Statement of stockholders' equityBrenda Tooley owns and operates Speedy Delivery Services. On January 1, 2017, Common Stock had a balance of $30,000, and RetainedEarnings had a balance of $812,000. During the year, $16,000 of additional common stock was issued, and $15,000 of dividends were paid. Forthe year ended December 31, 2017, Speedy Delivery reported a net income of $68,750.Prepare a statement of stockholders' equity for the year ended December 31, 20Y7. If a net loss is incurred or dividends were paid, enter thatamount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank.Speedy Delivery ServicesStatement of Stockholders' EquityFor the Year Ended December 31, 20Y7Line Item Description Common Stock Retained EarningsTotal

The stockholders' equity increases with issuance of shares. The retained gets increases with net…

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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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In 2017 Pedroni Corporation reported net income of $1,000,000. It declared and paid preferred stock a dividend of $250,000. During 2017, Pedroni had a weighted average of 190,000 shares outstanding. Compute Pedroni's Earnings Per Share.
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Statement of stockholders' equityScott Lockhart owns and operates AAA Delivery Services. On January 1,20Y7, Common Stock had a balance of $40,000, and Retained Earningshad a balance of $815,500. During the year, no additional common stock was issued, and $10,000 of dividends were paid. For the year endedDecember 31, 2017, AAA Delivery reported a net income of $67,250.Prepare a statement of stockholders' equity for the year endedDecember 31, 20Y7.
The equity section of Atticus Group’s 2017 year-end balance sheet had 200,000 shares of $4 par value common stock authorized. Of this amount, 40,000 shares were issued and outstanding in one offering in which the stock was sold at $7 per share. Retained earnings had a balance of $320,000. The following transactions and events occurred in 2018. Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10, to be paid February 10. Mar. 20 Purchased 3,000 shares of treasury stock for $10 per share. Apr. 5 Declared a 20% stock dividend when the stock’s market value was $12 per share. The dividend is to be distributed on April 30 to stockholders of record on April 10. Jul. 5 Declared a $0.25 per share cash dividend, date of record July 10, to be paid August 10. Aug. 14 Issued 4,000 shares at $15 per share. Oct. 5 Declared and distributed a 2-for-1 stock split. Dec. 31 Atticus recorded net income of $248,000 in 2018. 1.What is total paid-in capital one…
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Marutzky Corporation had a net income of $2,200,000 for the year 2018. On January 1, 2018, the corporation had 300,000 shares of common stock outstanding and issued an additional 250,000 shares of common stock on October 1, 2018. Calculate the earnings per shares using the weighted-average number of common shares outstanding.
Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of $50 par value, six percent, cumulative preferred stock and 90,000 shares of $10 par value common stock. Through the end of 2018, there had been no change in the number of preferred and common shares outstanding. Assume that Chauncey declared dividends of $0 in 2016, $120,000 in 2017, and $186,000 in 2018. Calculate the total dividends and the dividends per share paid to each class of stock in 2016, 2017, and 2018. Round to two decimal places.
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, 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 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. Journalize this transaction as a single entry. 26 Paid the cash dividends declared on May 16. Jun. 1 Purchased 7,500 shares of Solstice Corp. at $40 per share, plus a $150 brokerage commission. The investment is classified as an available-for-sale investment. 8 Purchased 8,000 shares of treasury common stock at $33 per share.…
Journalizing a stock dividend and reporting stockholders’ equity The stockholders’ equity of Lakeside Occupational Therapy, Inc. on December 31, 2017, follows: On April 30, 2018, the market price of Lakeside’s common stock was $16 per share and the company declared a 13% stock dividend. The stock was distributed on May 15. Requirements Journalize the declaration and distribution of the stock dividend. Prepare the stockholders’ equity section of the balance sheet as of May 31, 2018. Assume Retained Earnings are $120,000 on April 30,2018, before the stock dividend, and the only change made to Retained Earnings before preparing the balance sheet was closing the Stock Dividends account.
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Talaat Corporation had retained earnings at January 1, 2017, of $950,000. the Corporation had 500,000 shares of $ 2.5 par value common stock outstanding throughout 2017. Net income for 2017 was $520,000. The following transactions occurred during 2017: July 1 A cash dividends of $0.5 per share was declared to stockholders of record on July 20. Aug. 1 Paid the cash dividends. Nov. 1 A 7% stock dividends was declared. The market price at the declaration date was $9 per share. Dec. 15 Distributed the stock dividends shares.2-Prepare a retained earnings statement for 2017.

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