Stockholders' Equity Category Peeler Company was incorporated as a new business on January 1, 2017. The corporate charter approved on that date authorized the issuance of 1,100 shares of $100 par, 7% cumulative, nonparticipating preferred stock and 11,000 shares of $5 par common stock. On January 10, Peeler issued for cash 530 shares of preferred stock at $117 per share and 4,200 shares of common stock at $79 per share. On January 20, it issued 1.500 shares of common stock to acquire a building site at a time when the stock was selling for $69 per share. During 2017, Peeler established an employee benefit plan and acquired 550 shares common stock at $58 per share as treasury stock for that purpose. Later in 2017, it resold 120 shares of the stock at $67 per share. On December 31, 2017, Peeler determined its net income for the year to be $41.200. The firm declared the annual cash dividend to preferred stockholders and a cash dividend of $5 per share to the common stockholders. The dividends will be paid in 2018. Required: 1. Develop the Stockholders' Equity category of Peeler's balance sheet as of December 31, 2017. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Peeler Company Partial Balance Sheet December 31, 2017 Stockholders' equity Total contributed capital Total stockholders' equity 2. Indicate on the statement the number of shares authorized, issued, and outstanding for both preferred and common stock. Number of shares authorized Number of shares issued Number of shares outstanding 1000 Preferred Stock 1000 Common Stock

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Here's what the question said: Peeler Company was incorporated as a new business on January 1, 2017. The corporate charter approved on that date authorized the issuance of 1,100 shares of $100 par, 7% cumulative, nonparticipating preferred stock and 11,000 shares of $5 par common stock. On January 10, Peeler issued for cash 530 shares of preferred stock at $117 per share and 4,200 shares of common stock at $79 per share. On January 20, it issued 1,500 shares of common stock to acquire a building site at a time when the stock was selling for $69 per share.

During 2017, Peeler established an employee benefit plan and acquired 550 shares of common stock at $58 per share as treasury stock for that purpose. Later in 2017, it resold 120 shares of the stock at $67 per share.

On December 31, 2017, Peeler determined its net income for the year to be $41,200. The firm declared the annual cash dividend to preferred stockholders and a cash dividend of $5 per share to the common stockholders. The dividends will be paid in 2018.

Stockholders' Equity Category
Peeler Company was incorporated as a new business on January 1, 2017. The corporate charter approved on that date authorized the issuance of 1,100 shares of $100 par, 7% cumulative, nonparticipating preferred stock and 11,000 shares of $5 par common stock. On January 10, Peeler issued for cash 530 shares of
preferred stock at $117 per share and 4,200 shares of common stock at $79 per share. On January 20, it issued 1,500 shares of common stock to acquire a building site at a time when the stock was selling for $69 per share.
During 2017, Peeler established an employee benefit plan and acquired 550 shares of common stock at $58 per share as treasury stock for that purpose. Later in 2017, it resold 120 shares of the stock at $67 per share.
On December 31, 2017, Peeler determined its net income for the year to be $41,200. The firm declared the annual cash dividend to preferred stockholders and a cash dividend of $5 per share to the common stockholders. The dividends will be paid 2018.
Required:
1. Develop the Stockholders' Equity category of Peeler's balance sheet as of December 31, 2017. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
Peeler Company
Partial Balance Sheet
December 31, 2017
Stockholders' equity
Total contributed capital
Total stockholders' equity
2. Indicate on the statement the number of shares authorized, issued, and outstanding for both preferred and common stock.
Preferred Stock Common Stock
Number of shares authorized
Number of shares issued
Number of shares outstanding

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