What is the numerator of the EPS calculation for Longmont? A: The market value of stock is given and dividend is to be provided on the basis of market value. Net income, 95,400 Common stock dividends declared, 32,000 Retained earnings, January 1, 122,250. Stock Investments. of shares issued x pr value per share On April 20, Gallatin County Rocks Inc., a marble contractor, issued for cash 75,000 shares of 45 par common stock at 54, and on August 7, it issued for cash 20,000 shares of preferred stock, 10 par at 12. a. Journalize the entries for April 20 and August 7. b. C) closely monitoring remote team members' performance, 13) You want to determine whether or not your remote team members perceive you as being authentic. January 1 Issues 600 shares of common stock for $46 per share. Common stock Prepare the stockholders equity section of the balance sheet. Equity: (Amounts to be deducted should be indicated by a minus sign. What is the EPS for the year for Bastion? The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. A) empowering your team to make their own decisions Nam lacinia pulvinar tortor nec facilisis. Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 2,000,000 shares issued; Additional Paid-in Capital, $18 million; Retained Earnings, $11 million; and Treasury Stock, 60,000 shares, $1.32 This problem has been solved! Enter your answer in dollars, not millions. = 4,000 shares x $0.75 per share A: The following entries are journalized for Ergonomics Incorporation. (Stockholders' Equity Section) Total Paid-in, A: The times interest earned ratio is a ratio to measure a company's ability to pay its debt interests, A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.. A company designs and produces a line of golf equipment and golf apparel. poly and digit have finally found the crisp-collecting culprit it turns out the jester's shoe size and hair color match the clues that were found! Stockholders' equity: = 75000 $15 Common stock, $1 par, 250,000 shares issued 250,000 Paid-in capital?excess of par, common 500,000, Pine Corporation has the following accounts of December 31: Common Stock, $12 par, 5,100 shares issued $61,200 Paid-in Capital in Excess of Par Common Stock $34,400 Retained Earnings $48,500 Treasury Stock, 460 shares $9,200 Prepare the stockholder's equi, On January 1, 2020, Crone Corporation had the following stockholders' equity accounts. Retained, A: Shares bought back by the company is called treasury stock. All rights reserved. Cash - $1,000,000 Unearned revenue - $70,000 Common stock $1 par 2,000,000 shares issued - $2,000,000 Paid in capital in excess of par - Common Stock - $500,000 Treasury stock $10 cost - $150,000 Paid in cap, Duke Corporation reports the following components of stockholders' equity on December 31, 2013: Common stock: $25 par value, 100,000 shares authorized. Longmont Corporation earned net income of $90,000 this year. Total Stockholders' Equity, Carl Warren, James M. Reeve, Jonathan Duchac, James M. Wahlen, Jefferson P. Jones, Donald Pagach, Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,800,000 shares issued; Additional Paid-in Capital, $16.20 million; Retained Earnings, $9.20 million; and Treasury Stock, 42,000 shares, $0.924 million. No Chemical Treatment Common Stock (no par value, 86,000 shares issued and outstanding)$1,396,800 Retained Earnings528,200, STU Corporation is authorized to issue 500,000 shares of $10.00 par value common stock. Therefore the stockholders equity section of the balance sheet is $29,124,000. Prepare the stockholders equity section of the balance sheet. My Account; Order History; Wish List; Gift Certificates; Affiliates; Site Map; Terms & Conditions . They are summarized as follows: a. Common Stock $1,300,000 The common stock was selling for 32 per share at the end of the year. RTS items will be shipped within 2-5 days of purchase. Calculate the amount of cash received Select two ways of becoming a business owner. The stockholders' equity section is that part of the balance sheet which shows all the authorized and issued stock of the company. Record journal entries for October 31 and November 19 as shown below: A: The stock in which shareholders are entitled to received dividend whose amount may vary from time to, A: Common stock and Preferred stock are two type of shares issued by the company. When a company overestimates its tax liability, this results in the business paying a prepaid tax. James M. Wahlen, Jefferson P. Jones, Donald Pagach, Carl Warren, James M. Reeve, Jonathan Duchac, Summit Apparelhas the following accounts