The following data are from the accounts of Mitar Corporation at December 31, 2020 ($ thousands). Retained earnings, beginning balance $2,520,000 Common stock, $__ par, 280,000 shares authorized, 140,000 shares issued 2,800,000 Treasury stock, 2,800 shares 56,000 Paid-in capital in excess of par 1,120,000 Bonds payable 560,000 Net income for 2020 (not included in retained earnings above) 532,000 Dividends declared and paid during 2020 (not included in retained earnings above) 224,000 Required a. Determine the value of the following items. 4. Total stockholders’ equity Answer 5. Average original selling price per share Answer b. Prepare the stockholders’ equity section of the balance sheet at December 31, 2020. Stockholders' Equity Section December 31, 2020 Treasury stock Answer Total stockholders' equity Answer
The following data are from the accounts of Mitar Corporation at December 31, 2020 ($ thousands). Retained earnings, beginning balance $2,520,000 Common stock, $__ par, 280,000 shares authorized, 140,000 shares issued 2,800,000 Treasury stock, 2,800 shares 56,000 Paid-in capital in excess of par 1,120,000 Bonds payable 560,000 Net income for 2020 (not included in retained earnings above) 532,000 Dividends declared and paid during 2020 (not included in retained earnings above) 224,000 Required a. Determine the value of the following items. 4. Total stockholders’ equity Answer 5. Average original selling price per share Answer b. Prepare the stockholders’ equity section of the balance sheet at December 31, 2020. Stockholders' Equity Section December 31, 2020 Treasury stock Answer Total stockholders' equity Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Reporting
The following data are from the accounts of Mitar Corporation at December 31, 2020 ($ thousands).
| $2,520,000 | |
| Common stock, $__ par, 280,000 shares authorized, 140,000 shares issued | 2,800,000 |
| 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.
| 4. Total stockholders’ equity | Answer
|
| 5. Average original selling price per share | Answer
|
b. Prepare the stockholders’ equity section of the
| Stockholders' Equity Section December 31, 2020 |
||||
|---|---|---|---|---|
| Treasury stock | Answer
|
|||
| Total stockholders' equity | Answer
|
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