Sage Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
Sage Company reported the following amounts in the stockholders’
equity section of its December 31, 2016, balance sheet.
| Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued) | $180,000 | |
| Common stock, $5 par (103,500 shares authorized, 20,700 shares issued) | 103,500 | |
| Additional paid-in capital | 114,000 | |
| Retained earnings | 423,000 | |
| Total | $820,500 |
During 2017, Sage took part in the following transactions
concerning stockholders’ equity.
| 1. | Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016. | |
| 2. | Purchased 1,500 shares of its own outstanding common stock for $43 per share. Sage uses the cost method. | |
| 3. | Reissued 600 treasury shares for land valued at $27,100. | |
| 4. | Issued 550 shares of preferred stock at $105 per share. | |
| 5. | Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $41 per share. | |
| 6. | Issued the stock dividend. | |
| 7. | Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018. |
Please prepare the December 31, 2017, stockholders’ equity section. Assume 2017 net income was $336,000.
SAGE COMPANY
Stockholders’ Equity
For the Year Ended December 31, 2017
Capital Stock
Preferred Stock $235,000
Common Stock $?
Total Capital Stock $?
Additional Paid-in Capital $?
Total Paid-in Capital $?
Retained Earnings $?
Total Paid-in Capital Retained Earnings $?
Less: Treasury Stock $38,700
Total Stockholder's Equity $?
Homework Answers
| SAGE COMPANY | |
| Stockholders’ Equity | |
| For the Year Ended December 31, 2017 | |
| Capital Stock | |
| Preferred Stock (180000+550*100) | $ 235000 |
| Common Stock (9900+103500) | 113400 |
| Total Capital Stock | 348400 |
| Additional Paid-in Capital (114000+1300+550*5+1980*36) | 189330 |
| Total Paid-in Capital | 537730 |
| Retained Earnings | 610760 |
| Total Paid-in Capital Retained Earnings | 1148490 |
| Less: Treasury Stock (1500-600)*43 | (38700) |
| Total Stockholder's Equity | $ 1109790 |
Stock dividend = (20700-1500+600)*10%= 1980
Retained earnings= 423000+336000-1980*41-(550+1800)*10+(19800+1980)*2=
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