Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,200,000 shares issued; Additional Paid-in Capital, $16.80 million; Retained Earnings, $9.80 million; and Treasury Stock, 48,000 shares, $1.056 million.   Prepare the stockholders’ equity section of the balance sheet. (Amounts to be deducted should be indicated by a minus sign. Enter your answer in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.)

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of…

A: Given: Cash issued for share = $ 210,000 Par value = $ 30 Common stock = $ 34 Cost of preferred…

Q: Ecker Company reports $1,950,000 of net income and declares $273,000 of cash dividends on its…

A: In order to determine the Earning per share, the Earnings available to common shareholders are…

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par…

A: Given, 1,000,000 common shares (stated value of $0.25) issued at $1.20 10,000 preferred shares (par…

Q: On January 1, 2021, a company had 444,000 shares of common stock outstanding. During the year, it…

A: Weighted average no of shares = Opening outstanding shares + shares issued * period used /12 -…

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par…

A: The firm can raise the amount through different modes some of them are, by issuing common stock, by…

Q: United Apparel has the following balances in its stockholders' equity accounts on December 31, 2021:…

A: The balance sheet of the company means a financial statement that records all the assets and…

Q: Summit Apparel has the following accounts at December 31: Common Stock. $1 par value, 1.700,000…

A: Let's Understand some basics Stockholder's Equity is shown on the liability side of the Balance…

Q: During its first year of operations, Cullumber Company had the following transactions pertaining to…

A: Total cash received on Jan. 10 = No. of shares issued x pr value per share = 65000 x $5 = $325,000

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 110,000 shares of $8 par…

A: Total amount invested (total paid in capital) = Total common stock capital + Total preferred stock…

Q: Senior life co. Is an HMO for businesses in the Portland area. The following account balances appear…

A: The market value of stock is given and dividend is to be provided on the basis of market value.

Q: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

A: Cash received  on issue of 75000 shares of Common stock = 75000 ×$15 =$1125000

Q: The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30…

A: Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the…

Q: The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30…

A: The equity section of a balance sheet shows the owner’s total claim on assets after debts have been…

Q: Journalize the entries to record (1) the declaration of the dividend on December 1, capitalizing an…

A:

Q: Senior Life Co. is an HMO for businesses in the Portland area. The following account balances appear…

A: a.journalize the entries to record the declaration and issuance of stock dividends.

Q: Senior Life Co. is an HMO for businesses in the Portland area. The following account balances appear…

A: Dividends declared are capitalised from retained earnings of the company.

Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 100,000 shares of $8 par…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On October 31, Legacy Rocks Ic., a marble contractor, issued for cash 74,600 shares of $10 par…

A: a.

Q: Howard corporation had 10,000 shares of common stock outstanding at the beginning of the year. On…

A: Weighted average number of shares is the total number of outstanding shares calculated at the end of…

Q: Whispering Winds Corporation has the following accounts at December 31: Common Stock, $9 par, 5,450…

A: Stockholders' equity, also known as shareholders' or owners' equity, is a type of equity held by…

Q: On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par…

A: Any excess cash paid for the shares goes to Paid-in Capital in excess of par Account.  Total Paid-in…

Q: Quickbux Co. issued and sold 1,000 shares of common stock, with a par value of $5, for $12 per…

A: Shareholders' equity includes common stock, preferred stock, paid-in capital in excess of par, and…

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 729,000 shares of no-par…

A: Shareholders equity balance includes common stock, preferred stock, additional paid-in capital. From…

Q: During its first year of operations, Harlan Corporation had the following transactions pertaining to…

A: A par value stock is a type of common or preferred stock having a nominal amount (known as par…

Q: Divine Apparel has 4,000 shares of common stock outstanding. On October 1, the company declares a…

A: Amount of dividend = No. of shares x dividend per share = 4,000 shares x $0.75 per share = $3,000

Q: Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current…

A: The following entries are journalized for Ergonomics Incorporation.

Q: At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity…

A: Sep. 30 Beg. Bal. Oct. 2 Oct. 25 Oct. 31 Nov. 5 Dec. 1 Dec.31 Common stock $360,000       44,000…

Q: Junkyard Arts, Inc., had earnings of $316,000 for the year. The company had 40,000 shares of common…

A: Earnings per share (EPS): The amount of net income available to each shareholder per common share…

Q: On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par…

A: a.

Q: A year-end balance sheet includes the following information for Owners' Equity: Common stock…

A: Given that, common shares issued = 100000 shares Common stcok = $50000 Additional paid in capital =…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 50,000 shares of $8…

A: Shares issued at a cost above its stated or par value is called premium on shares. It is the…

Q: What is the total stockholders’ equity?  $

A: Information Provided: Common stock = $500,000 Additional paid in capital = $40,000 Retained…

Q: During its first year of operations, Flounder Corporation had the following transactions pertaining…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Senior Life Co. is an HMO for businesses in the Portland area. The following account balances appear…

A: Common Shares- It refers to the shares which are issued by company for raising capital finances and…

Q: Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 2,000,000…

A: Stockholders’ equity: It refers to the remaining amount of assets that are available to the…

Q: Catena's Marketing Company has the following adjusted trial balance at the end of the current year.…

A: >Adjusted trial balance contains adjusted balances of accounts that have been calculated after…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 73,600 shares of…

A: a. Date Description Debit Credit jan. 22 Cash (73,600*55) $4,048,000           Common stock…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 72,900 shares of $10 par…

A: Issue of shares is one of the important source of finance being used in business. It consists of…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 400,000 shares of $10 par…

A: a.

Q: Pronghorn Corporation has the following accounts at December 31: Common Stock, $11 par, 5,200 shares…

A: Pronghorn Corporation. Stockholders' Equity December 31 Paid-in capital:…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 74,600 shares of $10 par…

A: A. Record journal entries for October 31 and November 19 as shown below:

Q: During its first year of operations, Blue Spruce Corp. had these transactions pertaining to its…

A: The stock in which shareholders are entitled to received dividend whose amount may vary from time to…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 73,000 shares of…

A: Common stock and Preferred stock are two type of shares issued by the company. When shares are…

Q: At the start of the fiscal year, Comfortable Company has 100,000 shares of its ₱10 par value common…

A: Solution: Common stock at the end of year= 120000*10 = 1,200,000 Additional paid in capital =…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 70,300 shares of…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: PickApart Arts, Inc., had earnings of $398,000 for the year. The company had 44,000 shares of common…

A: It is the income which is available to the common shareholders per share after giving preferred…

Q: Junkyard Arts, Inc., had earnings of $446,400 for the year. The company had 54,000 shares of common…

A: Junkyard earnings = $ 446400 Common stock outstanding = 54000 shares Number of preferred stock =…