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In: Accounting
At the beginning of 2021, Saban Corporation’s stockholders’ equity consisted of the following: Common stock, $30...
At the beginning of 2021, Saban Corporation’s stockholders’ equity consisted of the following: Common stock, $30 par value, 50,000 shares authorized, 23,000 shares issued............................................................. $690,000 Paid-In capital in excess of par value common stock.................... 140,000 Retained earnings........................................................................ 130,000 Total stockholders’ equity....................................................... $960,000 1. During the year, the company completed these transactions: June 6 Purchased 2,500 shares of treasury stock at $41 per share. 23 The directors voted a $0.55 per share cash dividend payable on July 25 to the July 20 stockholders of record. July 25 Paid the dividend declared on June 23. Aug. 10 Sold 1,250 of the treasury shares at $45 per share. Oct. 20 Sold 1,250 of the treasury shares at $38 per share. Dec. 15 The directors voted a $0.60 per share cash dividend payable on January 20 to the January 15 stockholders of record, and they voted a 2% stock dividend distributable on January 30 to the January 20 stockholders of record. The market value of the stock was $40 per share. 31 Closed the Income Summary account and carried the company’s $55,000 net income to Retained Earnings. A. Prepare a retained earnings statement for the year and the stockholders’ equity section of the company’s year-end balance sheet.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
At the beginning of January 201X, the stockholders’ equity of Mountain View Corporation consisted of the...
At the beginning of January 201X, the stockholders’ equity of
Mountain View Corporation consisted of the following:
Paid-In Capital
Common Stock, $30 par value, authorized 60,000 shares, 15,000
shares issued and outstanding
$450,000
Paid-In Capital in Excess of Par Value - Common
80,000
Total Paid-In Capital by Common
Stockholders
$530,000
Retained Earning
170,000
Total Stockholders’ Equity
$700,000
Figure 4
1. Record the transactions in general journal form.
2. Prepare the stockholders’ equity section at year-end using
the Blueprint as a...
At the beginning of January 201X, the stockholders’ equity of Mountain View Corporation consisted of the...
At the beginning of January 201X, the stockholders’ equity of
Mountain View Corporation consisted of the following:
Paid-In Capital:
Common Stock, $30 par value, authorized 60,000 shares,
15,000 shares issued and outstanding
$450,000
Paid-In Capital in Excess of Par Value-Common
80,000
Paid-In Capital by Common
Stockholders
$530,000
Retained Earnings
170,000
Total Stockholders’ Equity
$700,000
Figure 8
Tasks:
a. Record the transactions in general journal form.
b. Prepare the stockholders’ equity section at year-end using
the Blueprint as a guide.
c....
On October 31, GRANGER Corporation’s liabilities totalled $201,000. Its shareholders’ equity consisted of 88,900 common shares...
On October 31, GRANGER Corporation’s liabilities totalled $201,000. Its shareholders’ equity consisted of 88,900 common shares issued, $889,000 and retained earnings, $260,000. GRANGER is considering the following three courses of action: (1) paying a $0.50 cash dividend, (2) declaring a 11% stock dividend, or (3) effecting a 3-for-1 stock split. The current market price for its common shares is $15 per share.
Complete the following tabular summary of the effects of the alternative actions on GRANGER’s shareholders’ equity and number...
Stockholders’ Equity: Transactions and Statement The stockholders’ equity section of Night Corporation’s balance sheet at January...
Stockholders’ Equity: Transactions and
Statement
The stockholders’ equity section of Night Corporation’s balance
sheet at January 1 follows:
Common stock, $5 par value, 300,000 shares authorized, 60,000
shares
$300,000
issued, 6,000 shares in treasury
Additional paid-in capital
In excess of par value
$480,000
From treasury stock
30,000
510,000
Retained earnings
348,000
1,158,000
Less: Treasury stock (6,000 shares) at cost
138,000
Total Stockholders’ Equity
$1,020,000
The following transactions affecting stockholders’ equity
occurred during the year:
Jan.
