Using the following acCounts and balances, prepare the "Stocknolders Equity" section of the balance sheet. 20,000 shares of common stOCK authorized, and 10,000 shares have been reacquired. Common Stock, $80 par $1,120,000 Paid-In Capital from Sale of Treasury Stock 45,000 Paid-In Capital in Excess of Par-Common Stock 168,000 Retained Earnings 661,000 Treasury Stock 23,000 Balance Sheet Stockholders' Equity Paid-in capital: Paid-in capital, common stock Total paid-in capital Total Total stockholders! eauity

Using the following acCounts and balances, prepare the "Stocknolders Equity" section of the balance sheet. 20,000 shares of common stOCK authorized, and 10,000 shares have been reacquired. Common Stock, $80 par $1,120,000 Paid-In Capital from Sale of Treasury Stock 45,000 Paid-In Capital in Excess of Par-Common Stock 168,000 Retained Earnings 661,000 Treasury Stock 23,000 Balance Sheet Stockholders' Equity Paid-in capital: Paid-in capital, common stock Total paid-in capital Total Total stockholders! eauity

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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The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: Preferred 2% Stock, $100 par (100,000 shares authorized. 80,000 shares issued) b. Paid-In Capital in Excess of Par-Preferred Stock g. Common Stock. $5 par (5,000,000 shares authorized, 4,000,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings Issued 220,000 shares of common stock at $14, receiving cash. $ 8,000,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: Paid the cash dividends. 440,000 INSTRUCTIONS 20,000,000 Issued 12,000 shares of preferred 2% stock at $110. c. Purchased 160,000 shares of treasury common for $10 per share. d. Sold 105,000 shares of treasury common for $16 per share. Sold 40,000 shares of treasury common for $8 per share. f. Declared cash dividends of $2.00 per share on preferred stock and $0.08 per share on common stock.…
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The stockholders’ equity section of The Seventies Shop is presented here.THE SEVENTIES SHOP Balance Sheet (partial)($ in thousands)Stockholders’ equity:Preferred stock, $50 par value $ –0–Common stock, $5 par value 20,000Additional paid-in capital 100,000Total paid-in capital 120,000Retained earnings 53,000Treasury stock (3,700)Total stockholders’ equity $ 169,300Required:Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands.1. How many shares of preferred stock have been issued?2. How many shares of common stock have been issued?3. Total paid-in capital is $120 million. At what average price per share were the common shares issued?4. If retained earnings at the beginning of the period was $45 million and net income during the year was $9,907,500, how…
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Following is the stockholders' equity section as of June 30. Common stock-$20 par value, 200,000 shares authorized, 80,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity On July 1, the directors declare a 5% stock dividend distributable on July 31 to the July 18 stockholders of record. The stock's market value is $50 per share on July 1 before the stock dividend. 1. Prepare entries to record both the dividend declaration and its distribution. 2. Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity.) Enter answers in the tabs below. Required 1 Required 2 $ 1,600,000 400,000 750,000 $ 2,750,000 Prepare the stockholders' equity section after the stock dividend is distributed. (Assume no other changes to equity.) Stockholders' Equity Section of the Balance Sheet July 31 Retained earnings Common stock Paid-in capital in excess of par value, common…
The stockholders’ equity section of Creighton Company’s balance sheet is shown as follows: CREIGHTON COMPANY As of December 31, Year 3 Stockholders’ equity Preferred stock, $10 stated value, 7% cumulative,300 shares authorized, 50 issued and outstanding $ 500 Common stock, $10 par value, 250 shares authorized,100 issued and outstanding 1,000 Common stock, class B, $20 par value, 400 sharesauthorized, 150 issued and outstanding 3,000 Common stock, no par, 150 shares authorized,100 issued and outstanding 2,200 Paid-in capital in excess of stated value—preferred 600 Paid-in capital in excess of par value—common 1,200 Paid-in capital in excess of par value—class B common 750 Retained earnings 7,000 Total stockholders’ equity $ 16,250 Requireda. Assuming the preferred stock was originally issued for cash, determine the amount of cash collected when the stock was issued.b. Based on the class B common stock alone,…
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Using the following accounts and balances, prepare the stockholders' equity section of the balance sheet. Fifty thousand shares of common stock are authorized, and 5,000 shares have been reacquired. Common Stock, $70 par $2,730,000 Paid-In Capital in Excess of Par 201,070 Paid-In Capital from Sale of Treasury Stock 6,070 Retained Earnings 156,000 Treasury Stock 4,570 blankStockholders' Equityblank Contributed capital: $- Select - - Select - Total contributed capital $fill in the blank 5 - Select - Total $fill in the blank 8 - Select - Total stockholders' equity $fill in the blank 11
Using the following accounts and balances, prepare the stockholders' equity section of the balance sheet. Fifty thousand shares of common stock are authorized, and 5,000 shares have been reacquired. Common Stock, $60 par $2,340,000 Paid-In Capital in Excess of Par 201,060 Paid in Capital from Sale of Treasury Stock 6,060 Retained Earnings 117,000 Treasury Stock 4,560 Stockholders' Equity Contributed capital: $fill in the blank 2 fill in the blank 4 Total contributed capital $fill in the blank 5 fill in the blank 7 Total $fill in the blank 8 fill in the blank 10 Total stockholders' equity $fill in the blank 11
How many shares of preferred stock have been issued? How many shares of common stock have been issued? Total paid-in capital is $81.60 million. At what average price per share were the common shares issued?
The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value $0 Common stock, $5 par value 19,500 Additional paid-in capital 93,600 Total paid-in capital 113,100 Retained earnings 52,500 Treasury stock (3,600) Total stockholders' equity $162,000 Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 2. How many shares of common stock have been issued? (Enter your answer in total number of shares, not in thousands.) Number of shares
The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value $0 Common stock, $5 par value 19,500 Additional paid-in capital 93,600 Total paid-in capital 113,100 Retained earnings 52,500 Treasury stock (3,600) Total stockholders' equity $162,000 Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 5. If the treasury stock was purchase at $18 per share, how many shares were purchased? (Enter your answer in total number of shares, not in thousands.) Number of shares