On January 1, 2022, Tamarisk, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,900,000...
On January 1, 2022, Tamarisk, Inc. had these stockholders’
equity balances.
| Common Stock, $1 par (2,900,000 shares authorized, 655,000 shares issued and outstanding) | $655,000 | |
| Paid-in Capital in Excess of Par Value | 1,590,000 | |
| Retained Earnings | 683,000 | |
| Accumulated Other Comprehensive Income | 60,000 |
During 2022, the following transactions and events
occurred.
| 1. | Issued 55,000 shares of $1 par value common stock for $2 per share. | |
| 2. | Issued 59,500 shares of common stock for cash at $6 per share. | |
| 3. | Purchased 21,100 shares of common stock for the treasury at $3.20 per share. | |
| 4. | Declared and paid a cash dividend of $116,000. | |
| 5. | Earned net income of $422,000. | |
| 6. | Had other comprehensive income of $18,800. |
Prepare the stockholders’ equity section of the balance sheet at
December 31, 2022.
|
TAMARISK, INC. |
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|---|---|---|---|
| select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital | |||
| select an opening subsection name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital | |||
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enter a balance sheet item |
$enter a dollar amount |
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| select a name of the subordinate part of this subsection Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital | |||
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enter a balance sheet item |
enter a dollar amount |
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| select a closing subsection name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital |
enter a total amount for this subsection |
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enter a balance sheet item |
enter a dollar amount |
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| select a summarizing line for this part of the statement Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital |
enter a subtotal amount for this part of the statement |
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| enter a balance sheet item |
enter a dollar amount |
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select between addition and deduction AddLess: enter a balance sheet item |
enter a dollar amount |
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| select a closing section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders’ EquityTotal Additional Paid-in Capital |
$enter a total amount for this section |
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Homework Answers
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On January 1, 2022, Tamarisk, Inc. had these stockholders’
equity balances.
Common Stock, $1 par (2,900,000...
On January 1, 2022, Tamarisk, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,900,000...
On January 1, 2022, Tamarisk, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,900,000 shares authorized, 655,000 shares issued and outstanding) $655,000 Paid-in Capital in Excess of Par Value 1,590,000 Retained Earnings 683,000 Accumulated Other Comprehensive Income 60,000 During 2022, the following transactions and events occurred. 1. Issued 55,000 shares of $1 par value common stock for $2 per share. 2. Issued 59,500 shares of common stock for cash at $6 per share. 3. Purchased 21,100 shares of...
The stockholders’ equity accounts of Pronghorn Corp. on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Pronghorn Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,250 shares authorized) $255,000 Common Stock ($3 stated value, 350,000 shares authorized) 875,000 Paid-in Capital in Excess of Par Value—Preferred Stock 12,750 Paid-in Capital in Excess of Stated Value—Common Stock 560,000 Retained Earnings 686,000 Treasury Stock (4,250 common shares) 34,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 5,440 shares...
Cheyenne Corp. has issued 91,000 shares of $5 par value common stock. It was authorized 499,000...
Cheyenne Corp. has issued 91,000 shares of $5 par value common
stock. It was authorized 499,000 shares. The paid-in capital in
excess of par value on the common stock is $264,000. The
corporation has reacquired 6,700 shares at a cost of $55,000 and is
currently holding those shares. It also had accumulated other
comprehensive income of $67,000.
The corporation also has 1,700 shares issued and outstanding of 8%,
$104 par value preferred stock. It was authorized 10,900 shares.
The paid-in...
Whispering Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par...
Whispering Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders’ equity. Preferred Stock, 148,200 shares $ 2,964,000 Common Stock, 1,991,000 shares 9,955,000 Paid-in Capital in Excess of Par—Preferred Stock 207,000 Paid-in Capital in Excess of Par—Common Stock 26,478,000 Retained Earnings 4,495,000 The following transactions affected stockholders’ equity during 2021. Jan. 1 29,200 shares of preferred stock issued at $23 per share. Feb....
On January 1, 2020, Crane Corporation had the following stockholders’ equity accounts. Common Stock (no par...
On January 1, 2020, Crane Corporation had the following
stockholders’ equity accounts.
Common Stock (no par value, 91,000 shares issued and
outstanding)
$1,385,000
Retained Earnings
546,000
During the year, the following transactions occurred.
Feb. 1
Declared a $1 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
Apr. 1
Announced a 3-for-1 stock split. Prior to the split, the market
price per share was $37.
July 1...
Grouper Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5 par...
Grouper Company had the following stockholders’ equity as of January 1, 2020. Common stock, $5 par value, 18,700 shares issued $93,500 Paid-in capital in excess of par—common stock 301,000 Retained earnings 323,000 Total stockholders’ equity $717,500 During 2020, the following transactions occurred. Feb. 1 Grouper repurchased 1,830 shares of treasury stock at a price of $19 per share. Mar. 1 740 shares of treasury stock repurchased above were reissued at $17 per share. Mar. 18 490 shares of treasury stock...
Problem 11-03A (Part 2) On December 31, 2021, Cullumber Company had 1,290,000 shares of $6 par...