at December 31: Common Stock, $1 par value, 1,200,000 shares issued; Additional Paid-in Capital, $16.80 million; Retained Earnings, $9.80 million; and Treasury Stock, 48,000 shares, $1.056 million. At December 31, 2021, stockholders' equity had the amounts listed here. All sales are final. It can also be referred as financial repor. Which term is not associated with brass instruments? Do you need an answer to a question different from the above? ), 7). Common stock at the end of year= 120000*10 = 1,200,000 (Amounts to be deducted should be indicated by a minus sign. Summit Apparel is not responsible for any packages that are lost or returned due to an incorrect or insufficient address provided. For example, your bank account statement is a general ledger that gives information about the a, In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. (Amounts to be deducted should be indicated by a minus sign. Record the following: Declaration of cash dividends October 15 entry Dividends paid Declaration of Dividends: Dividends: 3,000 Dividends Payable: 3000 Features: Study the definition and the components of stockholder equity, and the stockholder's equity statement. Assume shareholders owned 4,000 shares of Gold fingers common stock during the year. Record journal entries for October 31 and November 19 as shown below: A: Common stock and Preferred stock are two type of shares issued by the company. Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. Pellentesque dapibus efficitur laoreet. Prepare the stockholders equity section of the balance sheet. Get in touch View fullsize. Opening outstanding shares + shares issued * period used /12 -, A: The firm can raise the amount through different modes some of them are, by issuing common stock, by, A: Let's Understand some basics The retailer has closed hundreds of stores in recent months, as well as sought outside funding, in efforts to stay afloat. The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following: Income before income tax was 3,000,000, and income taxes were 1,200,000 for the current year. What is Jupiter Corporations weighted average number of shares for the year? The preparation of the statement of stockholders equity is presented in the spreadsheet. Common stock, $10 par, 272,000 shares issued and outstanding $2,720,000 Paid-in capital in excess of par-common stock 1,190,000 Retained earnings 5,38, The stockholders' equity accounts of Headland Company have the following balances on December 31, 2017. Flint Corporation has these accounts at December 31: Common Stock, $10 par, 6,400 shares issued, $64,000; Paid-in Capital in Excess of Par Value $19,900; Retained Earnings $44,900; and Treasury Stock, Common stock (2,000,000 shares issued @$1 per share). Prepare the stockholders' equity section of the balance sheet. Answer is not complete. = 75000 $15 0 c. Retained Earnings. In 2009, $1,000,000 of 9% bonds, convertibl. We're a boutique apparel company in Kansas City, MO, specializing in producing ladies' and youth fashion garments in the collegiate market. What is the weighted average number of common shares Howard will use in computing its earnings per share? , sation feel more casual. A: A. Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 2,000,000 shares issued; Paid-in Capital, $18 million; Retained Earnings, $11 million; and Treasury Stock, 60,000 shares, $1.32 million. group meeting whether they believe you are being authentic in your interactions with them. Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. When shares are, A: Solution: (a) how much warranty expense must waymire report in its current period income statement? The market price of Sandals common stock is $33 on June 30. Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,800,000 shares issued; Additional Paid-in Capital, $16.20 million; Retained Earnings, $9.20 million; and Treasury Stock, 42,000 shares, $0.924 million. The number of errors in a textbook follow a poisson distribution with a mean of 0.01 errors per page. The following transactions affect stockholders' equity during 2021, National League's first year of operations: Extraordinarylossonextinguishmentofdebt, Weighted-averagenumberofsharesofcommonstockoutstanding, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. This can be identified by, A: Cash received on issue of 75000 shares of Common stock Stockholder's Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. Summit Apparel offers quality handmade childrens clothing at affordable prices for girls & boys! Additional paid in capital =, A: The organization can