders' Equity Potter Financial Services, Inc. For the Year Ended December 31, 20Y1 Common Retained Stock Earnings 210,000 Total Balances, January 1, 20Y1 Issued Common Stock 40,000 250,000 60,000 128,600 10,000 448,600 60,000 128,600 10,000 348,600 Net Income for the Year Dividends Balances, December 31, 20Y1 100,000
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. 26 Paid the cash dividends declared on May 16. Jun. 8 Purchased 8,000 shares of treasury common stock at $33 per share. 30 Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Jul. 11 Paid the cash dividends to the preferred…
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Reporting Stockholders' Equity Using the following accounts and balances, prepare the “Stockholders’ Equity” section of the balance sheet. 70,000 shares of common stock authorized, and 1,000 shares have been reacquired. Common Stock, $80 par $4,480,000 Paid-In Capital from Sale of Treasury Stock 90,000 Paid-In Capital in Excess of Par—Common Stock 784,000 Retained Earnings 2,330,000 Treasury Stock 60,000 Balance Sheet Stockholders' Equity Paid-in capital: $fill in the blank 2 fill in the blank 4 Paid-in capital, common stock $fill in the blank 5 fill in the blank 7 Total paid-in capital $fill in the blank 8 fill in the blank 10 Total $fill in the blank 11 fill in the blank 13 Total stockholders' equity $fill in the blank 14
K Michael Corporation has the following information as of December 31 of the current year: Common Stock, $1 par value (authorized 16,261 shares) Treasury Stock (2,300 shares at cost) Common Stock Outstanding (2,600 shares) Based on the information above, how many shares of common stock are issued? A. 2,300 OB. 2,600 C. 4,900 D. 16,261 $15,000
Instructions: b)Prepare the stockholders’ equity section of the balance sheet for Wiley Corporation on December 31, 2021. Assume that net income for the year was $1,100,000.
Prepare the journal entry. Post to the T account .
The stockholders’ equity section of Sheridan Inc. at the beginning of the current year appears below. Common stock, $10 par value, authorized 1,043,000 shares, 321,000 shares issued and outstanding $3,210,000 Paid-in capital in excess of par—common stock 562,000 Retained earnings 624,000 During the current year, the following transactions occurred. 1. The company issued to the stockholders 109,000 rights. Ten rights are needed to buy one share of stock at $30. The rights were void after 30 days. The market price of the stock at this time was $32 per share. 2. The company sold to the public a $204,000, 10% bond issue at 104. The company also issued with each $100 bond one detachable stock purchase warrant, which provided for the purchase of common stock at $28 per share. Shortly after issuance, similar bonds without warrants were selling at 96 and the warrants at $8. 3. All but 5,450 of the rights issued in (1) were exercised in 30 days. 4. At the end…
Ayayai Corp. has these accounts at December 31: Common Stock, $10 par, 4,500 shares issued, $45,000; Paid-in Capital in Excess of Par $20,250; Retained Earnings $43,000; and Treasury Stock, 400 shares, $8,800. Prepare the stockholders' equity section of the balance sheet. (Enter account name only and do not provide descriptive information.) Ayayai Corp. Balance Sheet (Partial) SA

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