Week 4 Assignment 3: Stockholders' EquityMark as doneBased on the following data, complete the Stockholder's Equity section of the Balance Sheet:Preferred Stock: 7%, $10 par, 20,000 shares authorized, 14,000 shares issuedCommon Stock: $10 par, 40,000 shares authorized, 20,000 shares issuedPaid-In Capital in Excess of Par - Common Stock: $50,000Retained Earnings: $600,000Common Treasury Stock (At Cost): $20,000

To complete the Stockholders' Equity section of the balance sheet based on the provided data, we…

Answered: Week 4 Assignment 3: Stockholders'…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 5SEA: STOCKHOLDERS EQUITY SECTION After closing its books on December 31, Pro Parts stockholders equity...

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Prepare the stockholders equity section of the balance sheet based on the following account balances: Common stock, 2 par, 60,000 shares 120,000 Preferred stock, 10 par, 5%, 4,000 shares 40,000 Common stock subscribed, 2 par, 3,000 shares 6,000 Retained earnings 17,000 The answers to the Self-Study Test Questions are at the end of the chapter (pages 811812).
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
STOCKHOLDERS EQUITY SECTION After closing its books on December 31, Pro Parts stockholders equity accounts had the following balances: Common stock subscriptions receivable 5,000 Common stock, 5 par, 12,000 shares 60,000 Preferred stock, 10 par, 4%, 4,000 shares 40,000 Common stock subscribed, 5 par, 3,000 shares 15,000 Paid-in capital in excess of par-common stock 4,000 Retained earnings 35,000 Prepare the stockholders equity section of the balance sheet.
STOCKHOLDERS EQUITY SECTION After closing its books on December 31, Mel Brothers stockholders equity accounts have the following balances: Common stock subscriptions receivable 6,000 Common stock, 6 par, 15,000 shares 90,000 Preferred stock, 10 par, 8%, 10,000 shares 100,000 Common stock subscribed, 6 par, 5,000 shares 30,000 Retained earnings 50,000 Prepare the stockholders equity section of the balance sheet.
Preferred Dividends Eastern Inc.s equity includes 8%, $25 par preferred stock. There are 100,000 shares authorized and 45,000 shares outstanding. Assume that Eastern declares and pays preferred dividends quarterly. Required: Prepare the journal entry to record declaration of one quarterly dividend. Prepare the journal entry to record payment of the one quarterly dividend.
Reporting Stockholders Equity Using the following accounts and balances, prepare the Stockhalders' Equity section of the balance sheet using Method 1 of Exhibit 8. 50,000 shares of common stock authorized, and 2,000 shares have been reacquired. Comman Stock, $sa0 par $3,200,000 Paid-In Capital from Sale of Treasury Stock Paid-in Capital in Excess of Par-Common Stock 64,000 440,000 Retained Earnings 1,728,000 Treasury Stock 42,000 Stockholders' Equity Paid-In Capital: Common Stock, S80 Par 3200,000 Excess over par 440,000 Treasury Stock From Sale of Treasury Stock 64.000 Total Paid-in Capital 3,704.000 Retained Eamings Total Treasury Stock Total Stockholders' Equity
Reporting Stockholders' Equity Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 80,000 shares of common stock authorized, and 4,000 shares have been reacquired. Common Stock, $70 par $3,360,000 Paid-In Capital from Sale of Treasury Stock 168,000 Paid-In Capital in Excess of Par-Common Stock 432,000 Retained Earnings 1,982,000 Treasury Stock 94,000 Stockholders' Equity Paid-in capital: Total Paid-In Capital Total Stockholders' Equity 69 %24
Reporting Stockholders' Equity Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 90,000 shares of common stock authorized, and 4,000 shares have been reacquired. Common Stock, $50 par $3,600,000 Paid-In Capital from Sale of Treasury Stock 72,000 Paid-In Capital in Excess of Par—Common Stock 864,000 Retained Earnings 1,728,000 Treasury Stock 50,000 cash/common stock, $50 per/treasury stock/retained earnings/excess over par/paid in capital, common stock/ Stockholders' Equity Paid-In Capital: $ $ Total Paid-in Capital $ Total $ Total Stockholders' Equity $
Reporting Stockholders' Equity Using the following accounts and balances, prepare the "Stockholders' Equity" section of the balance sheet. 70,000 shares of common stock authorized, and 2,000 shares have been reacquired. Common Stock, $30 par Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Stockholders' Equity Paid-in capital: Balance Sheet Paid-in capital, common stock Total paid-in capital Total Total stockholders' equity $1,260,000 76,000 336,000 743,000 37,000
Reporting StocknolderS Equity Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Two hundred thousand shares of common stock are authorized. and 5,000 shares have been reacquired. Common Stock, $3 par $270,000 Paid-In Capital from Sale of Treasury Stock 62,000 Paid-In Capital in Excess of Par-Common Stock 1,196,000 Retained Earnings 7,430,000 Treasury Stock 230,000 Stockholders' Equity Paid-in capital: Total Paid-In Capital Total Stockholders' Equity 0000 00 00 64
Reporting Stockholders' Equity Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Five hundred thousand shares of common stock are authorized, and 35,000 shares have been reacquired. Common Stock, $120 par $25,500,000 Paid-In Capital from Sale of Treasury Stock 4,074,000 Paid-In Capital in Excess of Par-Common Stock 7,230,000 Retained Earnings 47,101,000 Treasury Stock 3,920,000 Stockholders' Equity Paid-in capital: Total Paid-In Capital Total Stockholders' Equity %24
Statement of Stockholders' Equity The stockholders’ equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 20Y9, are as follows. COMMON STOCK Jan. 1 Balance 1,200,000 Apr. 14 Issued 18,600 shares 558,000 Dec. 31 Balance 1,758,000 PAID-IN CAPITAL IN EXCESS OF PAR Jan. 1 Balance 192,000 Apr. 14 Issued 18,600 shares 130,200 Dec. 31 Balance 322,200 TREASURY STOCK Aug. 7 Purchased 3,100 shares 86,800 RETAINED EARNINGS Mar. 31 Dividend 31,000 Jan. 1 Balance 2,090,000 June. 30 Dividend 31,000 Dec. 31 Closing Sept. 30 Dividend 31,000 (Net income) 314,000 Dec. 31 Dividend 31,000 Dec. 31 Balance 2,280,000 Prepare a statement of stockholders’ equity for the year ended December 31, 20Y9. If an amount box does not require an entry, leave it blank. Also, if an amount reduces Stockholders' Equity, then add "minus" sign. I-Cards Inc.Statement of Stockholders' EquityFor the Year Ended…

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