raise funds for the operation song integrity by issuing common stock, preferred, A: It is the income which is available to the common shareholders per share after giving preferred, A: Junkyard earnings = $ 446400 Requirement A: The following entries are journalized for Ergonomics Incorporation. See answer equity. Additional paid in capital = $40,000 Cash (73,600*55) On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. Compare the advantages and disadvantages and decide which of the two you would prefer. Kohler Corporation reports the following components of stockholders equity on December 31, 2015: Common stock-$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $750,000 Paid-in capital in excess of par value, common stock 70, Kohler Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $825,000 Paid-in capital in excess of par value, common stock $70, The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts on December 31, 2015: Particulars Amount Paid-in capital: Preferred stock, 8.8%, 87,000 shares at $1 par $87,000 Common stock, 373,700 shares at $1 par $3, On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts. Calculate the amount of common stock.. Features: Debit Earnings per share (EPS): The amount of net income available to each shareholder per, A: Basic earnings per share = Net income available to common stockholders/Number of common stock, A: Workings: What effect does this transaction have on revenue or expense of the period? The stockholders' equity of Verrecchia Company at December 31, 2013, follows: During 2014, the following transactions occurred. It consists of. ), Extraordinarylossonextinguishmentofdebt$(8,750)Lossfromcontinuingoperations(19,470)Incomefromdiscontinuedoperations12,000Preferredstockdividendrequirements(3,100)Weighted-averagenumberofsharesofcommonstockoutstanding10,000\begin{array}{|cc} Lightweight 5.5 oz. Press the space key then arrow keys to make a selection. Pr, Holiday Company prepared the following stockholders' equity section of its balance sheet on December 31. A: The market value of stock is given and dividend is to be provided on the basis of market value. Cerebral Semiconductor began operations last year with $8,906 in initial invested capital. Cash (73,600*55) Correct answers: 1 question: Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,800,000 shares issued; Additional Paid-in Capital, $17.80 million; Retained Earnings, $10.80 million; and Treasury Stock, 58,000 shares, $1.276 million. It is the, A: Information Provided: Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. Pellentesque dapibus efficitur laoreet. Structural formula for 4-nonene and fluorine gas View a few ads and unblock the answer on the site. \text{Preferred stock dividend requirements} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & (3,100)\\ If a package is returned you will be responsible to cover the additional shipping cost. It is the, A: Information Provided: government officials are not sure whether to allow the firms to buy or sell the pollution permits to each other. Feb. 1 Decla, On December 31, 2021, Blossom Company had 1,250,000 shares of $5 par common stock issued and outstanding. Ripstop FR Inherent blendPatented Ventilated Rear Cape with FR MeshPatented FR Mesh Under Arm VentilationExtreme moisture wicking, Continues VentilationNo Chemical TreatmentDual Rated CAT 2, NFPA 2112 & NFPA 70ETwice .. d. Sold 20,000 shares of treasury common for 9 per share. B) establishi Prepare the stockholders' equity section of the balance sheet. Features:Lightweight 5.5 oz. equity. Common Stock (no par value, 89,000 shares issued and outstanding) $1,430,000 Retained Earnings 511,500 During the y, On January 1, 2014, Ven Corporation had the following stockholders' equity accounts. What is the EPS for the year for Bastion? Wo firms, a and b, each currently dump 50 tons of chemicals into the local river. Cash dividends paid on common stock during the current year totaled 1,200,000. (exex+5)dx\int\left(\frac{e^x}{e^x+5}\right) d x Jan 5: Issued 10,000 shares of common stock or $12 cash per share. (Amounts to be deducted should be indicated by a minus sign. Oct. 2 For example, $5.5 million should be entered as 5,500,000.) Nam lacinia pulvinar tortor nec facilisis. Additional paid in capital = $40,000 (Amounts to be deducted should be indicated by a minus sign. Prepare the stockholders' equity section of the balance sheet. If RTS items are purchased with made to order items they will ship when entire order is completed. They issued $7,500 in preferred dividends for the year. Prepare the