The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: Purchased $350,000 of common stock now held in treasury. Declared cash dividends in the amount of $260,000. Paid the dividends in (b). Issued 100,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Prepare a statement of stockholders' equity, assuming the following opening balances. Net income for the current year was $270,000.

The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: Purchased $350,000 of common stock now held in treasury. Declared cash dividends in the amount of $260,000. Paid the dividends in (b). Issued 100,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Prepare a statement of stockholders' equity, assuming the following opening balances. Net income for the current year was $270,000.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Brief Exercise 15-20 Calculating the Average Common Stockholders Equity and the Return on Stockholders Equity Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
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The annual report for Malibu Beachwear reported the following transactions affecting stockholders’equity:a. Purchased $350,000 of common stock now held in treasury.b. Declared cash dividends in the amount of $260,000.c. Paid the dividends in ( b ).d. Issued 100,000 new shares of $0.10 par value common shares for $2 per share.e. Closed the Dividends account.Required:1. Indicate the effect (increase, decrease, or no effect) of each of these transactions on totalassets, liabilities, and stockholders’ equity.2. Prepare journal entries to record each of these events.3. Prepare a statement of stockholders’ equity, assuming the following opening balances: Common Stock, $12,500; Additional Paid-In Capital, $190,000; Retained Earnings, $150,000; andTreasury Stock, $0. Net income for the current year was $270,000.
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