Problem 11-03A (Part 2)
On December 31, 2021, Cullumber Company had 1,290,000 shares of
$6 par common stock issued and outstanding. At December 31, 2021,
stockholders’ equity had the amounts listed here.
Common Stock
$7,740,000
Additional Paid-in Capital
1,760,000
Retained Earnings
1,235,000
Transactions during 2022 and other information related to
stockholders’ equity accounts were as follows.
1.
On January 10, issued at $106 per
share 125,000 shares of $104 par value, 8% cumulative preferred
stock.
2.
On February 8, reacquired...
Exercise 15-17 Metlock Corporation’s post-closing trial balance at December 31, 2020, is shown as follows. METLOCK...
Exercise 15-17
Metlock Corporation’s post-closing trial balance at December 31,
2020, is shown as follows.
METLOCK CORPORATION
POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2020
Dr.
Cr.
Accounts payable
$ 307,700
Accounts receivable
$ 492,000
Accumulated depreciation—buildings
189,000
Additional paid-in capital in excess
of par—common
1,386,000
From treasury stock
161,000
Allowance for doubtful accounts
29,000
Bonds payable
319,000
Buildings
1,496,000
Cash
188,000
Common stock ($1 par)
202,000
Dividends payable (preferred stock—cash)
4,300
Inventory
609,000
Land
380,000
Preferred stock ($50 par)
450,000
Prepaid...
Problem 15-03 Nash Company has two classes of capital stock outstanding: 8%, $20 par preferred and...
Problem 15-03
Nash Company has two classes of capital stock outstanding: 8%,
$20 par preferred and $5 par common. At December 31, 2020, the
following accounts were included in stockholders’ equity.
Preferred Stock, 148,200 shares
$ 2,964,000
Common Stock, 1,991,000 shares
9,955,000
Paid-in Capital in Excess of Par—Preferred Stock
207,000
Paid-in Capital in Excess of Par—Common Stock
26,478,000
Retained Earnings
4,495,000
The following transactions affected stockholders’ equity during
2021.
Jan. 1
29,200 shares of preferred stock issued at $23 per...
Concord Corporation sold $2,950,000, 9%, 5-year bonds on January 1, 2022. The bonds were dated January...
Concord Corporation sold $2,950,000, 9%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 103. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and...
Cheyenne Corp. has issued 91,000 shares of $5 par value common
stock. It was authorized 499,000 shares. The paid-in capital in
excess of par value on the common stock is $264,000. The
corporation has reacquired 6,700 shares at a cost of $55,000 and is
currently holding those shares. It also had accumulated other
comprehensive income of $67,000.
The corporation also has 1,700 shares issued and outstanding of 8%,
$104 par value preferred stock. It was authorized 10,900 shares.
The paid-in...
On January 1, 2020, Crane Corporation had the following
stockholders’ equity accounts.
Common Stock (no par value, 91,000 shares issued and
outstanding)
$1,385,000
Retained Earnings
546,000
During the year, the following transactions occurred.
Feb. 1
Declared a $1 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
Apr. 1
Announced a 3-for-1 stock split. Prior to the split, the market
price per share was $37.
July 1...
Problem 11-03A (Part 2)
On December 31, 2021, Cullumber Company had 1,290,000 shares of
$6 par common stock issued and outstanding. At December 31, 2021,
stockholders’ equity had the amounts listed here.
Common Stock
$7,740,000
Additional Paid-in Capital
1,760,000
Retained Earnings
1,235,000
Transactions during 2022 and other information related to
stockholders’ equity accounts were as follows.
1.
On January 10, issued at $106 per
share 125,000 shares of $104 par value, 8% cumulative preferred
stock.
2.
On February 8, reacquired...
Exercise 15-17
Metlock Corporation’s post-closing trial balance at December 31,
2020, is shown as follows.
METLOCK CORPORATION
POST-CLOSING TRIAL BALANCE
DECEMBER 31, 2020
Dr.
Cr.
Accounts payable
$ 307,700
Accounts receivable
$ 492,000
Accumulated depreciation—buildings
189,000
Additional paid-in capital in excess
of par—common
1,386,000
From treasury stock
161,000
Allowance for doubtful accounts
29,000
Bonds payable
319,000
Buildings
1,496,000
Cash
188,000
Common stock ($1 par)
202,000
Dividends payable (preferred stock—cash)
4,300
Inventory
609,000
Land
380,000
Preferred stock ($50 par)
450,000
Prepaid...
Problem 15-03
Nash Company has two classes of capital stock outstanding: 8%,
$20 par preferred and $5 par common. At December 31, 2020, the
following accounts were included in stockholders’ equity.
Preferred Stock, 148,200 shares
$ 2,964,000
Common Stock, 1,991,000 shares
9,955,000
Paid-in Capital in Excess of Par—Preferred Stock
207,000
Paid-in Capital in Excess of Par—Common Stock
26,478,000
Retained Earnings
4,495,000
The following transactions affected stockholders’ equity during
2021.
Jan. 1
29,200 shares of preferred stock issued at $23 per...
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