stockholders' equity section of the balance sheet. AP Common Stock ($2 stated value) $1,600,000 Paid-in Capital in Excess of Par Valu, On January 1, 2016, Fascom had the following account balances in its shareholders' equity accounts. $360,000 Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,100,000 shares issued; Additional Paid-in Capital, $17.10 million; Retained Earnings, $10.10 million; and Treasury Stock, 51,000 shares, $1.122 million. Additional paid in capital =, A: Shares issued at a cost above its stated or par value is called premium on shares. Common Stock ($12 stated value) $1,887,600 ; Paid-in Capital from Trea, On December 31, 2020, S Corporation had 100,000 shares of common stock and 20,000 shares of 8%, $100 par value cumulative preferred stock, convertible into 37,000 shares of common stocks, issued and outstanding. Common Stock $15,000,000 Additional Paid-in Capital 1,500,00, The stockholders' equity accounts of Splish Company have the following balances on December 31, 2017. Pellentesque dapibus efficitur laoreet. Prepare the stockholders' equity, The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Marvel Corporation at December 31, 2014. Duri. Common Stock $6,375,000 Additional Paid-in Capital $1,725,000 Retained Earn, The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011. You will receive an answer to the email. Prepare the stockholders' equity section of the balance sheet. It shows retained earnings' ending balance and treasury stock. The following transactions affect stockholders' equity during 2021: National League Gear has two classes of stock authorized: 6%, $20 par preferred, and $5 par value common. C) focus your gaze on yourself so the other person does not feel uncomfortable. The stockholders' equity accounts of Splish Company have the following balances on December 31, 2017. What is the numerator of the EPS calculation for Longmont? A corporation reports the following stockholders' equity as of December 31, 2008. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. Issued 500,000 shares of common stock at 8, receiving cash. the government gives each firm 20 pollution permits. Common Stock (no-par value, 100,000 shares issued and outstanding) $2,800,000 Retained Earnings 1,000,000 Durin, The following stockholders' equity accounts, arranged alphabetically, are in the ledger of DC Corporation at December 31, 2014. Common Stock ($10 stated value) $1,500,000 Paid-in Capital from Treasury Stock 6,000 Paid-in Capital in Excess of Stated, The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Bramble Corp. at December 31, 2017. Issued 100000 shares @ 9 each = 100000 x 9 = 900000 Entries for issuing par stock On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 400,000 shares of 10 par common stock at 18, and on November 19, it issued for cash 50,000 shares of preferred stock, 75 par at 80. a. Journalize the entries for October 31 and November 19. b. Financial Accounting 4th Edition ISBN: 9781259730948 Don Herrmann, J. David Spiceland, Wayne Thomas 1,097 solutions Fundamentals of Financial Management 15th Edition ISBN: 9781337395250 (3 more) Eugene F. Brigham, Joel F Houston 705 solutions Financial and Managerial Accounting What is the total amount invested (total paid-in capital) by all stockholders as of November 19? The company pays the dividend on December 14. Common stock = $500,000 Bal. Stockholders' Equity he receives information from a company that customizes elegant furniture, and he wants to analyze the company's production process in order to calculate some problems about cost and availability. Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,800,000 shares issued; Additional Paid-in SUMMIT APPAREL Balance Sheet (Stockholders' Equity Section) December 31 Stockholders' equity: Total Paid-in Capital 0 Total Stockholders' Equity, Intermediate Accounting: Reporting And Analysis, Excel Applications for Accounting Principles. Paid-in capital:. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. the government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution dumped into the river. (Amounts to be deducted should be indicated by a minus sign. 6,000, The following items were shown on the balance sheet of Exuma Corporation on December 31, 2017: Stockholders? 10% cumulative preferred stock, $100 par, 109,132 shares $10,913,200 ; Common stock, $5 par, 4,099,860 shares 20,499,3, Kingbird Company has the following stockholders' equity accounts at December 31, 2017. Given the following current year information, calculate Adair Corporations retained earnings balance on December 31. Summit Apparel has the following accounts at December 31: Common, Stockholders Equity Section of the Balance Sheet The newly hired accountant at, Meenen Corporation has the following accounts at December 31 (in euro.