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 ... ...

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 ... ...

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 12RE: Given the following year-end information, compute Greenwood Corporations basic and diluted earnings...

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Given the following year-end information, compute Greenwood Corporations basic and diluted earnings per share. Net income, 15,000 The income tax rate, 30% 4,000 shares of common stock were outstanding the entire year. shares of 10%, 50 par (and issuance price) convertible preferred stock were outstanding the entire year. Dividends of 2,500 were declared on this stock during the year. Each share of preferred stock is convertible into 5 shares of common stock.
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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…
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The year-end balance sheet of Social Systems, Inc. includes the following stockholders’ equity section (with certain details omitted): Stockholders’ equity: 8% cumulative preferred stock, $100 par value, callable at $104, 100,000 shares authorized................................................. $3,200,000 Common stock, $3 par value, 1,000,000 shares authorized................................................................................................. 1,200,000 Additional paid-in capital: Common stock........................................................ 2,800,000 Donated capital............................................................................................... 610,000 Retained earnings............................................................................................ 3,470,000 Total stockholders’…
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