Homework Answers
Solution:
| Slate Corporation | |||||
| Statement of Stockholders` Equity | |||||
| December 31, 2018 | |||||
| Common Stock | Paid-in Capital in Excess of Par Value, Common | Retained Earnings | Treasury Stock | Total Equity | |
| Balance, December 31, 2017 | $ 200,000 | $ 250,000 | $ 500,000 | $ (20,000) | $ 930,000 |
| Addition: | $ 20,000 | $ 24,000 | $ - | $ 10,000 | $ 54,000 |
| Net income | $ - | $ - | $ 75,000 | $ - | $ 75,000 |
| Dividends | $ - | $ - | $ (11,000) | $ - | $ (11,000) |
| Balance, December 31, 2018 | $ 220,000 | $ 274,000 | $ 564,000 | $ (10,000) | $ 1,048,000 |
Notes:
1) Common Stock = 2000 * 10 = 20000
2) Paid-in Capital in Excess of Par Value, Common = 2000 * 12 = 24000
3) Dividends = (20000 + 2000 ) * 0.50 = 11000
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