Homework Answers
Requirement a.
| Assets | = | Liabilities | + | Stock holder's Equity | |||||||||||||
| Cash | = | + |
Preferred stock |
+ |
Common stock |
+ |
Paid in capital in Excess of par-preferred |
+ |
Paid in capital in Excess of par-common |
+ |
Paid in capital from Treasury stock |
+ |
Retained Earnings |
- |
Treasury Stock |
||
| Beg. | = | + | $210,000 | + | $500,000 | + | $85,000 | + | $300,000 | + | + | $370,000 | - | ||||
| Jan. 10 | $504,000 | = | + | + | $280,000 | + | + | $224,000 | + | + | - | ||||||
| Jan.23 | ($160,000) | = | + | + | + | + | + | + | - | $160,000 | |||||||
| Mar.14 | $88,000 | = | + | + | + | + | + | $8,000 | + | - | ($80,000) | ||||||
| July 15 | $128,000 | = | + | $65,000 | + | + | $63,000 | + | + | + | - | ||||||
| Nov.15 | $26,000 | = | + | + | + | + | + | $6,000 | + | - | ($20,000) | ||||||
| Dec 31 (net income) | $121,000 | ||||||||||||||||
| Total | $586,000 | = | + | $275,000 | + | $780,000 | + | $148,000 | + | $524,000 | + | $14,000 | + | $491,000 | - | $60,000 | |
Requirement b.
| Stockholder's equity | ||
| For the year ended December 31,2017 | ||
| Preferred stock | $275,000 | |
| Common stock | $780,000 | |
| Paid in capital in Excess of par-preferred | $148,000 | |
| Paid in capital in Excess of par-common | $524,000 | |
| Paid in capital from Treasury stock | $14,000 | |
| Total paid in capital | $1,741,000 | |
| Retained earnings | $491,000 | |
| (Less): Treasury stock | ($60,000) | |
| Total stockholder's equity | $2,172,000 | |
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