The stockholders' equity accounts of Bramble Corp. on January 1, 2025, were as follows. Preferred Stock (7%, $100 par noncumulative, 14,000 shares authorized) Common Stock ($4 stated value, 840,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (14,000 common shares) Feb. 1 Issued 14,000 shares of common stock for $84,000. Mar. 20 Oct. 1 Nov. 1 Dec $840,000 During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Dec. 31 2,800,000 42,000 1,344,000 1,926,400 112,000 Purchased 2,800 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Determined that net income for the year was $785,000. Paid the dividend declared on December 1.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Please do not give solution in image format ? And Fast Answering Please ? And please explain proper steps by Step.

BRAMBLE CORP.
Partial Balance Sheet
December 31, 2025
$
TO
$
Transcribed Image Text:BRAMBLE CORP. Partial Balance Sheet December 31, 2025 $ TO $
The stockholders' equity accounts of Bramble Corp. on January 1, 2025, were as follows.
Preferred Stock (7%, $100 par noncumulative, 14,000 shares authorized)
Common Stock ($4 stated value, 840,000 shares authorized)
Paid-in Capital in Excess of Par-Preferred Stock
Paid-in Capital in Excess of Stated Value-Common Stock
Retained Earnings
Treasury Stock (14,000 common shares)
Feb. 1 Issued 14,000 shares of common stock for $84,000.
Mar. 20
Oct.
Nov.
During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity.
1
Dec 1
$840,000
Dec. 31
2,800,000
42,000
1,344,000
1,926,400
112,000
Purchased 2,800 additional shares of common treasury stock at $7 per share.
Declared a 7% cash dividend on preferred stock, payable November 1
Paid the dividend declared on October 1.
Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2
Determined that net income for the year was $785,000. Paid the dividend declared on December 1.
Transcribed Image Text:The stockholders' equity accounts of Bramble Corp. on January 1, 2025, were as follows. Preferred Stock (7%, $100 par noncumulative, 14,000 shares authorized) Common Stock ($4 stated value, 840,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (14,000 common shares) Feb. 1 Issued 14,000 shares of common stock for $84,000. Mar. 20 Oct. Nov. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 Dec 1 $840,000 Dec. 31 2,800,000 42,000 1,344,000 1,926,400 112,000 Purchased 2,800 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1 Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Determined that net income for the year was $785,000. Paid the dividend declared on December 1.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education