College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 20, Problem 10SPB
STOCKHOLDERS’ EQUITY SECTION After closing its books on December 31, 20–, Merrill Corporation’s stockholders’ equity accounts have the following balances:
REQUIRED
Prepare the stockholders’ equity section of the
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Statement of Stockholders' Equity
You have been asked to assist with the preparation of a statement of stockholders' equity for Maxx Company for the current year ended December 31.
You determine the following balances:
Beginning-of-year common stock
$5,000
Beginning-of-year retained earnings
7,500
Net income
2,500
Dividends paid
250
Issuance of common stock
400
Prepare a statement of stockholders' equity for Maxx Company for the current year.
Note: Use a negative sign to shown a reduction to the balance.
Махх Сompany
Statement of Stockholders' Equity
For Year Ended December 31
Total
Common
Retained
Stockholders'
Stock
Earnings
Equity
Balance at beginning of year
Issuance of common stock
Net income
Less: Dividends
Balance at end of year
Please help me
Prepare the shareholders' equity section of the SFP at December 31.
SWIFTY CORPORATION
Statement of Financial Position (Partial)
eTextbook and Media
tA
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Chapter 20 Solutions
College Accounting, Chapters 1-27
Ch. 20 - Prob. 1TFCh. 20 - Prob. 2TFCh. 20 - Dividends are not taxable because these earnings...Ch. 20 - Prob. 4TFCh. 20 - Prob. 5TFCh. 20 - Prob. 1MCCh. 20 - Prob. 2MCCh. 20 - Prob. 3MCCh. 20 - Stock subscriptions receivable are listed as...Ch. 20 - Treasury stock is listed as a(n) __________ on the...
Ch. 20 - Prob. 1CECh. 20 - Genous Company has 20,000 shares of common stock...Ch. 20 - Prepare general journal entries for the following...Ch. 20 - Prepare the stockholders equity section of the...Ch. 20 - Prob. 1RQCh. 20 - Prob. 2RQCh. 20 - Prob. 3RQCh. 20 - Prob. 4RQCh. 20 - Prob. 5RQCh. 20 - If a corporation issues only one class of stock,...Ch. 20 - Prob. 7RQCh. 20 - Prob. 8RQCh. 20 - How is common stock subscriptions receivable...Ch. 20 - Prob. 10RQCh. 20 - Prob. 11RQCh. 20 - ORGANIZATION COSTS BB Electric decided to...Ch. 20 - DIVIDEND ALLOCATIONS Situation 1 Nguyen Company...Ch. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - Prob. 4SEACh. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Juneau Associates had the...Ch. 20 - STOCK SUBSCRIPTIONS AND TREASURY STOCK Nash Roth...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1SEBCh. 20 - Prob. 2SEBCh. 20 - STOCK ISSUANCE (PAR, NO-PAR, AND STATED VALUE) The...Ch. 20 - STOCK ISSUANCE (NONCASH ASSETS, SUBSCRIPTIONS, AND...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - PAR AND NO-PAR, COMMON AND PREFERRED STOCK Valdez...Ch. 20 - STATED VALUE, COMMON AND PREFERRED STOCK, AND...Ch. 20 - STOCK SUBSCRIPTIONS Athletics West had the...Ch. 20 - STOCK SUBSCRIPTIONS AND TREASURY STOCK Rogers ...Ch. 20 - STOCKHOLDERS EQUITY SECTION After closing its...Ch. 20 - Prob. 1MYWCh. 20 - Prob. 1ECCh. 20 - Stockholders equity accounts and other related...Ch. 20 - Prepare general journal entries for the following...