$): Share, Based on the data for the years 1962 to 1977 for the, Use the following information to prepare a classified balance sheet for Blackmon, Find the center of mass of a thin plate of constant density, Bernard Creighton is the controller for Creighton Hardware Store. Copyright 2023 SolutionInn All Rights Reserved. Authors: J. David Spiceland, Wayne Thomas, Don Herrmann, Search Textbook questions, tutors and Books, Change your search query and then try again, Summit Apparel Balance Sheet (Stockholders' Equity Section) Dec. Common Stock ($4 stated value) $1,380,000 Paid-in Capital in Ex, Bramble Corp. has these accounts at December 31: Common Stock, $12 par, 6,900 shares issued, $82,800 Paid-in Capital in Excess of Par Value $20,400 Retained Earnings $45,400 Treasury Stock, 640 share, Stockholders' Equity (December 31, 2013) Common stock-$5 par value, 50,000 shares authorized, 40,000 shares issued and outstanding $ 200,000 Paid-in capital in excess of par value, common stock 160,0, A company had the following on December 31, 2014, and December 31, 2015: Stockholders' Equity Preferred stock, cumulative, $2.00 par, 6%, 60,000 shares issued $120,000 Common stock, $0.10 par, 9,130, National Supply's shareholders' equity included the following accounts at December 31, 2017 Share Common stock, 2 million shares at 11 par Paid-in capital-excess of par Retained earnings % 2,000,000 8, O Inc.'s shareholders' equity section at December 31, 20x8 was as follows: Common shares, 63,996 shares outstanding $882,503 Retained Earnings $788,969 The following transactions took place during the year, 20x9: Jan 30 Issued 7,361 common shares for $111, On December 31, 2016, Cullumber Company had 1,275,000 shares of $5 par common stock issued and outstanding. Total Paid-in Capital Equity Paid-In Capital Capital Stock Common stock, $10 par value, 360,000 shares authorized, The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Eudaley Corporation at December 31, 2017 Common Stock $5 stated value $1,500,000 Paid in Capital in Excess of, On January 1, 2017, Ven Corporation had the following stockholders' equity accounts: Common Stock (no par value, 91,200 shares issued and outstanding) $1,385,000 Retained Earnings, On January 1, 2014, Ven Corporation had the following stockholders' equity accounts. Cash issued for share = $ 210,000 b. Kohler Corporation reports the following components of stockholders' equity on December 31. From, A: A par value stock is a type of common or preferred stock having a nominal amount (known as par, A: Amount of dividend = No. Prepare the stockholders' equity section of the balance sheet. Description Common stokc $1 par value = 1700000 shares b. e. Sold 5,000 shares of treasury common for 6 per share. What is the journal entry to record the payment of the dividend? What should you do? Prepare the stockholders' equity section of the balance sheet. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. Common stock ($1 par value) $150,000 Preferred stock ($50 par value, 6%) 500,000 Paid-in Capital in Excess of Par-Common Stock 1,560,000 Paid-in Capital from Treasury S, On December 31, 2021, Sandhill Co. had 1,385,000 shares of $7 par common stock issued and outstanding. 100% FR CottonPatented Ventilated Rear Cape with FR MeshPatented FR Mesh Under Arm VentilationExtreme moisture wicking, Continues VentilationDual Rated CAT 2, NFPA 2112 & NFPA 70E2 Chest Pockets w/ Snap and Flap ClosureDouble Sti.. December 31 Prepare the stockholders' equity section of the balance sheet. They issued $5,000 in preferred dividends for the year. On January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. You can specify conditions of storing and accessing cookies in your browser, Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,600,000 shares issued; Additional Paid-in Capital, $16.40 million; Retained Earnings, $9.40 million; and Treasury Stock, 44,000 shares, $0.968 million. On August 26, Mountain Realty Inc. issued for cash 120,000 shares of no-par common stock (with a stated value of 5) at 8. For example, $5.5 million should be entered as 5,500,000. Common Stock ($10 stated value) $5,000,000 ; Paid-in Capital in Excess o, The following stockholders' equity accounts arranged alphabetically are in the ledger of Westin Corporation at December 31, 2015.
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