Homework Answers
answer a)
Common stock = 20000
Retained earning = 2000
Total ===========22000
Answer b)
Common stock = 20000
Retained earning = 8000 (2000+9000-3000)
Total ................= 28000
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Puppet Corporation began with an investment by shareholders of $20,000. o. In its first year its...
Puppet Corporation began with an investment by shareholders of $20,000. o. In its first year its...
Puppet Corporation began with an investment by shareholders of $20,000. o. In its first year its income earned $2,000. What would the equity section of its balance sheet show at year end? Common stock Retained earnings b. In the second year it had income of $9,000 and a dividend of $3,000 was paid. What would the equity section of its balance sheet show at year end? Common stock Retained earnings
incubus corporation began with an investment by shareholder of $49000. Saved Incubus Corporation began with an...
incubus corporation began with an investment by shareholder of
$49000.
Saved Incubus Corporation began with an investment by shareholders of $19.000. o. In its first year, its Income showed a deficit of $7.900. What would the equity section of its balance sheet show at year end (Negative answers should be indicated by a minus sign. Omit S sign in your response.) points Common stock Retained earnings Print Total Stockholders' Equity References b. In the second year, it had income of...
1) Craigco began with an investment by shareholders of $150,000. a. In its first year its...
1) Craigco began with an investment by shareholders of $150,000. a. In its first year its income statement showed a profit of $25,000. What would the equity section of the balance sheet show? b. In its second year, its income statement showed a loss of $13,000 and it paid a dividend of $10,000. What would the equity section of the balance sheet show? C. In its third year, its income statement showed a profit of $45,000, it paid a dividend...
Statement of Shareholders' Equity On January 1, 2019, Powder Company provided the following shareholders' equity section...
Statement of Shareholders'
Equity On January 1, 2019, Powder Company provided the following
shareholders' equity section of its balance sheet: Contributed
Capital:
ptatement of Snarenolders' Equity on January 1, 2019, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital: Preferred stock, $100 par $ 92,700 37,400 21,500 Common stock, $5 par Additional paid-in capital on preferred stock Additional paid-in capital on common stock Total contributed capital Retained earnings 58,700 $210,300 185,000 Total Shareholders' Equity $395,300...
Magnificent Company began the year with $126,000 in its common stock account and a debit balance...
Magnificent Company began the year with $126,000 in its common stock account and a debit balance in retained earnings of $54,000. During the year, the company earned net income of $27,000 and declared and paid $9,000 of dividends. In addition, the company sold additional common stock amounting to $33,000. Based on this information, what should the transaction analysis show for total stockholders' equity at the end of the year? $231,000 $249,000 $123,000 $165,000
Magnificent Company began the year with $126,000 in its common stock account and a debit balance...
Magnificent Company began the year with $126,000 in its common stock account and a debit balance in retained earnings of $54,000. During the year, the company earned net income of $27,000 and declared and paid $9,000 of dividends. In addition, the company sold additional common stock amounting to $33,000. Based on this information, what should the transaction analysis show for total stockholders' equity at the end of the year? $231,000 $249,000 $123,000 $165,000
In Draco Corporation's first year of business, the following transactions affected its equity accounts. • Issued...
In Draco Corporation's first year of business, the following transactions affected its equity accounts. • Issued 6,800 shares of $2 par value common stock for $46. It authorized 20,000 shares. • Issued 1,700 shares of 12%, $10 par value preferred stock for $51. It authorized 3,000 shares. • Reacquired 340 shares of common stock for $58 each. • Retained earnings is impacted by reported net income of $78,000 and cash dividends of $29,000, Prepare the stockholders' equity section of Draco's...
Accounting for Shareholders’ Equity Transactions The shareholders’ equity section of the balance sheet of The Claremont...
Accounting for Shareholders’ Equity
Transactions
The shareholders’ equity section of the balance sheet of The
Claremont Company appeared as follows at the end of the first year
of operations:
Common stock, $0.1 par value
$600,000
Additional paid-in-capital
89,400,000
Retained earnings
32,000,000
Treasury stock
(7,500,000)
Shareholders’ equity
$114,500,000
During the second year of operations, the following transactions
occurred:
Generated net income of $6 million.
Paid a cash dividend of $1.5 million.
Purchased 100,000 shares of common stock at $9.5 per
share....
Question 3: 1. Johnson Inc began operations in 20X6. In that year, the company earned net...
