Ron Co., a publicly held company, began fiscal 2019 with 45,000 shares of its $10 par...
Ron Co., a publicly held company, began fiscal 2019 with 45,000 shares of its $10 par value common stock issued and outstanding and $3 million of total paid-in capital. Ron is authorized to issue a maximum of 500,000 shares, and at the beginning of fiscal 2019 it issued an additional 5,000 shares at $30 each. It also paid a dividend of $1 per share just prior to year-end. The other components of Ron’s stockholders’ equity at the start of fiscal 2019 consisted of retained earnings of $4 million and accumulated other comprehensive income of $1.5 million. For fiscal 2019, Ron Co. reported the following: sales revenue of $310,000, cost of goods sold of $140,000, selling and administrative expenses of $50,000, a loss on discontinued operations of $20,000, and an unrealized gain on available-for-sale investments of $15,000. Ron Co. is subject to an income tax rate of 20%, except for the $15,000 unrealized gain which is nontaxable.
Required—Prepare in good form the following for fiscal 2019:
1. Ron Co.'s Statement of Stockholders’ Equity
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Ron Co., a publicly held company, began fiscal 2019 with 45,000
shares of its $10 par...
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Common Stock, $1 par (2,700,000
shares authorized, 705,000 shares issued and outstanding)
$705,000
Paid-in Capital in Excess of Par
Value
1,430,000
Retained Earnings
684,000
Accumulated Other Comprehensive Income
47,000
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occurred.
1.
Issued 45,500 shares of $1 par
value common stock for $2 per share.
2.
Issued 60,500 shares of common
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3.
Purchased 23,700 shares of common
stock for the treasury at $3.30 per share.
4.
Declared...
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Sarah Co. has the following stockholders' equity for 12/31/2019: Preferred stock, 8%, $50 par, 8,000 shares authorized, 500 shares issued and outstanding 25,000 Common stock, $.20 par, 10,000 shares authorized, 7,000 shares issued, and 6,700 shares outstanding Total capital stock Additional paid-in capital: 1,400 26,400 Preferred 208,600 Common Total paid-in capital Retained earnings 235,000 280,000 Treasury Stock (300 shares at $25 cost) Total stockholders' equity (7,500) 507,500 Required: Record the transactions listed and prepare the 2020 stockholders' equity section of...
Martinez Corporation has been authorized to issue 20,500 shares of $100 par value, 10%, preferred stock and 1,084,200 shares of no-par common stock. The corporation assigned a $2.60 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (1,160 common shares) Paid-in Capital from Treasury Stock Retained Earnings Accumulated...
Common Stock, $1 par (2,700,000
shares authorized, 705,000 shares issued and outstanding)
$705,000
Paid-in Capital in Excess of Par
Value
1,430,000
Retained Earnings
684,000
Accumulated Other Comprehensive Income
47,000
During 2022, the following transactions and events
occurred.
1.
Issued 45,500 shares of $1 par
value common stock for $2 per share.
2.
Issued 60,500 shares of common
stock for cash at $5 per share.
3.
Purchased 23,700 shares of common
stock for the treasury at $3.30 per share.
4.
Declared...
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