Prepare the stockholders' equity section of the Fremantle Corporation's balance sheet. 8 Percent preferred stock, $100 par value, 20,000 shares authorized; 5,000 shares issued and outstanding $500,000 Common stock, $1 par value, 100,000 shares authorized; 40,000 shares issued and outstanding 40,000 Paid-in capital in excess of par value—Preferred stock 200,000 Paid-in capital in excess of par value—Common stock 800,000 Retained earnings 625,000 Total Stockholders’ Equity $2,165,000
Prepare the stockholders' equity section of the Fremantle Corporation's balance sheet. 8 Percent preferred stock, $100 par value, 20,000 shares authorized; 5,000 shares issued and outstanding $500,000 Common stock, $1 par value, 100,000 shares authorized; 40,000 shares issued and outstanding 40,000 Paid-in capital in excess of par value—Preferred stock 200,000 Paid-in capital in excess of par value—Common stock 800,000 Retained earnings 625,000 Total Stockholders’ Equity $2,165,000
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.13AMCP
Related questions
Question
Prepare the
8 Percent |
|
authorized; 5,000 shares issued and outstanding | $500,000 |
Common stock, $1 par value, 100,000 shares | |
authorized; 40,000 shares issued and outstanding | 40,000 |
Paid-in capital in excess of par value—Preferred stock | 200,000 |
Paid-in capital in excess of par value—Common stock | 800,000 |
625,000 | |
Total Stockholders’ Equity | $2,165,000 |
The 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 $0.50 per share. |
Mar. | 31 | Converted $75,000 face |
June | 1 | Acquired equipment with a fair market value of $45,000 in exchange for 300 shares of preferred stock. |
Sept. | 1 | Acquired 15,000 shares of common stock for cash at $20 per share. |
Nov. | 21 | Issued 5,000 shares of common stock at $22 cash per share. |
Dec. | 28 | Sold 1,000 treasury shares at $23 per share. |
31 | Closed net income of $125,000, to the Retained Earnings account. |
Do not use negative signs with your answers.
Stockholders' Equity | |||
---|---|---|---|
Paid in Capital | |||
Preferred Stock | Answer | ||
Answer | Answer | Answer | |
Additional Paid-in-Capital | |||
Paid-in-Capital in Excess of Par value - Preferred Stock | Answer | ||
Paid-in-Capital in Excess of Par value - Common Stock | Answer | ||
Answer | Answer | Answer | |
Total Paid-in-Capital | Answer | ||
Answer | Answer | ||
Answer | |||
Answer | Answer | ||
Answer | Answer |
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