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The stockholders' equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 20Y9, are as follows. СOMMON STOCK Jan. 1 Balance 1,100,000 Apr. 14 Issued 12,000 shares 480,000 Dec. 31 Balance 1,580,000 PAID-IN CAPITAL IN EXCESS OF PAR Jan. 1 Balance 176,000 Apr. 14 Issued 12,000 shares 96,000 |Dec. 31 Balance 272,000 TREASURY STOCK Aug. 7 Purchased 2,000 shares 74,000 RETAINED EARNINGS Mar. 31 Dividend 28,000 Jan. 1 Balance 1,910,000 June. 30 Dividend 28,000 Dec. 31 Closing Sept. 30 Dividend 28,000 (Net income) 287,000 Dec. 31 Dividend 28,000 Dec. 31 Balance 2,085,000

The stockholders' equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 20Y9, are as follows. СOMMON STOCK Jan. 1 Balance 1,100,000 Apr. 14 Issued 12,000 shares 480,000 Dec. 31 Balance 1,580,000 PAID-IN CAPITAL IN EXCESS OF PAR Jan. 1 Balance 176,000 Apr. 14 Issued 12,000 shares 96,000 |Dec. 31 Balance 272,000 TREASURY STOCK Aug. 7 Purchased 2,000 shares 74,000 RETAINED EARNINGS Mar. 31 Dividend 28,000 Jan. 1 Balance 1,910,000 June. 30 Dividend 28,000 Dec. 31 Closing Sept. 30 Dividend 28,000 (Net income) 287,000 Dec. 31 Dividend 28,000 Dec. 31 Balance 2,085,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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# Statement of Stockholders' Equity The statement of stockholders' equity for I-Cards Inc. for the fiscal year ended December 31, 20Y9, is presented below. It details changes in the stockholders’ equity accounts throughout the year. ### COMMON STOCK | Date | Description | Amount | |-----------|--------------|--------------| | Jan. 1 | Balance | $1,100,000 | | Apr. 14 | Issued 12,000 shares | $480,000 | | **Dec. 31** | **Balance** | **$1,580,000** | ### PAID-IN CAPITAL IN EXCESS OF PAR | Date | Description | Amount | |-----------|--------------|--------------| | Jan. 1 | Balance | $176,000 | | Apr. 14 | Issued 12,000 shares | $96,000 | | **Dec. 31** | **Balance** | **$272,000** | ### TREASURY STOCK | Date | Description | Amount | |-----------|--------------|--------------| | Aug. 7 | Purchased 2,000 shares | $74,000 | ### RETAINED EARNINGS | Date | Description | Amount | |-----------|--------------|--------------| | Mar. 31 | Dividend | $28,000 | | June. 30 | Dividend | $28,000 | | Sept. 30 | Dividend | $28,000 | | Dec. 31 | Dividend | $28,000 | | **Jan. 1** | **Balance** | **$1,910,000** | | **Dec. 31** | **Closing (Net income)** | **$287,000** | | **Dec. 31** | **Balance** | **$2,085,000** | ### Additional Information - **Common Stock**: The common stock account shows the issuance and balance of shares. On April 14, 12,000 shares were issued, adding $480,000 to the account. By December 31, the account balance was $1,580,000. - **Paid-In Capital in Excess of Par**: This section details the additional paid-in capital
Transcribed Image Text:# Statement of Stockholders' Equity The statement of stockholders' equity for I-Cards Inc. for the fiscal year ended December 31, 20Y9, is presented below. It details changes in the stockholders’ equity accounts throughout the year. ### COMMON STOCK | Date | Description | Amount | |-----------|--------------|--------------| | Jan. 1 | Balance | $1,100,000 | | Apr. 14 | Issued 12,000 shares | $480,000 | | **Dec. 31** | **Balance** | **$1,580,000** | ### PAID-IN CAPITAL IN EXCESS OF PAR | Date | Description | Amount | |-----------|--------------|--------------| | Jan. 1 | Balance | $176,000 | | Apr. 14 | Issued 12,000 shares | $96,000 | | **Dec. 31** | **Balance** | **$272,000** | ### TREASURY STOCK | Date | Description | Amount | |-----------|--------------|--------------| | Aug. 7 | Purchased 2,000 shares | $74,000 | ### RETAINED EARNINGS | Date | Description | Amount | |-----------|--------------|--------------| | Mar. 31 | Dividend | $28,000 | | June. 30 | Dividend | $28,000 | | Sept. 30 | Dividend | $28,000 | | Dec. 31 | Dividend | $28,000 | | **Jan. 1** | **Balance** | **$1,910,000** | | **Dec. 31** | **Closing (Net income)** | **$287,000** | | **Dec. 31** | **Balance** | **$2,085,000** | ### Additional Information - **Common Stock**: The common stock account shows the issuance and balance of shares. On April 14, 12,000 shares were issued, adding $480,000 to the account. By December 31, the account balance was $1,580,000. - **Paid-In Capital in Excess of Par**: This section details the additional paid-in capital
