The following data are from the accounts of Mitar Corporation at December 31, 2020 ($ thousands). Retained earnings, beginning balance $2,520,000 Common stock, $__ par, 280,000 shares authorized, 140,000 shares issued 2,800,000 Treasury stock, 2,800 shares 56,000 Paid-in capital in excess of par 1,120,000 Bonds payable 560,000 Net income for 2020 (not included in retained earnings above) 532,000 Dividends declared and paid during 2020 (not included in retained earnings above) 224,000 Required a. Determine the value of the following items. 1. Total retained earnings at end of 2020 Answer 2. Par value per share Answer 3. Number of shares outstanding Answer 4. Total stockholders’ equity Answer 5. Average original selling price per share Answer 6. Cost per share of treasury stock Answer b. Prepare the stockholders’ equity section of the balance sheet at December 31, 2020. Stockholders' Equity Section December 31, 2020 Common stock, par value Answer authorized shares Answer issued shares Answer outstanding shares Answer Answer Paid-in capital in excess of par Answer Retained earnings Answer Treasury stock Answer Total stockholders' equity Answer
The following data are from the accounts of Mitar Corporation at December 31, 2020 ($ thousands). Retained earnings, beginning balance $2,520,000 Common stock, $__ par, 280,000 shares authorized, 140,000 shares issued 2,800,000 Treasury stock, 2,800 shares 56,000 Paid-in capital in excess of par 1,120,000 Bonds payable 560,000 Net income for 2020 (not included in retained earnings above) 532,000 Dividends declared and paid during 2020 (not included in retained earnings above) 224,000 Required a. Determine the value of the following items. 1. Total retained earnings at end of 2020 Answer 2. Par value per share Answer 3. Number of shares outstanding Answer 4. Total stockholders’ equity Answer 5. Average original selling price per share Answer 6. Cost per share of treasury stock Answer b. Prepare the stockholders’ equity section of the balance sheet at December 31, 2020. Stockholders' Equity Section December 31, 2020 Common stock, par value Answer authorized shares Answer issued shares Answer outstanding shares Answer Answer Paid-in capital in excess of par Answer Retained earnings Answer Treasury stock Answer Total stockholders' equity Answer
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.13AMCP
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The following data are from the accounts of Mitar Corporation at December 31, 2020 ($ thousands).
$2,520,000 | |
Common stock, $__ par, 280,000 shares authorized, 140,000 shares issued | 2,800,000 |
56,000 | |
Paid-in capital in excess of par | 1,120,000 |
Bonds payable | 560,000 |
Net income for 2020 (not included in retained earnings above) | 532,000 |
Dividends declared and paid during 2020 (not included in retained earnings above) | 224,000 |
Required
a. Determine the value of the following items.
1. Total retained earnings at end of 2020 | Answer
|
2. Par value per share | Answer
|
3. Number of shares outstanding | Answer
|
4. Total stockholders’ equity | Answer
|
5. Average original selling price per share | Answer
|
6. Cost per share of treasury stock | Answer
|
b. Prepare the stockholders’ equity section of the balance sheet at December 31, 2020.
Stockholders' Equity Section December 31, 2020 |
||||
---|---|---|---|---|
Common stock, par value | Answer
|
authorized shares | Answer
|
|
issued shares
|
Answer
|
outstanding shares | Answer
|
Answer
|
Paid-in capital in excess of par | Answer
|
|||
Retained earnings | Answer
|
|||
Treasury stock | Answer
|
|||
Total stockholders' equity | Answer
|
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