Financial Accounting
9th Edition
ISBN: 9781259222139
Author: Robert Libby, Patricia Libby, Frank Hodge Ch
Publisher: McGraw-Hill Education
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Chapter 5, Problem 5.2AP
Preparing a Statement of Stockholders' Equity (P5-4)
At the end of the prior annual reporting period. Mesa Industries's
| MESA INDUSTRIES Balance Sheet At December 31, Prior Year |
|
| Stockholders’ Equity | |
| Common stock (par $15, 7,000 shares) | $105,000 |
| Additional paid-in capital | 9,000 |
| 48,000 | |
| Total stockholders' equity | $162,000 |
During the current year, the following selected transactions (summarized) were completed:
- a. Sold and issued 1.500 shares of common stock at S26 cash per share (at year-end).
- b. Determined net income, $46,000.
- c. Declared and paid a cash dividend of $1 per share on the beginning shares outstanding.
Required:
Prepare a statement of stockholders’ equity for the year ended December 31. current year. Be sure to show both the dollar amount and number of shares of common stock.
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Chapter 5 Solutions
Financial Accounting
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