On January 1, 2017, Wall Corporation reported the following in the stockholders' equity section of their...
On January 1, 2017, Wall Corporation reported the following in the stockholders' equity section of their balance sheet:
|
Common stock, par $8, authorized 900,000 shares, issued 150,000 shares |
$1,200,000 |
|
Capital in excess of par value |
$560,000 |
|
Retained earnings |
$1,845,000 |
During 2017, the following selected transactions occurred (assume they occurred in the order given):
- 20,000 shares of treasury stock were purchased at $15.00 per share.
- Issued a 15% stock dividend when the market price was $14.00.
- Declared and paid a cash dividend of $300,000.
- Net income was $655,000.
Prepare the stockholders’ equity section of the balance sheet as of December 31, 2017. Include the number of shares for Common stock, Shares held in treasury, and Total stockholders’ equity in place of the ### symbols. Show work.
|
Dollar Amounts |
||||
|
Common stock |
Shares: |
##,### |
||
|
Paid in capital |
||||
|
Total contributed capital |
||||
|
Retained earnings |
||||
|
Total contributed capital and retained earnings |
||||
|
Less: Shares held in treasury |
Shares: |
#,### |
||
|
Total stockholders’ equity |
Shares: |
##,### |
||
Homework Answers
Prepare the stockholders’ equity section of the balance sheet as of December 31, 2017.
| Dollar Amount | |
| Common Stock, 172500 Shares issued | 1380000 |
| Paid in Capital | 695000 |
| Total Contributed capital | 2075000 |
| Retained earnings | 1885000 |
| Total contributed capital and retained earnings | 3960000 |
| Less: Shares held in treasury, 20000 Shares | -300000 |
| Total stockholders’ equity, shares 152500 | 3660000 |
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