Retained earnings and balance sheet data: Accounts payable $194,300 Accounts receivable 545,000 Accumulated depreciation—office buildings and equipment...
Retained earnings and balance sheet
data: Accounts payable $194,300 Accounts
receivable 545,000 Accumulated depreciation—office buildings and
equipment 1,580,000 Accumulated depreciation—store buildings and
equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds
payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, $20
par (400,000 shares authorized;
85,000 shares issued, 94,600 outstanding), January 1,
20Y8 1,700,000 Dividends: Cash dividends for
common stock 155,120 Cash dividends for preferred stock
100,000 Goodwill 700,000 Income tax payable 44,000 Interest
receivable 1,200 Inventory (December 31, 20Y8), at lower of cost
(FIFO) or market 778,000 Office buildings and equipment 4,320,000
Paid-in capital from sale of treasury stock, January 1, 20Y8 0
Paid-in capital in excess of par—common stock, January 1, 20Y8
736,800 Paid-in capital in excess of par—preferred stock, January
1, 20Y8 70,000 Preferred 5% stock, $80 par (30,000 shares
authorized;
16,000 shares issued), January 1, 20Y8 1,280,000
Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained
earnings, January 1, 20Y8 8,197,220 Store buildings and equipment
12,560,000 Treasury stock, January 1, 20Y8 0
b. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y8. Decreases in equity and purchase should be entered as negative amounts by using a minus sign. If your answer is zero, enter “0”.
| Equinox Products Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y8 |
||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Stock | Paid-In Capital in Excess of Par— Preferred Stock |
Common Stock | Paid-In Capital in Excess of Par— Common Stock |
Paid-In Capital from Sale of Treasury Stock |
Retained Earnings |
Treasury Stock |
Total | |
| Balances, January 1 | $ | $ | $ | $ | $ | $ | $ | $ |
| Issued Common Stock | ||||||||
| Issued Preferred Stock | ||||||||
| Net income | ||||||||
| Cash dividends | ||||||||
| Sale of treasury stock | ||||||||
| Purchase of treasury stock | ||||||||
| Balances, December 31 | $ | $ | $ | $ | $ | $ | $ | $ |
Homework Answers
| Equinox Products Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y8 |
||||||||
|---|---|---|---|---|---|---|---|---|
| Preferred Stock | Paid-In Capital in Excess of Par— Preferred Stock |
Common Stock | Paid-In Capital in Excess of Par— Common Stock |
Paid-In Capital from Sale of Treasury Stock |
Retained Earnings |
Treasury Stock |
Total | |
| Balances, January 1 | $ | $ | $ | $ | $0 | $8197220 | $ | $8197220 |
| Issued Common Stock | 0 | 0 | 16,05,400 | 7,36,800 | 0 | 0 | 2342200 | |
| Issued Preferred Stock | 12,80,000 | 70,000 | 0 | 0 | 0 | 0 | 1350000 | |
| Net income | 0 | 0 | 0 | 0 | 0 | 606610 | 0 | 606610 |
| Cash dividends | 100000 | 0 | 155120 | 0 | 0 | 0 | 255120 | |
| Sale of treasury stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of treasury stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balances, December 31 | $1380000 | $70000 | $1760520 | $736800 | $0 |
8803830 |
$0 | $12751150 |
| Estimated Balance Sheet As on 31.03.2018 | ||||||
| Liabilities | Amount in $ | Assets | Amount in $ | |||
| Capital | Fixed Assets | |||||
| Coommin Stock | Office Building & Equipment | |||||
| Issued & Paid up Capital | 2342200 | Opening | 4320000 | |||
| Preferred Stock | Less: Acc Dep | 1580000 | 2740000 | |||
| Issued & Paid up Capital | 1350000 | |||||
| Store Building & Equipments | ||||||
| Bonds payable | 500000 | Opening | 12560000 | |||
| Premium on bonds | 19000 | Less: Acc Dep | 4126000 | 8434000 | ||
| Reatined Earnings | 8197220 | Goodwill | 700000 | |||
| Profit for the period ( Balanceing Figure) | 861730 | |||||
| Accounts Payable | 194300 | Accounts Receiveable | 545000 | |||
| Income tax payable | 44000 | Cash | 282850 | |||
| Interest Receiveable | 1200 | |||||
| Inventory | 778000 | |||||
| Prepaid Expenses | 27400 | |||||
| 13508450 | 13508450 | |||||
| Profit for the period | 861730 | |||||
| Less : Cash Dividend on Common Stock | 155120 | |||||
| Less: Cash dividend on Preferred Stock | 100000 | 255120 | ||||
| Net Income after dividend paid | 606610 | |||||
Add Answer to:
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Finished Goods
Franchises
Goodwill
Income Tax Payable
Income Tax Receivable
Interest Payable
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