Financial Accounting
9th Edition
ISBN: 9781259222139
Author: Robert Libby, Patricia Libby, Frank Hodge Ch
Publisher: McGraw-Hill Education
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Chapter 1, Problem 1.13E
Preparing a Statement of Stockholders’ Equity
Clint’s Stonework Corporation was organized on January 1, 2015. For its first two years of operations, it reported the following:
| Net income for 2015 | $ 31,000 |
| Net income for 2016 | 42,000 |
| Dividends for 2015 | 14,200 |
| Dividends for 2016 | 18,700 |
| Total assets at the end of 2015 | 130,000 |
| Total assets at the end of 2016 | 250,000 |
| Common stock at the end of 2015 | 100,000 |
| Common stock at the end of 2016 | 100,000 |
Required:
On the basis of the data given, prepare a statement of stockholders’ equity for 2016. Show computations.
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Students have asked these similar questions
Layne Corporation had the following information in its financial statements for the years ended 2014 and 2015:
Cash dividends for the year 2015 $ 10,000
Net income for the year ended 2015 83,000
Market price of stock, 12/31/14 10
Market price of stock, 12/31/15 12
Common stockholders’ equity, 12/31/14 1,600,000
Common stockholders’ equity, 12/31/15 1,785,600
Outstanding shares, 12/31/15 180,000
Preferred dividends for the year ended 2015 15,000
What is the book value per share for Layne Corporation for the year ended 2015?
a. $11.00
b. $9.92
c. $9.94
d. $8.89
West, Inc. determined the following information concerning its common stock during 2016: J
anuary 1 80,000 shares outstanding
April 1 Issued a 20% stock dividend
July 1 Issued an additional 2,900 shares
October 1 Issued a 2-for-1 stock split
December 1 Reacquired 5,000 shares
Required: What should West, Inc. use as the denominator for its basic earnings per share calculation for 2016?
On December 31, 2016, Cullumber Company had 1,385,000 shares of $6 par common stock issued and outstanding. At December 31, 2016, stockholders’ equity had the amounts listed here.
Common Stock
$8,310,000
Additional Paid-in Capital
1,825,000
Retained Earnings
1,180,000
Transactions during 2017 and other information related to stockholders’ equity accounts were as follows.
1.
On January 10, 2017, issued at $109 per share 124,000 shares of $104 par value, 9% cumulative preferred stock.
2.
On February 8, 2017, reacquired 17,900 shares of its common stock for $11 per share.
3.
On May 9, 2017, declared the yearly cash dividend on preferred stock, payable June 10, 2017, to stockholders of record on May 31, 2017.
4.
On June 8, 2017, declared a cash dividend of $1.75 per share on the common stock outstanding, payable on July 10, 2017, to stockholders of record on July 1, 2017.
5.
Net income for the year was $3,515,000.
Prepare the stockholders’ equity…
Chapter 1 Solutions
Financial Accounting
Ch. 1 - Define accounting.Ch. 1 - Briefly distinguish financial accounting from...Ch. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5QCh. 1 - Complete the following: Name of Statement...Ch. 1 - What information should be included in the heading...Ch. 1 - What are the purposes of (a) the income statement,...Ch. 1 - Explain why the income statement and the statement...Ch. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - Explain the equation for the income statement....Ch. 1 - Explain the equation for the balance sheet. Define...Ch. 1 - Explain the equation for the statement of cash...Ch. 1 - Explain the equation for retained earnings....Ch. 1 - The financial statements discussed in this chapter...Ch. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - (Supplement A) Briefly differentiate between a...Ch. 1 - Prob. 20QCh. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Which of the following regarding retained earnings...Ch. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Which of the following is true regarding the...Ch. 1 - Prob. 9MCQCh. 1 - Prob. 10MCQCh. 1 - Matching Elements with Financial Statements M1-1...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Prob. 1.3MECh. 1 - Prob. 1.1ECh. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Preparing a Balance Sheet Honda Motor Corporation...Ch. 1 - Completing a Balance Sheet and Inferring Net...Ch. 1 - Prob. 1.6ECh. 1 - Preparing an Income Statement and Inferring...Ch. 1 - Prob. 1.8ECh. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing a Statement of Stockholders Equity...Ch. 1 - Focus on Cash Flows: Matching Cash Flow Statement...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Student's Business and Preparing an...Ch. 1 - Comparing Income with Cash Flow (Challenging)...Ch. 1 - Evaluating Data to Support a Loan Application...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Students Business and Preparing an...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.1CONCh. 1 - Finding Financial Information LO1-1 Refer to the...Ch. 1 - Prob. 1.2CPCh. 1 - Comparing Companies within an Industry Refer to...Ch. 1 - Using Financial Reports: Identifying and...Ch. 1 - Prob. 1.5CPCh. 1 - Prob. 1.6CPCh. 1 - Prob. 1.7CP
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