Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Chapter 4, Problem 8E
Statement of stockholders’ equity
Climate
Prepare a statement of stockholders’ equity for the year.
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Climate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal year ended December 31, 20Y2, are as follows:
Prepare a statement of stockholders' equity for the year.
Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year:
What is the total ending balance as reported on the company’s Statement of Stockholder’s Equity?
The following selected accounts an their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2.
Required:
1. Prepare a multiple-step income statement. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required.
2. Prepare a Statement of Stockholders' Equity. Additional common stock of $75,000 was issued during the year ended May 31, 20Y2. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
3. Prepare the Balance Sheet, assuming that the current portion of the note payable is $58,000. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided…
Chapter 4 Solutions
Financial And Managerial Accounting
Ch. 4 - Why do some accountants prepare an end-of-period...Ch. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - Which step of the accounting cycle is optional?Ch. 4 - Prob. 10DQ
Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Prob. 2BECh. 4 - Classified balance sheet The following accounts...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Working capital and current ratio Current assets...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation (FDX) had the...Ch. 4 - Statement of stockholders equity Climate Control...Ch. 4 - Statement of stockholders equity; net loss...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Dynamic Weight Loss Co. offers...Ch. 4 - Balance sheet The following balance sheet was...Ch. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries with net income Automation...Ch. 4 - Closing entries with net loss Summit Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Completing an end-of-period spreadsheet List (a)...Ch. 4 - Appendix 1 Adjustment data on an end-of-period...Ch. 4 - Prob. 22ECh. 4 - Appendix 1 Financial statements from an...Ch. 4 - Appendix 1 Adjusting entries from an end-of-period...Ch. 4 - Prob. 25ECh. 4 - Reversing entry The following adjusting entry for...Ch. 4 - Adjusting and reversing entries On the basis of...Ch. 4 - Adjusting and reversing entries On the basis of...Ch. 4 - Entries posted to wages expense account Portions...Ch. 4 - Entries posted to wages expense account Portions...Ch. 4 - Financial statements and closing entries Beacons...Ch. 4 - Financial statements and closing entries Foxy...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Analyze and compare Amazon.com to Best Buy...Ch. 4 - Analyze and compare Zynga, Electronic Arts, and...Ch. 4 - Analyze and compare Foot Locker and The Finish...Ch. 4 - Analyze Under Armour The following year-end data...Ch. 4 - Prob. 5MADCh. 4 - Analyze and compare Alphabet (Google) and...Ch. 4 - Prob. 1TIFCh. 4 - Your friend, Daniel Nat, recently began work as...Ch. 4 - Prob. 4TIFCh. 4 - Prob. 5TIF
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- Statement of stockholders equity; net loss Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 20Y5, are as follows: Prepare a statement of stockholders equity for the year.arrow_forwardStatement of stockholders equity The stockholders equity T accounts of I-Cards Inc. for the year ended December 31, 20Y9, are as follows. Prepare a statement of stockholders equity for the year ended December 31, 20Y9.arrow_forwardSTOCKHOLDERS EQUITY SECTION After closing its books on December 31, 20--, Jackson Corporations stockholders equity accounts had the following balances: REQUIRED Prepare the stockholders equity section of the balance sheet for Jackson for the year ended December 31, 20--.arrow_forward
- Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year: What is the total ending balance as reported on the companys Statement of Stockholders Equity?arrow_forwardEntries for selected corporate transactions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders equity accounts, with balances on January 1, 20Y6, are as follows: The following selected transactions occurred during the year: Instructions 1. Enter the January 1 balances in T accounts for the stockholders equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of 1,125,000 to the retained earnings account. 3. Prepare a statement of stockholders equity for the year ended December 31, 20Y6. Assume that net income was 1,125,000 for the year ended December 31, 20Y6. 4. Prepare the Stockholders Equity section of the December 31, 20Y6, balance sheet.arrow_forwardDemo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period spreadsheet was prepared for the year ended August 31, 20Y9: Based on the preceding spreadsheet, prepare an income statement, statement of stockholders’ equity, and balance sheet for Demo Consulting. During the year ended August 31, 20Y9, $15,000 of additional common stock was issued.arrow_forward
- Financial statements from the end-of-period spreadsheetDemo Consulting is a consulting firm owned and operated by Jesse Flatt.The following end-ofperiod spreadsheet was prepared for the yearended August S1, 20Y9: Based on the preceding spreadsheet, prepare an income statement,statement of stockholders' equity, and balance sheet for DemoConsulting. During the year ended August 31, 2019, $15,000 of additionalcommon stock was issued.arrow_forwardFinancial statements from the end-of-period spreadsheetTriton Consulting is a consulting firm owned and operated by JaysonNeese. The following end-of-period spreadsheet was prepared for theyear ended April 30, 20Y3: Based on the preceding spreadsheet, prepare an income statement,statement of stockholders' equity, and balance sheet for TritonConsulting. During the year ended April 30, 20Y3, common stock of$5,000 was issued.arrow_forwardEntries for selected corporate transactionsMorrow Enterprises Inc. manufactures bathroom fixtures. The stockholders'equity accounts of Morrow Enterprises Inc., with balances on January 1,20Y5, are as follows: The following selected transactions occurred during the year: Instructions 1. Enter the January 1 balances in T accounts for the stockholders'equity accounts listed. Also prepare T accounts for the following: Paidin Capital from Sale of Treasury Stock: Stock Dividends Distributable;Stock Dividends; Cash Dividends. 2. Journalize the entries to record the totions and post to the eightselected accounts.S. Prepare a retained earnings statement for the year ended December1, 20Y5.4. Prepare the Stockholders' Equity section of the December $1, 20Y5,balance sheet using Method 1 of Exhibit 8.arrow_forward
- The right side of the balance sheet shows the firm’s liabilities and stockholders’ equity. Which of the following best describes shareholders’ equity? Equity is the sum of what the initial stockholders paid when they bought company shares and the earnings that the company has retained over the years. Equity is the difference between the paid-in capital and retained earnings. NOW Inc. released its annual results and financial statements. Grace is reading the summary in the business pages of today’s paper. In its annual report this year, NOW Inc. reported a net income of $136 million. Last year, the company reported a retained earnings balance of $459 million, whereas this year it increased to $540 million. How much was paid out in dividends this year? $4 million $217 million $55 million $280 millionarrow_forwardJosue Fabricating, Inc.s accountant has the following information available to prepare the Statement of Stockholders Equity for the year just ended. What is the total balance on the companys Statement of Stockholders Equity? What is the amount of the contributed capital?arrow_forwardThe income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Brief Exercise 15-20 Calculating the Average Common Stockholders Equity and the Return on Stockholders Equity Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.arrow_forward
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Stockholders Equity: How to Calculate?; Author: Accounting University;https://www.youtube.com/watch?v=2jZk1T5GIlw;License: Standard Youtube License