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- STOCKHOLDERS EQUITY SECTION After closing its books on December 31, 20--, Jackson Corporations stockholders equity accounts had the following balances: REQUIRED Prepare the stockholders equity section of the balance sheet for Jackson for the year ended December 31, 20--.arrow_forwardStockholders' Equity section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Prepare the Stockholders Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.arrow_forwardPhilippine Accounting Standard The following transactions were taken from the records of Marimar Company for you to prepare a statement of changes in equity for the year ended December 31, 2019. After preparing the statement of changes in equity, provide a paragraph explaining the importance of providing this information to the varied users of financial statements. On January 1, 2019, Marimar company had 3,000,000 authorized ordinary shares of P5 par, of which 1,000,000 shares were issued and outstanding on that date. Account balances appear for the shareholders’ equity items of Marimar company on January 1, 2019:Ordinary share capital 5,000,000Share Premium 3,750,000Retained Earnings 1,625,000The following transactions transpired during the year:January 6 Iissued at P54 per share, 50,000 shares of P50 par, 9% cumulative, convertible preference share capital. Marimar had 125,000 authorized preference shares. Feb. 3 Reacquired 10,000 ordianry shares for P16 per share. Marimar uses the…arrow_forward
- he stockholders' equity of Xeltron Corporation at January 1 follows: 9 % Preferred stock, $100 par value, 20,000 shares authorized; 6,000 shares issued and outstanding Common stock, $2 par value, 100,000 shares authorized; 40,000 shares issued and outstanding Paid-in capital in excess of par value-Preferred stock Paid-in capital in excess of par value-Common stock Retained earnings Total Stockholders' Equity he following transactions, among others, occurred during the year: Jan. 1 Announced a 2-for-1 common stock split, reducing the par value of the common stock to $1 per share. The authorization was increased to 300,000 shares. Mar. 31 Converted $90,000 face value of convertible bonds payable (the book value of the bonds was $97,000) to common stock. Each $1,000 bond converted to 125 shares of common stock. June 1 Acquired equipment with a fair market value of $45,000 in exchange for 200 shares of preferred stock. Sept. 1 Acquired 12,000 shares of common stock for cash at $20 per…arrow_forwardStockholders' Equity Section of Balance Sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $15 par $553,500 Paid-In Capital from Sale of Treasury Stock 22,700 Paid-In Capital in Excess of Par-Common Stock 14,760 Retained Earnings 869,000 Treasury Stock 11,495 Prepare the Stockholders' Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 605 shares have been reacquired. Goodale Properties Inc. Stockholders' Equity June 30 Paid-In Capital: Total Paid-In Capital %24arrow_forwardCalculating the Average Common Stockholders’ Equity andthe Return on Stockholders’ EquityRefer to the information for Somerville Company on the previous pages.Required:Note: Round answers to four decimal places.1. Calculate the average common stockholders’ equity.2. Calculate the return on stockholders’ equityarrow_forward
- Instructions: a. Journalize the transactions and the closing entry for net income. b. Prepare stockholders’ equity section on December 31, 2021.arrow_forwardCan you show how to prepare the "Stockholders' Equity" section of the December 31, 20Y6, balance sheet.arrow_forward"Stockholders' Equity" section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $15 par Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Prepare the "Stockholders' Equity" section of the balance sheet as of June 30. Regarding the common stock, 50,000 shares are authorized, and 450 shares have been reacquired. Paid-In Capital: $138,000 6,000 11,040 228,000 8,550 Line Item Description Goodale Properties Inc. Stockholders' Equity June 30, 20XX Paid-in capital, common stock Treasury Stock (450 Shares at Cost) Common Stock, $15 Par (50,000 Shares Authorized, 9,200 Shares Issued) Excess of Issue Price Over Par Amount $ 138,000 Amount Amountarrow_forward
- How do I solve this?arrow_forwardThe following transactions were taken from the records of Marimar Company for you to prepare a statement of changes in equity for the year ended December 31, 2019. After preparing the statement of changes in equity, provide a paragraph explaining the importance of providing this information to the varied users of financial statements. On January 1, 2019, Marimar company had 3,000,000 authorized ordinary shares of P5 par, of which 1,000,000 shares were issued and outstanding on that date. Account balances appear for the shareholders’ equity items of Marimar company on January 1, 2019:Ordinary share capital 5,000,000Share Premium 3,750,000Retained Earnings 1,625,000 The following transactions transpired during the year:January 6 Iissued at P54 per share, 50,000 shares of P50 par, 9% cumulative, convertible preference share capital. Marimar had 125,000 authorized preference shares. Feb. 3…arrow_forwardPrepare the journal entry. Post to the T account .arrow_forward
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Stockholders Equity: How to Calculate?; Author: Accounting University;https://www.youtube.com/watch?v=2jZk1T5GIlw;License: Standard Youtube License