Prepare a statement of stockholders’ equity for the year ended December 31, current year.
Prepare a statement of stockholders’ equity for the year ended December 31, current year.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter4: The Accounting Cycle
Section: Chapter Questions
Problem 9E: Statement of stockholders equity; net loss Selected accounts from the ledger of Restoration Arts for...
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Question
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following:
BARNARD CORPORATION Balance Sheet At December 31, Prior Year |
|
Contributed capital | |
---|---|
Common stock (par $10; 5,100 shares) | $ 51,000 |
Paid-in capital | 18,000 |
Total contributed capital | 69,000 |
42,000 | |
Total stockholders’ equity | $ 111,000 |
During the current year, the following selected transactions (summarized) were completed:
- Sold and issued 1,800 shares of common stock at $24 cash per share (at year-end).
- Determined net income, $48,000.
- Declared and paid a cash dividend of $3 per share on the beginning shares outstanding.
Required:
Prepare a statement of stockholders’ equity for the year ended December 31, current year.
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