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. 1 | 46,100 shares of common stock issued at $21 per share. | |
| June 1 | 2-for-1 stock split (par value reduced to $2.50). | |
| July 1 | 28,900 shares of common treasury stock purchased at $10 per share. Whispering uses the cost method. | |
| Sept. 15 | 9,200 shares of treasury stock reissued at $12 per share. | |
| Dec. 31 | The preferred dividend is declared, and a common dividend of 53¢ per share is declared. | |
| Dec. 31 | Net income is $2,138,000. |
Prepare the stockholders’ equity section for Whispering Company at
December 31, 2021. (Enter account name only and do not
provide descriptive information.)
|
WHISPERING COMPANY |
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Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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$ |
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Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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$ |
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Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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AddLess: |
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Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity |
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Homework Answers
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Whispering Company has two classes of capital stock outstanding:
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Problem 15-03
Nash Company has two classes of capital stock outstanding: 8%,
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following accounts were included in stockholders’ equity.
Preferred Stock, 148,200 shares
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Paid-in Capital in Excess of Par—Preferred Stock
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On January 1, 2020, Crane Corporation had the following stockholders’ equity accounts. Common Stock (no par...
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Retained Earnings
546,000
During the year, the following transactions occurred.
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Declared a $1 cash dividend per share to stockholders of record
on February 15, payable March 1.
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Paid the dividend declared in February.
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Announced a 3-for-1 stock split. Prior to the split, the market
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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,
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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 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
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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...
Cullumber Company has provided information on intangible assets as follows. A patent was purchased from Marin...
Cullumber Company has provided information on intangible assets
as follows.
A patent was purchased from Marin Company for $1,800,000 on January
1, 2019. Cullumber estimated the remaining useful life of the
patent to be 10 years. The patent was carried in Marin’s accounting
records at a net book value of $1,800,000 when Marin sold it to
Cullumber.
During 2020, a franchise was purchased from Bramble Company for
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paid to...
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...
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...
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...
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 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...
Cullumber Company has provided information on intangible assets
as follows.
A patent was purchased from Marin Company for $1,800,000 on January
1, 2019. Cullumber estimated the remaining useful life of the
patent to be 10 years. The patent was carried in Marin’s accounting
records at a net book value of $1,800,000 when Marin sold it to
Cullumber.
During 2020, a franchise was purchased from Bramble Company for
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