The Stockholders' Equity accounts of ExxonMobil on December 31, 2022 were as follows:Preferred Stock ( 6%, $100 par, cumulative, 800 authorized) $720,000Common Stock ($3 par, 1,500,000 authorized)1,080,000APIC - Preferred StockAPIC-Common StockRetained EarningsTreasury Stock - Common ($9 cost)During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders' equity:March 21: Issued 24,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $210,000 and the stock was selling for $11 per share.April 17: Sold 1,800 shares of Treasury Stock - Common for $12 per share.November 22: Purchased 800 shares of Common Stock for the Treasury at a cost of $7,560.December 31: Determine that net income for the year was $556,000. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders of record as ofDecember 12. Preferred dividends are one year in arrears.What is the Total Stockholders' Equity as of December 31, 2023?Select one:108,000840,000936,00054,000Oa. $4,286,328b. $4,301,840c. $4,284,048d. $4,344,648e. $4,296,800

A balance sheet is a financial statement that represents the financial position of a company as on a…

Answered: The Stockholders' Equity accounts of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Flounder Corporation had the following stockholders' equity accounts on January 1, 2022: Common Stock ( $5 par) $550,000, Paid-in Capital in Excess of Par - Common Stock $215,000, and Retained Earnings $ 110,000. In 2022, the company had the following treasury stock transactions. Mar. 1 Purchased 7,000 shares at $9 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 Sold 1,500 shares at $11 per share. Dec. 1 Sold 1,500 shares at $6 per share. Flounder Corporation uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $25,000. (a) Journalize the treasury stock transactions, and prepare the closing entry at December 31, 2022, for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec 1 Mar. 1 Account Titles and Explanation Debit Credit [111 [][][][][[11[ (a)…
Weighted Average Shares At the beginning of 2019, Hardin Company had 220,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: Mar. 1 Issued 45,000 shares of stock at $22 per share. June 1 Issued a 15% stock dividend. July 1 Issued 10,000 shares of stock at $27 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired 95,000 shares as treasury stock at a cost of $30 per share. Nov. 30 Reissued 45,000 treasury shares at a price of $33 per share. Required: 1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number. fill in the blank 1 shares2. Determine the number of common shares outstanding at December 31, 2019. fill in the blank 2 shares
Wildhorse Company’s ledger shows the following balances on December 31, 2020. 7% Preferred Stock—$10 par value, outstanding 20,500 shares $ 205,000 Common Stock—$100 par value, outstanding 32,100 shares 3,210,000 Retained Earnings 585,000 Assuming that the directors decide to declare total dividends in the amount of $343,000, determine how much each class of stock should receive under each of the conditions stated below. One year‘s dividends are in arrears on the preferred stock.(b) The preferred stock is noncumulative and nonparticipating. (Round answers to 0 decimal places, e.g. $38,487.) Preferred Common $ $
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Pina Colada Corp. at December 31, 2022. Common Stock ($2 stated value) $2,160,000 Paid-in Capital in Excess of Par Value—Preferred Stock 60,750 Paid-in Capital in Excess of Stated Value—Common Stock 1,417,500 Preferred Stock (5%, $100 par, noncumulative) 810,000 Retained Earnings 1,800,900 Treasury Stock (16,200 common shares) 97,200 Prepare the stockholders’ equity section of the balance sheet at December 31, 2022.
Terrific Comfort Specialists , Inc. reported the following stockholders ' equity on its balance sheet at June 30, 2018 Requirement 2. What is the par value per share of Terrific Comfort Specialists ' preferred stock ?
Weighted Average Shares At the beginning of 2019, Hardin Company had 270,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock: March 1 Issued 45,000 shares of stock at $25 per share. June 1 Issued a 20% stock dividend. July 1 Issued 15,000 shares of stock at $30 per share. Aug. 31 Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share. Oct. 31 Reacquired 92,000 shares as treasury stock at a cost of $33 per share. Nov. 30 Reissued 40,000 treasury shares at a price of $36 per share. Required: 1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number. fill in the blank 1 shares2. Determine the number of common shares outstanding at December 31, 2019. fill in the blank 2 shares
The stockholders' equity section of Meyer Corporation's balance sheet as of December 31, 2018 is as follows: Common Stock, $5 par value; 2,000,000 shares authorized and 400,000 shares issued and outstanding $ 2,000,000 Paid-in Capital in Excess of Par—Common Stock 850,000 Retained Earnings 3,000,000 $5,850,000 Required: Below and on the following page, record the following events that occurred during 2019. If no entry is required, write “No Entry.” Jan 15 30,000 shares common stock were issued for $8 per share. Jan 16 Declared a cash dividend of $0.20 per share, payable February 14 to stockholders of record on February 5. Mar 1 Reacquired 15,000 of its own shares at $10 per share. April 1 Reissued 5,000 of the shares acquired March 1 at $9 per share. May 1 Reissued the remaining 10,000 shares acquired March 1 at $14 per share. June 1 A 30% stock dividend was declared, distributable June 30 to stockholders of record on June 15. Market value per share is currently $21. July 1 A…
On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 254,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 12,000 shares outstanding Retained earnings Treasury stock, at cost, 5,400 shares During 2021, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.4 per share, fair value $9.20 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess par. ) The fair value of the stock was $4 on this date. 18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is $5 per share. July December 1: Declared a 50 cents per share cash…
The stockholders' equity accounts of Skysong, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,900,000 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 (10,500 common shares) $ 400,000 1,250,000 135,000 1,400,000 1,800,000 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $121,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,800. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,200. Nov. 10 Dec. Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. 31 Determined that net income for the year was $410,000. No dividends were declared during the year. Tuy Journalize the transactions and the closing entry for net income.…
The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, 2018, is as follows. Stockholders’ Equity Paid-in capital Preferred stock,? par value, 5% cumulative, 130,000 shares authorized, 43,000 shares issued and outstanding $ 516,000 Common stock, $12 stated value, 180,000 shares authorized, 43,000?? shares issued and outstanding 516,000 Paid-in capital in excess of par—Preferred 33,000 Paid-in capital in excess of stated value—Common 258,000 Total paid-in capital 1,323,000 Retained earnings 280,000 Treasury stock, 1,000 shares (28,000 ) Total stockholders’ equity $ 1,575,000 Note: The market value per share of the common stock is $32, and the market value per share of the preferred stock is $15. Required What is the par value per share of the preferred stock? What is the dividend per share on the…
Flint Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders’ equity. Preferred Stock, 160,200 shares $ 3,204,000 Common Stock, 1,983,000 shares 9,915,000 Paid-in Capital in Excess of Par—Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 26,495,000 Retained Earnings 4,431,000 The following transactions affected stockholders’ equity during 2021. Jan. 1 29,300 shares of preferred stock issued at $24 per share. Feb. 1 48,800 shares of common stock issued at $21 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 28,100 shares of common treasury stock purchased at $11 per share. Flint uses the cost method. Sept. 15 10,200 shares of treasury stock reissued at $12 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 55¢ per share is declared. Dec. 31 Net…
Larkspur Service Corporation's December 31, 2025 balance sheet reported the following: 3% preferred stock, $270 par value $540,000 Common stock, $1 par value 640,000 Paid-in capital in excess of par- preferred stock 76,800 Paid-in capital in excess of par - common stock 9,600,000 Retained earnings 12,250,000 Treasury stock 144,000 The average cost of the treasury shares was $10 per share. Answer the following questions: (a) * Your answer is incorrect. How many shares of common stock have been issued as of December 31, 2025? 654,400 shares of common stock have been issued as of December 31, 2025.

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