Question
In: Accounting
The stockholders’ equity accounts of Bramble Corp. on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Bramble Corp. on January 1,
2017, were as follows.
| Preferred Stock (7%, $100 par noncumulative, 4,200 shares authorized) | $252,000 | |
| Common Stock ($5 stated value, 300,000 shares authorized) | 1,250,000 | |
| Paid-in Capital in Excess of Par Value—Preferred Stock | 12,600 | |
| Paid-in Capital in Excess of Stated Value—Common Stock | 480,000 | |
| Retained Earnings | 688,500 | |
| Treasury Stock (4,200 common shares) | 33,600 |
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
| Feb. | 1 | Issued 4,730 shares of common stock for $33,110. | |
| Mar. | 20 | Purchased 1,050 additional shares of common treasury stock at $8 per share. | |
| Oct. | 1 | Declared a 7% cash dividend on preferred stock, payable November 1. | |
| Nov. | 1 | Paid the dividend declared on October 1. | |
| Dec. | 1 | Declared a $0.40 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. | |
| Dec. | 31 | Determined that net income for the year was $283,900. Paid the dividend declared on December 1. |
A. Enter the beginning balances in the accounts and post the journal entries to the stockholders’ equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.)
B Prepare the stockholders’ equity section of the balance sheet at December 31, 2017.
C. Calculate the payout ratio, earnings per share, and return on common stockholders’ equity. (Round earning per share to 2 decimal places, e.g. $2.66 and all other answers to 1 decimal place. 17.5%.)
Solutions
ekkarill92 answered 4 months agoRelated Solutions
The stockholders’ equity accounts of Bramble Corp. on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Bramble Corp. on January 1,
2017, were as follows.
Preferred Stock (7%, $100 par noncumulative, 5,000 shares
authorized)
$300,000
Common Stock ($4 stated value, 300,000 shares authorized)
1,000,000
Paid-in Capital in Excess of Par Value—Preferred Stock
15,000
Paid-in Capital in Excess of Stated Value—Common Stock
480,000
Retained Earnings
688,500
Treasury Stock (5,000 common shares)
40,000
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 5,000 shares...
The stockholders’ equity accounts of Bramble Corp. on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Bramble Corp. on January 1,
2017, were as follows.
Preferred Stock (7%, $100 par noncumulative, 14,000 shares
authorized)
$840,000
Common Stock ($4 stated value, 840,000 shares authorized)
2,800,000
Paid-in Capital in Excess of Par Value—Preferred Stock
42,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,344,000
Retained Earnings
1,926,400
Treasury Stock (14,000 common shares)
112,000
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 14,000 shares...
The stockholders’ equity accounts of Bramble Corp. on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Bramble Corp. on January 1,
2022, were as follows. Preferred Stock (7%, $100 par noncumulative,
4,500 shares authorized) $270,000 Common Stock ($4 stated value,
270,000 shares authorized) 900,000 Paid-in Capital in Excess of Par
Value—Preferred Stock 13,500 Paid-in Capital in Excess of Stated
Value—Common Stock 432,000 Retained Earnings 619,200 Treasury Stock
(4,500 common shares) 36,000 During 2022, the corporation had the
following transactions and events pertaining to its stockholders’
equity. Feb. 1 Issued 4,500 shares...
The stockholders’ equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Ayayai Corp. on January 1,
2017, were as follows.
Preferred Stock ( 7%, $ 100 par noncumulative, 4,200
shares authorized)
$ 252,000
Common Stock ($ 3 stated value, 336,000 shares
authorized)
840,000
Paid-in Capital in Excess of Par Value—Preferred Stock
12,600
Paid-in Capital in Excess of Stated Value—Common Stock
537,600
Retained Earnings
691,500
Treasury Stock ( 4,200 common shares)
33,600
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1...
The stockholders’ equity accounts of Whispering Winds Corp. on January 1, 2017, were as follows. Preferred...
The stockholders’ equity accounts of Whispering Winds Corp. on
January 1, 2017, were as follows. Preferred Stock (7%, $100 par
noncumulative, 4,650 shares authorized) $279,000 Common Stock ($5
stated value, 306,000 shares authorized) 1,274,999 Paid-in Capital
in Excess of Par Value—Preferred Stock 13,950 Paid-in Capital in
Excess of Stated Value—Common Stock 489,600 Retained Earnings
699,500 Treasury Stock (4,650 common shares) 37,200 During 2017,
the corporation had the following transactions and events
pertaining to its stockholders’ equity. Feb. 1 Issued 4,860...
The stockholders’ equity accounts of Pina Colada Corp. on January 1, 2017, were as follows. Preferred...
The stockholders’ equity accounts of Pina Colada Corp. on
January 1, 2017, were as follows.
Preferred Stock ( 7%, $ 100 par noncumulative, 4,150
shares authorized)
$ 249,000
Common Stock ($ 5 stated value, 345,000 shares
authorized)
1,437,499
Paid-in Capital in Excess of Par Value—Preferred Stock
12,450
Paid-in Capital in Excess of Stated Value—Common Stock
552,000
Retained Earnings
694,000
Treasury Stock ( 4,150 common shares)
33,200
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb....
The stockholders’ equity accounts of Pina Colada Corp. on January 1, 2017, were as follows. Preferred...
The stockholders’ equity accounts of Pina Colada Corp. on
January 1, 2017, were as follows.
Preferred Stock (7%, $100 par noncumulative, 4,150 shares
authorized)
$249,000
Common Stock ($5 stated value, 345,000 shares authorized)
1,437,499
Paid-in Capital in Excess of Par Value—Preferred Stock
12,450
Paid-in Capital in Excess of Stated Value—Common Stock
552,000
Retained Earnings
694,000
Treasury Stock (4,150 common shares)
33,200
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 4,540...
The stockholders’ equity accounts of Sheffield Corp. on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Sheffield Corp. on January
1, 2022, were as follows.
Preferred Stock (8%, $100 par noncumulative, 5,000 shares
authorized)
$450,000
Common Stock ($10 stated value, 800,000 shares authorized)
1,550,000
Paid-in Capital in Excess of Par Value—Preferred Stock
67,000
Paid-in Capital in Excess of Stated Value —Common Stock
800,000
Retained Earnings
810,000
Treasury Stock (8,400 common shares)
67,200
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Mar
1
Issued 6,000...
The stockholders’ equity accounts of Riverbed Corp on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Riverbed Corp on January 1,
2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 15,000 shares
authorized)
$900,000
Common Stock ($4 stated value, 900,000 shares authorized)
3,000,000
Paid-in Capital in Excess of Par Value—Preferred Stock
45,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,440,000
Retained Earnings
2,064,000
Treasury Stock (15,000 common shares)
120,000
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 15,000 shares...
The stockholders’ equity accounts of Flounder Corp. on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Flounder Corp. on January
1, 2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 7,500 shares
authorized)
$450,000
Common Stock ($4 stated value, 450,000 shares authorized)
1,500,000
Paid-in Capital in Excess of Par Value—Preferred Stock
22,500
Paid-in Capital in Excess of Stated Value—Common Stock
720,000
Retained Earnings
1,032,000
Treasury Stock (7,500 common shares)
60,000
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 7,500 shares...
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