Question 3: 1. Johnson Inc began operations in 20X6. In that year, the company earned net income of S145,000 and paid dividends of $1.25 per share on each of its 30,000 outstanding common shares. Calculate retained earnings at the end of 20X6 Continue with Johnson Inc. from #1. In the following year, Johnson incurred a loss of $127,000 and paid no dividends. Calculate retained eanings or deficit at the end of 20X7 2. 3. Blaine Corporation had $200,000 in retained...
Part A During its first year of operations, the McCollum Corporation entered into the following t...
Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 110,000,080 common shares, $1 par per share Required Prepare the appropriate journal entries to record each transaction Jan 9 Issued 90,000,000 common shares for $28 per share. Mar. 11 Issued 5,900 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $28 per share Part B A new...
Puppet Corporation began with an investment by shareholders of $20,000. o. In its first year its income earned $2,000. What would the equity section of its balance sheet show at year end? Common stock Retained earnings b. In the second year it had income of $9,000 and a dividend of $3,000 was paid. What would the equity section of its balance sheet show at year end? Common stock Retained earnings
incubus corporation began with an investment by shareholder of
$49000.
Saved Incubus Corporation began with an investment by shareholders of $19.000. o. In its first year, its Income showed a deficit of $7.900. What would the equity section of its balance sheet show at year end (Negative answers should be indicated by a minus sign. Omit S sign in your response.) points Common stock Retained earnings Print Total Stockholders' Equity References b. In the second year, it had income of...
1) Craigco began with an investment by shareholders of $150,000. a. In its first year its income statement showed a profit of $25,000. What would the equity section of the balance sheet show? b. In its second year, its income statement showed a loss of $13,000 and it paid a dividend of $10,000. What would the equity section of the balance sheet show? C. In its third year, its income statement showed a profit of $45,000, it paid a dividend...
Statement of Shareholders'
Equity On January 1, 2019, Powder Company provided the following
shareholders' equity section of its balance sheet: Contributed
Capital:
ptatement of Snarenolders' Equity on January 1, 2019, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital: Preferred stock, $100 par $ 92,700 37,400 21,500 Common stock, $5 par Additional paid-in capital on preferred stock Additional paid-in capital on common stock Total contributed capital Retained earnings 58,700 $210,300 185,000 Total Shareholders' Equity $395,300...
Magnificent Company began the year with $126,000 in its common stock account and a debit balance in retained earnings of $54,000. During the year, the company earned net income of $27,000 and declared and paid $9,000 of dividends. In addition, the company sold additional common stock amounting to $33,000. Based on this information, what should the transaction analysis show for total stockholders' equity at the end of the year? $231,000 $249,000 $123,000 $165,000
Magnificent Company began the year with $126,000 in its common stock account and a debit balance in retained earnings of $54,000. During the year, the company earned net income of $27,000 and declared and paid $9,000 of dividends. In addition, the company sold additional common stock amounting to $33,000. Based on this information, what should the transaction analysis show for total stockholders' equity at the end of the year? $231,000 $249,000 $123,000 $165,000
In Draco Corporation's first year of business, the following transactions affected its equity accounts. • Issued 6,800 shares of $2 par value common stock for $46. It authorized 20,000 shares. • Issued 1,700 shares of 12%, $10 par value preferred stock for $51. It authorized 3,000 shares. • Reacquired 340 shares of common stock for $58 each. • Retained earnings is impacted by reported net income of $78,000 and cash dividends of $29,000, Prepare the stockholders' equity section of Draco's...
Accounting for Shareholders’ Equity
Transactions
The shareholders’ equity section of the balance sheet of The
Claremont Company appeared as follows at the end of the first year
of operations:
Common stock, $0.1 par value
$600,000
Additional paid-in-capital
89,400,000
Retained earnings
32,000,000
Treasury stock
(7,500,000)
Shareholders’ equity
$114,500,000
During the second year of operations, the following transactions
occurred:
Generated net income of $6 million.
Paid a cash dividend of $1.5 million.
Purchased 100,000 shares of common stock at $9.5 per
share....
Question 3: 1. Johnson Inc began operations in 20X6. In that year, the company earned net income of S145,000 and paid dividends of $1.25 per share on each of its 30,000 outstanding common shares. Calculate retained earnings at the end of 20X6 Continue with Johnson Inc. from #1. In the following year, Johnson incurred a loss of $127,000 and paid no dividends. Calculate retained eanings or deficit at the end of 20X7 2. 3. Blaine Corporation had $200,000 in retained...
Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue 110,000,080 common shares, $1 par per share Required Prepare the appropriate journal entries to record each transaction Jan 9 Issued 90,000,000 common shares for $28 per share. Mar. 11 Issued 5,900 shares in exchange for custom-made equipment. McCollum's shares have traded recently on the stock exchange at $28 per share Part B A new...
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