The stockholders' equity accounts of Cheyenne Corp. on January 1, 2025, were as follows. Preferred Stock (7%, $100 par noncumulative, 6,500 shares authorized) Common Stock ($4 stated value, 390,000 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 (6,500 common shares) $390,000 1,300,000 19,500 624,000 894,400 52,000 During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The stockholders' equity accounts of Cheyenne Corp. on January 1, 2025, were as follows,
Preferred Stock (7%, $100 par noncumulative, 6,500 shares authorized) $390,000
Common Stock ($4 stated value, 390,000 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 (6,500 common shares)
Feb. 1 Issued 6,500 shares of common stock for $39,000.
Mar. 20
Oct. 1
1,300,000
19,500
During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity.
Dec. 1
624,000
894,400
52,000
Purchased 1,300 additional shares of common treasury stock at $7 per share.
Declared a 7% cash dividend on preferred stock, payable November 1.
Nov. 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, 20
Dec. 31 Determined that net income for the year was $365,000. Paid the dividend declared on December 1.
Transcribed Image Text:The stockholders' equity accounts of Cheyenne Corp. on January 1, 2025, were as follows, Preferred Stock (7%, $100 par noncumulative, 6,500 shares authorized) $390,000 Common Stock ($4 stated value, 390,000 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 (6,500 common shares) Feb. 1 Issued 6,500 shares of common stock for $39,000. Mar. 20 Oct. 1 1,300,000 19,500 During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Dec. 1 624,000 894,400 52,000 Purchased 1,300 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 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, 20 Dec. 31 Determined that net income for the year was $365,000. Paid the dividend declared on December 1.
#
#
CHEYENNE CORP.
Partial Balance Sheet
$
$
L
$
Transcribed Image Text:# # CHEYENNE CORP. Partial Balance Sheet $ $ L $
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