When the 2024 year began, Senatobia Furniture’s shareholders’ equity included the following: ($ in millions) 6 million shares of $1 par common stock $ 6 Paid-in capital – excess of par 114 1 million shares of $100 par, 9% cumulative, non-participating
When the 2024 year began, Senatobia Furniture’s shareholders’ equity included the following:
| ($ in millions) | |
|---|---|
| 6 million shares of $1 par common stock | $ 6 |
| Paid-in capital – excess of par | 114 |
| 1 million shares of $100 par, 9% cumulative, non-participating preferred stock | 100 |
| Retained earnings | $ 140 |
The company earned $48 million during 2024. At the end of the year, the board of directors declared and paid the contracted amount of preferred dividends as well as $3 per share to common shareholders. No dividends had been declared or paid during 2023. On January 5, the company distributed a 3 for 2 common stock split effected in the form of a stock dividend. What is the balance in retained earnings to be reported on the 2024 balance sheet?
Homework Answers
140+48-27-18= 143 answer
explaination
3 shares*6 million* 3/2 split= 27
9%*100 par*1 million* 2yrs= 18
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When the 2024 year began, Senatobia Furniture’s shareholders’ equity included the following: ($ in millions) 6 million shares of $1 par common stock $ 6 Paid-in capital – excess of par 114 1 million shares of $100 par, 9% cumulative, non-participating
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Question: Please help! The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts...
Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
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Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
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