8
Issued 15,000 shares of...
ABC Corporation’s available for sale securities portfolio consisted of the following common stocks. &nb
ABC Corporation’s available for sale securities portfolio
consisted of the following common stocks.
Cost
Fair Value
Paws Corporation
$ 50,000 $
50,000
Ace Inc.
68,000
58,000
Trevor Corporation
81,000
76,400
Instructions: Record any necessary journal
entries assuming the fair value account had a credit balance of
$5,000 prior to this entry.
Income Statement Statement of Stockholders’ Equity Revenues #33 Common stock Retained earnings Expenses: Beginning $300,000 $275,000...
Income Statement
Statement of Stockholders’ Equity
Revenues
#33
Common stock
Retained earnings
Expenses:
Beginning
$300,000
$275,000
Salaries
$325,000
Issuance
#35
Administrative
340,000
Net income
125,000
Utilities
10,000
Dividends
#36
Total expenses
675,000
Ending
$500,000
$350,000
Net income
#34
Balance Sheet
Assets
Liabilities
Cash
$45,000
Accounts payable
$20,000
A/R
55,000
Notes payable
250,000
Supplies
#37
Total liabilities
$270,000
Prepaid rent
3,000
Stockholders’ Equity
Equipment
450,000
Common stock
?
Building
566,800
Retained earnings
?
Total stockholders’ equity
#39
Total assets
#38...
Carl Corporation has the following beginning balances in its stockholders’ equity accounts on January 1: Common...
Carl Corporation has the following beginning balances in its
stockholders’ equity accounts on January 1: Common Stock ($1 Par),
$15,000; Additional Paid-in Capital, $675,000; and Retained
Earnings, $200,000.
Carl has the following transactions affecting stockholders’
equity in the year.
March
1 Issues 6,000 additional
shares of $1 par value common stock for $50 per share.
May
10 Repurchases 1,000
shares of treasury stock for $58 per share.
June
21 Reissues 500 shares of
treasury stock purchased on May 10 for...
Reconciling Common Stock and Treasury Stock Balances Assume this is the stockholders' equity section from the...
Reconciling Common Stock and Treasury Stock Balances
Assume this is the stockholders' equity section from the
Abercrombie & Fitch balance sheet.
Shareholders' Equity (thousands, except par value amounts)
January 28, 2012
January 29, 2011
Class A common stock-$0.01 par value: 150,000 shares authorized
and 104,800shares issues at January 28, 2012, and January 29, 2011,
respectively
$ 1,048
$ 1,048
Paid-in capital
319,451
289,732
Retained earnings
2,051,463
1,646,290
Accumulated other comprehensive income (loss), net of tax
7,118
(994)
Treasury stock at...
Stock dividend Firm Columbia Paper has the following stockholders' equity account. The firm's common stock has...
Stock dividend Firm
Columbia Paper has the following stockholders' equity
account. The firm's common stock has a current market price of
$35per share.
Preferred stock
$110,000
Common stock
(12000shares at $33 par)
36,000
Paid-in capital in excess of par
384,000
Retained earnings
80,000
Total stockholders' equity
$610,000
a. Show the effects on Columbia of a15%stock dividend.
b. In light of your answers to part a,
discuss the effects of stock dividend on stockholders'
equity.
Raphael Corporation’s balance sheet shows the following stockholders’ equity section. Preferred stock—5% cumulative, $___ par value,...
Raphael Corporation’s balance sheet shows the following
stockholders’ equity section. Preferred stock—5% cumulative, $___
par value, 1,000 shares authorized, issued, and outstanding $
70,000 Common stock—$___ par value, 4,000 shares authorized,
issued, and outstanding 180,000 Retained earnings 370,000 Total
stockholders' equity $ 620,000 1. What are the par values of the
corporation’s preferred stock and its common stock? If
no dividends are in arrears at the current date, what is the book
value per share of common stock? If two years’ preferred...
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