Solving for Stockholders' Equity Amounts Assume that the following amounts are known for Colten Company for...
Solving for Stockholders' Equity Amounts
Assume that the following amounts are known for Colten Company for the current year:
| Retained Earnings, beginning balance | $260,000 |
| Retained Earnings, ending balance | 312,000 |
| Net income | 143,000 |
| Fair value of large stock dividend declared | 31,000 |
| Dividend Payable, beginning balance | 94,000 |
| Dividend Payable, ending balance | 104,000 |
Required:
1. Assume that the only other amount that
affected Retained Earnings during the year was a cash dividend that
was declared. Compute the amount of the cash dividend declared
during the current year.
$
2. Compute the amount of cash dividends
actually paid in cash to stockholders during the year.
$
Homework Answers
1) Calculate cash dividend declared
| Beginning retained earnings | 260000 |
| Net income | 143000 |
| Less: Ending retained earnings | -312000 |
| Less: Large stock dividend | -31000 |
| Cash dividend declared | 60000 |
2) Cash dividend paid = 94000+60000-104000 = 50000
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Solving for Stockholders' Equity Amounts
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2
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$
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Paid-in capital in excess of par value, common stock
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Retained earnings
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Total stockholders' equity
$
790,000
During the year, the following transactions affected its
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2
Purchased 4,000 shares of its own stock at $23 cash per
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Jan.
5
Directors declared a $2 per share cash dividend payable...
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