Metlock, Inc. reported the following balances at December 31, 2021: common stock $409,000, paid-in Capital in Excess of Par- common stock $100,000, and retained earnings $249,000. During 2022, the following transactions affected stockholders' equity. 1 Issued preferred stock with a par value of $122,000 for $190,000. 2. Purchased treasury stock (common) for $37,500. 3. Earned net income of $135,000. 4. Declared and paid cash dividends of $59,000. Prepare the stockholders' equity section of Metlock, Inc's December 31, 2022, balance sheet. Metlock, Inc. Balance Sheet (Partial) For the Year Ended December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 122,000 Common Stock 409000 Total Capital Stock 53100 Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock 68000 Paid-in Capital in Excess of Par-Common Stock 100,000 Total Additional Paid-in Capital 16800 Total Paid-in Capital 69900 Retained Earnings Total Paid-in Capital and Retained Earnings : Treasury Stock Less Total Stockholders' Equity %24 %24 %24
Metlock, Inc. reported the following balances at December 31, 2021: common stock $409,000, paid-in Capital in Excess of Par- common stock $100,000, and retained earnings $249,000. During 2022, the following transactions affected stockholders' equity. 1 Issued preferred stock with a par value of $122,000 for $190,000. 2. Purchased treasury stock (common) for $37,500. 3. Earned net income of $135,000. 4. Declared and paid cash dividends of $59,000. Prepare the stockholders' equity section of Metlock, Inc's December 31, 2022, balance sheet. Metlock, Inc. Balance Sheet (Partial) For the Year Ended December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 122,000 Common Stock 409000 Total Capital Stock 53100 Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock 68000 Paid-in Capital in Excess of Par-Common Stock 100,000 Total Additional Paid-in Capital 16800 Total Paid-in Capital 69900 Retained Earnings Total Paid-in Capital and Retained Earnings : Treasury Stock Less Total Stockholders' Equity %24 %24 %24
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 9P
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