### Preparation of a Statement of Stockholders' Equity ### For the Year Ended December 31, 20Y9 This exercise aims to prepare a Statement of Stockholders' Equity for the year ended December 31, 20Y9. Below are the steps and layout of the statement: #### I-Cards Inc. #### Statement of Stockholders' Equity #### For the Year Ended December 31, 20Y9 This statement provides a detailed layout of the equity accounts for I-Cards Inc. throughout the specified year. The table is formatted as follows: | | Common Stock $40 Par | Paid-In Capital in Excess of Par | Treasury Stock | Retained Earnings | Total | |---|---------------------|----------------------------------|----------------|--------------------|-------| | **Balance, Jan. 1, 20Y9** | $ | $ | $ | $ | $ | | **Issued 12,000 shares of Common Stock** | $ | $ | $ | $ | $ | | **Purchased 2,000 shares as Treasury Stock** | $ | $ | $ | $ | $ | | **Net Income** | $ | $ | $ | $ | $ | | **Dividends** | $ | $ | $ | $ | $ | | **Balance, Dec. 31, 20Y9** | $ | $ | $ | $ | $ | #### Description of Account Columns: - **Common Stock $40 Par**: Represents the par value of the issued shares. - **Paid-In Capital in Excess of Par**: The amount received from shareholders in excess of the par value of the stock. - **Treasury Stock**: Accounts for the company’s own stock that has been repurchased. - **Retained Earnings**: Cumulative net income not distributed as dividends. - **Total**: Sum of all categories, representing the total equity available to shareholders. The table rows capture different transactions and balances throughout the year: 1. **Balance, Jan. 1, 20Y9**: Beginning balance of equity accounts. 2. **Issued 12,000 shares of Common Stock**: Records issuance of additional shares. 3. **Purchased 2,000 shares as Treasury Stock**: Reflects buy-back of shares. 4. **Net Income**: Year’s profit added to retained earnings. 5. **Dividends**: Distribution of profits to shareholders, reducing
Transcribed Image Text:### Preparation of a Statement of Stockholders' Equity ### For the Year Ended December 31, 20Y9 This exercise aims to prepare a Statement of Stockholders' Equity for the year ended December 31, 20Y9. Below are the steps and layout of the statement: #### I-Cards Inc. #### Statement of Stockholders' Equity #### For the Year Ended December 31, 20Y9 This statement provides a detailed layout of the equity accounts for I-Cards Inc. throughout the specified year. The table is formatted as follows: | | Common Stock $40 Par | Paid-In Capital in Excess of Par | Treasury Stock | Retained Earnings | Total | |---|---------------------|----------------------------------|----------------|--------------------|-------| | **Balance, Jan. 1, 20Y9** | $ | $ | $ | $ | $ | | **Issued 12,000 shares of Common Stock** | $ | $ | $ | $ | $ | | **Purchased 2,000 shares as Treasury Stock** | $ | $ | $ | $ | $ | | **Net Income** | $ | $ | $ | $ | $ | | **Dividends** | $ | $ | $ | $ | $ | | **Balance, Dec. 31, 20Y9** | $ | $ | $ | $ | $ | #### Description of Account Columns: - **Common Stock $40 Par**: Represents the par value of the issued shares. - **Paid-In Capital in Excess of Par**: The amount received from shareholders in excess of the par value of the stock. - **Treasury Stock**: Accounts for the company’s own stock that has been repurchased. - **Retained Earnings**: Cumulative net income not distributed as dividends. - **Total**: Sum of all categories, representing the total equity available to shareholders. The table rows capture different transactions and balances throughout the year: 1. **Balance, Jan. 1, 20Y9**: Beginning balance of equity accounts. 2. **Issued 12,000 shares of Common Stock**: Records issuance of additional shares. 3. **Purchased 2,000 shares as Treasury Stock**: Reflects buy-back of shares. 4. **Net Income**: Year’s profit added to retained earnings. 5. **Dividends**: Distribution of profits to shareholders, reducing
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