Question

In: Accounting

On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts. Common...

On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.

Common stock, $1 par, 253,000 shares issued $ 253,000
Paid-in capital–excess of par, common 506,000
Paid-in capital–excess of par, preferred 115,000
Preferred stock, $100 par, 11,500 shares outstanding 1,150,000
Retained earnings 2,300,000
Treasury stock, at cost, 5,300 shares 26,500


During 2021, Fascom Inc. had several transactions relating to common stock.

January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.3 per share, fair value $9.15 per share).
February 17: Distributed the property dividend.
April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Fascom chose to reduce Paid-in capital—excess of par.) The fair value of the stock was $4 on this date.
July 18: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share.
December 1: Declared a 50 cents per share cash dividend on the outstanding common shares.
December 20: Paid the cash dividend.


Required:
Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $530,000 for 2021. (Negative amounts should be entered with a minus sign.)

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 252,000 shares issued $ 252,000 Paid-in capital—excess of par, common 504,000 Paid-in capital—excess of par, preferred 110,000 Preferred stock, $100 par, 11,000 shares outstanding 1,100,000 Retained earnings 2,200,000 Treasury stock, at cost, 5,200 shares 26,000 During 2021, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value...
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2021, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 257,000 shares issued $ 257,000 Paid-in capital—excess of par, common 514,000 Paid-in capital—excess of par, preferred 135,000 Preferred stock, $100 par, 13,500 shares outstanding 1,350,000 Retained earnings 2,700,000 Treasury stock, at cost, 5,700 shares 28,500 During 2021, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value...
On January 1, 2016, Fascom had the following account balances in its shareholders' equity accounts.   Common...
On January 1, 2016, Fascom had the following account balances in its shareholders' equity accounts.   Common stock, $1 par, 247,000 shares issued 247,000   Paid-in capital - excess of par, common 494,000   Paid-in capital - excess of par, preferred 165,000   Preferred stock, $100 par, 16,500 shares outstanding 1,650,000   Retained earnings 3,300,000   Treasury stock, at cost, 4,700 shares 23,500 During 2016, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company...
On January 1, 2017, Fascom had the following account balances in its shareholders' equity accounts. Common...
On January 1, 2017, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued 250,000 Paid-in capital–excess of par, common 500,000 Paid-in capital–excess of par, preferred 100,000 Preferred stock, $100 par, 10,000 shares issued 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2017, Fascom Inc. had several transactions relating to common stock. January 15: Bought for retirement 10,000 common shares at $ 5 per share. February 17: Sold...
Crane Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2021:...
Crane Rental Corporation had the following balances in its shareholders' equity accounts at January 1, 2021: Accumulated other comprehensive income (loss) $ (25,000 ) Contributed surplus—reacquisition of common shares 564,000 Retained earnings 1,580,000 Common shares (32,000 shares) 736,000 Crane had the following transactions and events during 2021: Feb. 2 Repurchased 900 shares for $44,100. Apr. 17 Declared and paid cash dividends of $80,000. Oct. 29 Issued 2,300 shares for $92,000 cash. Dec. 31 Reported comprehensive income of $384,000, which included...
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 248,000 shares issued 248,000 Paid-in capital - excess of par, common 496,000 Paid-in capital - excess of par, preferred 160,000 Preferred stock, $100 par, 16,000 shares outstanding 1,600,000 Retained earnings 3,200,000 Treasury stock, at cost, 4,800 shares 24,000 During 2018, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown...
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 240,000 shares issued 240,000 Paid-in capital - excess of par, common 480,000 Paid-in capital - excess of par, preferred 200,000 Preferred stock, $100 par, 20,000 shares outstanding 2,000,000 Retained earnings 4,000,000 Treasury stock, at cost, 4,000 shares 20,000 During 2018, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown...
On January 1, 2015, Thomson Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2015, Thomson Inc. had the following account balances in its shareholders' equity accounts.                                                 Common stock, $1 par, 250,000 shares issued of                         which 3,000 Shares being held as treasury stock             $250,000                           Paid-in capital excess of par, common                               500,000                           Preferred stock, $100 par, 10,000 shares outstanding      1,000,000                         Paid-in capital excess of par, preferred                               100,000                         Retained earnings                                                             2,000,000                         Treasury stock, at cost, 3,000 shares                                    15,000                                                                        ...
On January 1, 2016, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2016, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 250,000 shares issued 250,000 Paid-in capital—excess of par, common 500,000 Paid-in capital—excess of par, preferred 100,000 Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2016, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10...
On January 1, 2017, Thomson Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2017, Thomson Inc. had the following account balances in its shareholders' equity accounts. ​​ ​​Common stock, $1 par, 350,000 shares issued of which 20,000 Shares being held as treasury stock $350,000​ ​​Paid-in capital excess of par, common​   500,000​ ​​Preferred stock, $100 par, 10,000 shares outstanding 1,000,000​ Paid-in capital excess of par, preferred ​   100,000​ ​​Retained earnings​   2,000,000​ ​​Treasury stock, at cost, 20,000 shares​   60,000​ ​​   During 2017, Thomson Inc. had several transactions relating to common stock. 2/10...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT