FINANCIAL+MANG.-W/ACCESS PRACTICE SET
13th Edition
ISBN: 9781337575614
Author: WARREN
Publisher: CENGAGE L
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Chapter 11, Problem 11.18EX
To determine
Stockholders’ Equity Section: It is refers to the section of the
To list: The identified errors in the stockholders’ equity section of the balance sheet.
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Stockholders' Equity Section of Balance Sheet
The following Stockholders' Equity section of the balance sheet prepared as of the end of the current year contains errors.
Stockholders’ Equity
Paid-in capital:
Preferred 2% stock, $80 par (125,000 shares authorized and issued)
$10,000,000
Excess of issue price over par
500,000
Paid-in capital, preferred stock
$10,500,000
Retained earnings
96,700,000
Treasury stock (75,000 shares at cost)
1,755,000
Dividends payable
430,000
Total paid-in capital
$109,385,000
Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued)
17,655,000
Organizing costs
300,000
Total stockholders' equity
$127,340,000
Prepare a corrected Stockholders' Equity section.
Stockholders' Equity
Paid-In Capital:
$fill in the blank 2
fill in the blank 4
$fill in the blank 6
$fill in the blank 8
fill in the blank 10
fill in the blank 12
Total paid in…
List the errors in the following Stockholders' Equity section of the balance sheet prepared
as of the end of the current year:
Stockholders' Equity
Paid-in capital:
Preferred 2% stock, $80 par (125,000 shares
authorized and issued)....
Excess of issue price over par.
Retained earnings....
Treasury stock (75,000 shares at cost)
Dividends payable...
Total paid-in capital
$10,000,000
$ 10,500,000
96,700,000
500,000
1,755,000
430,000
$ 109,385,000
Common stock, $20 par (1,000,000 shares authorized,
825,000 shares issued).....
17,655,000
Organizing costs ....
Total stockholders'equity..
300,000
$127,340,000
... ...
Statement of Stockholders' Equity
The stockholders’ equity T accounts of I-Cards Inc. for the year ended December 31, 20Y9, are as follows.
Common Stock
Jan. 1
Balance
900,000
Apr. 14
Issued
13,200 shares
396,000
Dec. 31
Balance
1,296,000
Paid-In Capital in Excess of Par
Jan. 1
Balance
144,000
Apr. 14
Issued
13,200 shares
92,400
Dec. 31
Balance
236,400
Treasury Stock
Aug. 7
Purchased
2,200 shares
61,600
Retained Earnings
Mar. 31
Dividend
23,000
Jan. 1
Balance
1,570,000
June. 30
Dividend
23,000
Dec. 31
Closing
Sept. 30
Dividend
23,000
(Net income)
236,000
Dec. 31
Dividend
23,000
Dec. 31
Balance
1,714,000
Prepare a statement of stockholders’ equity for the year ended December 31, 20Y9. If an amount is zero or an entry is not required, leave the box blank.
Chapter 11 Solutions
FINANCIAL+MANG.-W/ACCESS PRACTICE SET
Ch. 11 - Of two corporations organized at approximately the...Ch. 11 - A stockbroker advises a client to buy preferred...Ch. 11 - A corporation with both preferred stock and common...Ch. 11 - An owner of 2,500 shares of Simmons Company common...Ch. 11 - Prob. 5DQCh. 11 - A corporation reacquires 60,000 shares of its own...Ch. 11 - The treasury stock in Discussion Question 7 is...Ch. 11 - What are the three classifications of restrictions...Ch. 11 - Prob. 9DQCh. 11 - Prob. 10DQ
Ch. 11 - Dividends per share National Furniture Company has...Ch. 11 - Dividends per share Zero Calories Company has...Ch. 11 - Entries for issuing stock On August 26, Mountain...Ch. 11 - Entries for issuing stock On January 22, Zentric...Ch. 11 - Entries for cash dividends The declaration,...Ch. 11 - Prob. 11.3BPECh. 11 - Entries for stock dividends Olde Wine Corporation...Ch. 11 - Entries for stock dividends Antique Buggy...Ch. 11 - Entries for treasury stock On January 31,...Ch. 11 - Entries for treasury stock On May 27, Hydro...Ch. 11 - Reporting stockholders equity Using the fallowing...Ch. 11 - Reporting stockholders equity Using the following...Ch. 11 - Retained earnings statement Rockwell Inc. reported...Ch. 11 - Retained earnings statement None Cruises Inc....Ch. 11 - Earnings per share Financial statement data for...Ch. 11 - Earnings per share Financial statement data for...Ch. 11 - Dividends per share Triple Z Inc., a developer of...Ch. 11 - Dividends per share Lightfoot Inc., a software...Ch. 11 - Entries for issuing par stock On April 20,...Ch. 11 - Entries for issuing no-par stock On May 15, Helena...Ch. 11 - Issuing stock for assets other than cash On July...Ch. 11 - Selected stock transactions Alpha Sounds Corp., an...Ch. 11 - Issuing stock Willow Creek Nursery, with an...Ch. 11 - Prob. 11.8EXCh. 11 - Entries for cash dividends The declaration,...Ch. 11 - Entries for stock dividends Senior Life Co. Is an...Ch. 11 - Treasury stock transactions Mystic Lake Inc....Ch. 11 - Prob. 11.12EXCh. 11 - Prob. 11.13EXCh. 11 - Reporting paid-in capital The following accounts...Ch. 11 - Stockholders Equity section of balance sheet The...Ch. 11 - Stockholders Equity section of balance sheet...Ch. 11 - Prob. 11.17EXCh. 11 - Prob. 11.18EXCh. 11 - Prob. 11.19EXCh. 11 - Prob. 11.20EXCh. 11 - Effect of cash dividend and stock split Indicate...Ch. 11 - Selected dividend transactions, stock split...Ch. 11 - Prob. 11.23EXCh. 11 - Prob. 11.24EXCh. 11 - Prob. 11.25EXCh. 11 - Dividends on preferred and common stock Sunbird...Ch. 11 - Stock transactions for corporate expansion On...Ch. 11 - Selected stock transactions The following selected...Ch. 11 - Entries for selected corporate transactions Morrow...Ch. 11 - Entries for selected corporate transactions...Ch. 11 - Prob. 11.1BPRCh. 11 - Stock transaction for corporate expansion Pulsar...Ch. 11 - Selected stock transactions Diamondback Welding ...Ch. 11 - Prob. 11.4BPRCh. 11 - Prob. 11.5BPRCh. 11 - Prob. 11.1CPCh. 11 - Prob. 11.2CPCh. 11 - Issuing stock Epstein Engineering Inc. began...Ch. 11 - Prob. 11.4CPCh. 11 - Prob. 11.5CP
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