The stockholders' equity section on December 31, 2022, on the balance sheet of PrimeTech Corporation is as follows: Stockholders' Equity Amount Contributed Capital: Preferred stock (par $25; authorized 15,000 shares, $200,000 issued, of which 300 shares are held as treasury stock) Common stock (no-par; authorized 30,000 shares, issued $750,000 and outstanding 12,000 shares) Contributed capital (includes $2,000 from treasury stock $25,000 transactions) Retained Earnings: $40,000 Cost of treasury stock (preferred) $6,000 What is the number of shares of preferred stock outstanding?

The stockholders' equity section on December 31, 2022, on the balance sheet of PrimeTech Corporation is as follows: Stockholders' Equity Amount Contributed Capital: Preferred stock (par $25; authorized 15,000 shares, $200,000 issued, of which 300 shares are held as treasury stock) Common stock (no-par; authorized 30,000 shares, issued $750,000 and outstanding 12,000 shares) Contributed capital (includes $2,000 from treasury stock $25,000 transactions) Retained Earnings: $40,000 Cost of treasury stock (preferred) $6,000 What is the number of shares of preferred stock outstanding?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 11P: Raun Company had the following equity items as of December 31, 2019: Preferred stock, 9% cumulative,...

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Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
Lyon Company shows the following condensed income statement information for the year ended December 31, 2019: Lyon declared dividends of 6,000 on preferred stock and 17,280 on common stock. At the beginning of 2019, 10,000 shares of common stock were outstanding. On May 1, 2019, the company issued 2,000 additional common shares, and on October 31, 2019, it issued a 20% stock dividend on its common stock. The preferred stock is not convertible. Required: 1. Compute the 2019 basic earnings per share. 2. Show the 2019 income statement disclosure of basic earnings per share. 3. Draft a related note to accompany the 2019 financial statements.
Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.
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Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2024: Data Table Stockholders' Equity Paid-In Capital: Preferred Stock—7%, ? Par Value; 750,000 shares authorized, 400,000 shares issued and outstanding $1,600,000 Common Stock—$1 Par Value; 9,000,000 shares authorized, 1,300,000 shares issued and outstanding 1,300,000 Paid-In Capital in Excess of Par—Common 2,500,000 Total Paid-In Capital 5,400,000 Retained Earnings 12,500,000 Total Stockholders' Equity $17,900,000 1. Identify the different classes of stock that Thurman Comfort Specialists has outstanding. 2. What is the par value per share of Thurman Comfort Specialists' preferred stock? 3. Make two summary journal entries to record issuance of all the Thurman Comfort Specialists' stock for cash. Explanations are not required. 4. No preferred dividends are in arrears. Journalize the declaration…
The equity section of the December 31", 2025, balance sheet for BOOYA Inc. showed the following: BOOYA Inc. Equity Section of the Balance Sheet December 31, 2025 Contributed Capital: Preferred shares, $0.25 non-cumulative, 80,000 shares authorized, 60,000 shares issued and outstanding Common shares, 250,000 shares authorized, 120,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $150,000 120.000 $270,000 92.500 $362,500 During the year 2026, BOOYA Inc had the following transactions affecting equity accounts: Sold 20,000 common shares for a total of $21,500 cash Sold 5,000 preferred shares for $3.00 each, cash. Issued and exchanged 7,000 common shares for equipment with a list price of $10,000 (fair value unknown). Common shares were trading at $1.42 on June 15th. Jan. 3 Mar. 1 June 15. Closed the Income Summary account, which showed a credit balance of $175,000. Dec. 31 The board of directors had not declared a dividend for the past two years…
ion Shown below is information relating to the stockholders' equity of Ozone Corporation at June 30, 2023. $400,000 6% cumulative preferred stock, $100 par, 50,000 shares authorized Common stock, $4.55 par, 40,000 shares authorized; 30,800 shares issued and outstanding Additional paid-in capital: preferred stock Additional paid-in capital: common stock Retained earnings What is total paid-in capital? Select one: O a. $2,160,000. O b. $540,000. O c. $2,040,000. O d. $660,000. $140,000 $100,000 $1,400,000 $120,000
Subject: accounting
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