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Exercise 13-11 Your answer is partially correct. Try again. The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Martinez Corporation at December 31, 2020. Common Stock ($4 stated value) $1,344,000 Paid-in Capital in Excess of Par-Preferred Stock 275,000 Paid-in Capital in Excess of Stated Value-Common Stock 895,000 Preferred Stock (8%, $100 par) 535,000 Retained Earnings 1,150,000 Treasury Stock (10,500 common shares) 126,000 Prepare the stockholders' equity section of the balance sheet at December 31, 2020. (Enter the account name only and do not provide question.) MARTINEZ CORPORATION Partial Balance Sheet December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock 1,344,000 Paid-in Capital in Excess of Stated Value-Common 895000 Total Capital Stock 2,239,000 Additional Paid-in Capital Paid-in Capital in Excess of Par-Common Stock 535000 Paid-in Capital in Excess of Par-Preferred Stock 275000 Total Additional Paid-in Capital 810000 Total Paid-in Capital 3049000 Retained Earnings 1150000 Total Paid-in Capital and Retained Earnings 4199000 Less v -126000 Treasury Stock Total Stockholders' Equity 4073000 Click if you would like to Show Work for this question: Open Show Work ১ Problem 14-04A (Video) Your answer is partially correct. Try again. On January 1, 2020, Sheridan Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) $1,190,000 Paid-in Capital in Excess of Par-Common Stock 540,000 Common Stock Dividends Distributable 210,000 Retained Earnings 620,000 During 2020, the following transactions and events occurred. 1. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 52,500 shares of common stock for cash at $4 per share. 3. Purchased 29,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $111,000. 5. Sold 5,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $320,000. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign pr or parentheses e.g. (45).) Stockholders' Equity Statement For the Year Ending December 31, 2020 Paid-in Capital in Excess of Common Stock Treasury Stock Common Par - Dividends Retained Stock Common Stock Distributable Earnings Total Balances, Jan. 1 1190000 540000 210000 620000 2560000 Issued 105,000 share for stock dividend 210000 -210000 Issued 52,500 shares for cash 105000 105000 210000 Purchased 29,000 shares of treasury stock 145000 -145000 Declared cash dividend -111000 -111000 Sold 5,000 shares of treasury stock -25000 25000 Net income for year 320000 320000 Balances, Dec. 31 1505000 645000 120000 829000 2859000 %24

Exercise 13-11 Your answer is partially correct. Try again. The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Martinez Corporation at December 31, 2020. Common Stock ($4 stated value) $1,344,000 Paid-in Capital in Excess of Par-Preferred Stock 275,000 Paid-in Capital in Excess of Stated Value-Common Stock 895,000 Preferred Stock (8%, $100 par) 535,000 Retained Earnings 1,150,000 Treasury Stock (10,500 common shares) 126,000 Prepare the stockholders' equity section of the balance sheet at December 31, 2020. (Enter the account name only and do not provide question.) MARTINEZ CORPORATION Partial Balance Sheet December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock 1,344,000 Paid-in Capital in Excess of Stated Value-Common 895000 Total Capital Stock 2,239,000 Additional Paid-in Capital Paid-in Capital in Excess of Par-Common Stock 535000 Paid-in Capital in Excess of Par-Preferred Stock 275000 Total Additional Paid-in Capital 810000 Total Paid-in Capital 3049000 Retained Earnings 1150000 Total Paid-in Capital and Retained Earnings 4199000 Less v -126000 Treasury Stock Total Stockholders' Equity 4073000 Click if you would like to Show Work for this question: Open Show Work ১ Problem 14-04A (Video) Your answer is partially correct. Try again. On January 1, 2020, Sheridan Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) $1,190,000 Paid-in Capital in Excess of Par-Common Stock 540,000 Common Stock Dividends Distributable 210,000 Retained Earnings 620,000 During 2020, the following transactions and events occurred. 1. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 52,500 shares of common stock for cash at $4 per share. 3. Purchased 29,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $111,000. 5. Sold 5,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $320,000. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign pr or parentheses e.g. (45).) Stockholders' Equity Statement For the Year Ending December 31, 2020 Paid-in Capital in Excess of Common Stock Treasury Stock Common Par - Dividends Retained Stock Common Stock Distributable Earnings Total Balances, Jan. 1 1190000 540000 210000 620000 2560000 Issued 105,000 share for stock dividend 210000 -210000 Issued 52,500 shares for cash 105000 105000 210000 Purchased 29,000 shares of treasury stock 145000 -145000 Declared cash dividend -111000 -111000 Sold 5,000 shares of treasury stock -25000 25000 Net income for year 320000 320000 Balances, Dec. 31 1505000 645000 120000 829000 2859000 %24

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 12.3APR: Stock transactions for corporate expansion On December 1 of the current year, the following accounts...
