The following data are from the accounts of Mitar Corporation at December 31, 2020 ($ thousands). Retained earnings, beginning balance $2,520,000 Common stock, $__ par, 280,000 shares authorized, 140,000 shares issued 2,800,000 Treasury stock, 2,800 shares 56,000 Paid-in capital in excess of par 1,120,000 Bonds payable 560,000 Net income for 2020 (not included in retained earnings above) 532,000 Dividends declared and paid during 2020 (not included in retained earnings above) 224,000 Required a. Determine the value of the following items. 1. Total retained earnings at end of 2020 Answer 2. Par value per share Answer 3. Number of shares outstanding Answer 4. Total stockholders’ equity Answer 5. Average original selling price per share Answer 6. Cost per share of treasury stock Answer b. Prepare the stockholders’ equity section of the balance sheet at December 31, 2020. Stockholders' Equity Section December 31, 2020 Common stock, par value Answer authorized shares Answer issued shares Answer outstanding shares Answer Answer Paid-in capital in excess of par Answer Retained earnings Answer Treasury stock Answer Total stockholders' equity Answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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eporting Stockholders’ Equity

The following data are from the accounts of Mitar Corporation at December 31, 2020 ($ thousands).

Retained earnings, beginning balance	$2,520,000
Common stock, $__ par, 280,000 shares authorized, 140,000 shares issued	2,800,000
Treasury stock, 2,800 shares	56,000
Paid-in capital in excess of par	1,120,000
Bonds payable	560,000
Net income for 2020 (not included in retained earnings above)	532,000
Dividends declared and paid during 2020 (not included in retained earnings above)	224,000

Required

a. Determine the value of the following items.

1. Total retained earnings at end of 2020	Answer
2. Par value per share	Answer
3. Number of shares outstanding	Answer
4. Total stockholders’ equity	Answer
5. Average original selling price per share	Answer
6. Cost per share of treasury stock	Answer

b. Prepare the stockholders’ equity section of the balance sheet at December 31, 2020.

Stockholders' Equity Section December 31, 2020
Common stock, par value	Answer	authorized shares	Answer
issued shares	Answer	outstanding shares	Answer	Answer
Paid-in capital in excess of par				Answer
Retained earnings				Answer
Treasury stock				Answer
Total stockholders' equity				Answer

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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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