On January 1, 2022, Skysong, Inc. had these stockholders’ equity
balances.
Common Stock, $1 par (2,700,000 shares authorized, 705,000 shares issued and outstanding) | $705,000 | |
Paid-in Capital in Excess of Par Value | 1,430,000 | |
Retained Earnings | 684,000 | |
Accumulated Other Comprehensive Income | 47,000 |
During 2022, the following transactions and events occurred.
1. Issued 45,500 shares of $1 par value common stock for $2 per
share.
2. Issued 60,500 shares of common stock for cash at $5 per
share.
3. Purchased 23,700 shares of common stock for the treasury at
$3.30 per share.
4. Declared and paid a cash dividend of $171,500.
5. Earned net income of $385,500.
6. Had other comprehensive income of $16,200.
Prepare the stockholders’ equity section of the balance sheet at
December 31, 2022.
Solution:
On January 1, 2022, Skysong, Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,700,000...
Common Stock, $1 par (2,700,000 shares authorized, 705,000 shares issued and outstanding) $705,000 Paid-in Capital in Excess of Par Value 1,430,000 Retained Earnings 684,000 Accumulated Other Comprehensive Income 47,000 During 2022, the following transactions and events occurred. 1. Issued 45,500 shares of $1 par value common stock for $2 per share. 2. Issued 60,500 shares of common stock for cash at $5 per share. 3. Purchased 23,700 shares of common stock for the treasury at $3.30 per share. 4. Declared...
On January 1, 2022, Sage Hill Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,500,000 shares authorized, 660,000 shares issued and outstanding) $660,000 Paid-in Capital in Excess of Par Value 1,440,000 Retained Earnings 681,000 Accumulated Other Comprehensive Income 47,000 During 2022, the following transactions and events occurred. 1. Issued 46,500 shares of $1 par value common stock for $2 per share. 2. Issued 60,000 shares of common stock for cash at $6 per share. 3. Purchased 22,200 shares...
On January 1, 2022, Larkspur, Inc. had these stockholders’equity balances. Common Stock, $1 par (2,200,000 shares authorized, 675,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income $675,000 1,440,000 703,000 47,000 During 2022, the following transactions and events occurred. 1. Issued 47,500 shares of $1 par value common stock for $4 per share. 2. Issued 57,000 shares of common stock for cash at $6 per share. 3. Purchased 22,100 shares of common...
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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...
On January 1, 2022, Swifty Corporation had these stockholders’ equity accounts. Common Stock ($10 par value, 75,500 shares issued and outstanding) $755,000 Paid-in Capital in Excess of Par Value 490,500 Retained Earnings 611,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.40 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April...
On January 1, 2020, Oriole Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) $1,190,000 Paid-in Capital in Excess of Par-Common Stock 530,000 Common Stock Dividends Distributable 210,000 Retained Earnings 640,000 During 2020, the following transactions and events occurred. 1. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 52,500 shares of common stock for cash at $4 per share. 3. Purchased 30,000...
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On January 1, 2020, Oriole Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $1,190,000 530,000 210,000 640,000 During 2020, the following transactions and events occurred. 1. 2. 3. 4. 5. 6. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 52,500 shares of common stock for cash at $4 per...