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Exercise 13-11 Your answer is partially correct. Try again. The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Martinez Corporation at December 31, 2020. Common Stock ($4 stated value) $1,344,000 Paid-in Capital in Excess of Par-Preferred Stock 275,000 Paid-in Capital in Excess of Stated Value-Common Stock 895,000 Preferred Stock (8%, $100 par) 535,000 Retained Earnings 1,150,000 Treasury Stock (10,500 common shares) 126,000 Prepare the stockholders' equity section of the balance sheet at December 31, 2020. (Enter the account name only and do not provide question.) MARTINEZ CORPORATION Partial Balance Sheet December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock 1,344,000 Paid-in Capital in Excess of Stated Value-Common 895000 Total Capital Stock 2,239,000 Additional Paid-in Capital Paid-in Capital in Excess of Par-Common Stock 535000 Paid-in Capital in Excess of Par-Preferred Stock 275000 Total Additional Paid-in Capital 810000 Total Paid-in Capital 3049000 Retained Earnings 1150000 Total Paid-in Capital and Retained Earnings 4199000 Less v -126000 Treasury Stock Total Stockholders' Equity 4073000 Click if you would like to Show Work for this question: Open Show Work ১
Transcribed Image Text:Exercise 13-11 Your answer is partially correct. Try again. The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Martinez Corporation at December 31, 2020. Common Stock ($4 stated value) $1,344,000 Paid-in Capital in Excess of Par-Preferred Stock 275,000 Paid-in Capital in Excess of Stated Value-Common Stock 895,000 Preferred Stock (8%, $100 par) 535,000 Retained Earnings 1,150,000 Treasury Stock (10,500 common shares) 126,000 Prepare the stockholders' equity section of the balance sheet at December 31, 2020. (Enter the account name only and do not provide question.) MARTINEZ CORPORATION Partial Balance Sheet December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock 1,344,000 Paid-in Capital in Excess of Stated Value-Common 895000 Total Capital Stock 2,239,000 Additional Paid-in Capital Paid-in Capital in Excess of Par-Common Stock 535000 Paid-in Capital in Excess of Par-Preferred Stock 275000 Total Additional Paid-in Capital 810000 Total Paid-in Capital 3049000 Retained Earnings 1150000 Total Paid-in Capital and Retained Earnings 4199000 Less v -126000 Treasury Stock Total Stockholders' Equity 4073000 Click if you would like to Show Work for this question: Open Show Work ১
Problem 14-04A (Video) Your answer is partially correct. Try again. On January 1, 2020, Sheridan Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) $1,190,000 Paid-in Capital in Excess of Par-Common Stock 540,000 Common Stock Dividends Distributable 210,000 Retained Earnings 620,000 During 2020, the following transactions and events occurred. 1. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 52,500 shares of common stock for cash at $4 per share. 3. Purchased 29,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $111,000. 5. Sold 5,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $320,000. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign pr or parentheses e.g. (45).) Stockholders' Equity Statement For the Year Ending December 31, 2020 Paid-in Capital in Excess of Common Stock Treasury Stock Common Par - Dividends Retained Stock Common Stock Distributable Earnings Total Balances, Jan. 1 1190000 540000 210000 620000 2560000 Issued 105,000 share for stock dividend 210000 -210000 Issued 52,500 shares for cash 105000 105000 210000 Purchased 29,000 shares of treasury stock 145000 -145000 Declared cash dividend -111000 -111000 Sold 5,000 shares of treasury stock -25000 25000 Net income for year 320000 320000 Balances, Dec. 31 1505000 645000 120000 829000 2859000 %24
Transcribed Image Text:Problem 14-04A (Video) Your answer is partially correct. Try again. On January 1, 2020, Sheridan Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) $1,190,000 Paid-in Capital in Excess of Par-Common Stock 540,000 Common Stock Dividends Distributable 210,000 Retained Earnings 620,000 During 2020, the following transactions and events occurred. 1. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 52,500 shares of common stock for cash at $4 per share. 3. Purchased 29,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $111,000. 5. Sold 5,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $320,000. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign pr or parentheses e.g. (45).) Stockholders' Equity Statement For the Year Ending December 31, 2020 Paid-in Capital in Excess of Common Stock Treasury Stock Common Par - Dividends Retained Stock Common Stock Distributable Earnings Total Balances, Jan. 1 1190000 540000 210000 620000 2560000 Issued 105,000 share for stock dividend 210000 -210000 Issued 52,500 shares for cash 105000 105000 210000 Purchased 29,000 shares of treasury stock 145000 -145000 Declared cash dividend -111000 -111000 Sold 5,000 shares of treasury stock -25000 25000 Net income for year 320000 320000 Balances, Dec. 31 1505000 645000 120000 829000 2859000 %24
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