Question
In: Accounting
On December 31, 2021, Jons Company had 1,300,000 shares of $5 par common stock issued and...
On December 31, 2021, Jons Company had 1,300,000 shares of $5 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here.
Prepare a stockholders' equity section.
| Common Stock | $6,500,000 | |
| Additional Paid-in Capital | 1,800,000 | |
| Retained Earnings | 1,200,000 |
Transactions during 2022 and other information related to stockholders' equity accounts were as follows.
- 1. On January 10, issued at $107 per share 120,000 shares of $100 par value, 9% cumulative preferred stock.
- 2. On February 8, reacquired 15,000 shares of its common stock for $11 per share.
- 3. On May 9, declared the yearly cash dividend on preferred stock, payable June 10, to stockholders of record on May 31.
- 4. On June 8, declared a cash dividend of $1.20 per share on the common stock outstanding, payable on July 10 to stockholders of record on July 1.
- 5. Net income for 2022 was $3,600,000.
Instructions
a. Record the journal entries that are required for items 1–5 above.
| Tot. stockholders' equity | $23,153,000 |
b. Prepare the stockholders' equity section of Jons' balance sheet at December 31, 2022.
All I need you to do is complete the Stockholder's Equity section (Partial Balance Sheet) Thank you.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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On December 31, 2021, Oriole Company had 1,365,000 shares of $5 par common stock issued and...
On December 31, 2021, Oriole Company had 1,365,000 shares of $5
par common stock issued and outstanding. At December 31, 2021,
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Common Stock
$6,825,000
Additional Paid-in Capital
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Retained Earnings
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stockholders’ equity accounts were as follows.
1.
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On February 8, reacquired 13,900 shares of its...
On December 31, 2021, Oriole Company had 1,365,000 shares of $5 par common stock issued and...
On December 31, 2021, Oriole Company had 1,365,000 shares of $5
par common stock issued and outstanding. At December 31, 2021,
stockholders’ equity had the amounts listed here.
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Additional Paid-in Capital
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Retained Earnings
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Transactions during 2022 and other information related to
stockholders’ equity accounts were as follows.
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