The following data are from the accounts of Color Corp. at December 31, 2020 Retained earnings,...

The following data are from the accounts of Color Corp. at December 31, 2020

Retained earnings, beginning balance--------------------------------------------------------- $900,000

Common stock, $____ par, 100,000 shares authorized, 50,000 shares issued -----------------1,000,000

Treasury stock, 1,000 shares --------------------------------------------------------------------20,000

Paid-in capital in excess of par – Common stock ---------------------------------------------400,000

Bonds Payable ----------------------------------------------------------------------------------200,000

Net income for 2020 (not included in retained earnings above)-----------------------------190,000

Dividends declared and paid during 2020 (not included in retained earnings above)-------80,000

Required:

Determine the value of the following items. Type/write your response after each item where indicated.
1. Total retained earnings at end of 2020
2. Total stockholders’ equity
3. Average original selling price per share
4. Par value per share of common stock
5. Cost per share of treasury stock
6. Number of shares of common stock outstanding

Prepare the stockholders’ equity section of the balance sheet at December 31, 2020

Expert Solution

ekkarill92 answered 2 years ago

The following data were taken from the SFP accounts of Bramble Corporation on December 31, 2020:...

The following data were taken from the SFP accounts of Bramble Corporation on December 31, 2020: Current assets $ 1,035,000 FV-NI investments 842,000 Common shares (unlimited authorized, 590,000 shares issued and outstanding) 6,490,000 Contributed surplus 360,000 Retained earnings 1,790,000 A 8% stock dividend is declared at their fair value and distributed at a time when the shares’ fair value is $51 per share. Prepare the required journal entries. (Credit account titles are automatically indented when the amount is entered. Do...

What is the amount of retained earnings at December 31, 2019?

Obrien Industries began 2019 with retained earnings balance of $735,000. During 2019, the firm earned $280,000 after taxes. From this amount, preferred stock holders were paid $42,000 in dividends and common stock dividends were $175,000. What is the amount of retained earnings at December 31, 2019?

Following are selected balance sheet accounts of Windsor Bros. Corp. at December 31, 2020 and 2019,...

Following are selected balance sheet accounts of Windsor Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets 2020 2019 Increase (Decrease) Accounts receivable $34,100 $23,900 $10,200 Property, plant, and equipment 276,600 247,300 29,300 Accumulated depreciation—plant assets (179,700 ) (165,400 ) (14,300 ) Liabilities and stockholders’ equity 2020...

Following are selected balance sheet accounts of Pharoah Bros. Corp. at December 31, 2020 and 2019,...

Following are selected balance sheet accounts of Pharoah Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets 2020 2019 Increase (Decrease) Accounts receivable $34,100 $23,900 $10,200 Property, plant, and equipment 277,700 247,800 29,900 Accumulated depreciation—plant assets (176,500 ) (168,200 ) (8,300 ) Liabilities and stockholders’ equity 2020...

The following are Flounder Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with...

The following are Flounder Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS 2020 2019 Increase (Decrease) Cash $822,600 $700,100 $122,500 Accounts receivable 1,139,300 1,157,900 (18,600 ) Inventory 1,835,600 1,726,700 108,900 Property, plant, and equipment 3,276,300 2,980,900 295,400 Accumulated depreciation (1,165,600 ) (1,047,400 ) (118,200 ) Investment in Myers Co. 312,200 272,500 39,700 Loan receivable 251,900 — 251,900 Total assets $6,472,300 $5,790,700 $681,600 Accounts...

Following are selected balance sheet accounts of Sheridan Bros. Corp. at December 31, 2020 and 2019,...

Following are selected balance sheet accounts of Sheridan Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets 2020 2019 Increase (Decrease) Accounts receivable $34,000 $24,100 $9,900 Property, plant, and equipment 278,500 249,400 29,100 Accumulated depreciation—plant assets (176,300 ) (168,400 ) (7,900 ) Liabilities and stockholders’ equity 2020...

Following are selected balance sheet accounts of Headland Bros. Corp. at December 31, 2020 and 2019,...

Following are selected balance sheet accounts of Headland Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets 2020 2019 Increase (Decrease) Accounts receivable $33,800 $23,900 $9,900 Property, plant, and equipment 278,600 247,600 31,000 Accumulated depreciation—plant assets (177,600 ) (165,700 ) (11,900 ) Liabilities and stockholders’ equity 2020...

The following are Waterway Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with...

The following are Waterway Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020. COMPARATIVE BALANCE SHEETS 2020 2019 Increase (Decrease) Cash $807,900 $696,100 $111,800 Accounts receivable 1,130,100 1,166,300 (36,200 ) Inventory 1,850,400 1,707,300 143,100 Property, plant, and equipment 3,324,100 2,995,100 329,000 Accumulated depreciation (1,163,100 ) (1,032,700 ) (130,400 ) Investment in Myers Co. 308,700 277,600 31,100 Loan receivable 250,800 — 250,800 Total assets $6,508,900 $5,809,700 $699,200 Accounts...

The following data are taken from the records of Alee Company. December 31, 2020 December 31,...

The following data are taken from the records of Alee Company. December 31, 2020 December 31, 2019 Cash $ 15,000 $ 8,000 Current assets other than cash 85,000 60,000 Long-term debt investments 10,000 53,000 Plant assets 335,000 215,000 $445,000 $336,000 Accumulated depreciation $ 20,000 $ 40,000 Current liabilities 40,000 22,000 Bonds payable 75,000 –0– Common stock 254,000 254,000 Retained earnings 56,000 20,000 $445,000 $336,000 Additional information: Held-to-maturity debt securities carried at a cost of $43,000 on December 31, 2019, were...

The following list of accounts is taken from the December 31, 2020, unadjusted trial balance of...

The following list of accounts is taken from the December 31, 2020, unadjusted trial balance of Perdu Sales, a business that is owned by Eldon Perdu. Debit Credit Cash $ 8,000 Merchandise inventory 9,800 Prepaid selling expense 8,000 Store equipment 40,000 Accumulated depreciation, store equipment $ 9,800 Accounts payable 14,840 Salaries payable 0 Eldon Perdu, capital 25,360 Eldon Perdu, withdrawals 3,600 Sales 858,000 Sales returns and allowances 33,000 Sales discounts 8,000 Cost of goods sold 431,000 Sales salaries expense 94,000...

Question