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Shareholders' Equity Surinam Company provided the following data pertaining to 2018: Beginning of 2018 data: Common stock-issued: 19,000 shares of $1 par cach, issued many years ago for $5 each. • Treasury stock: 1,000 shares ($1 par), purchased in 2017 for $29,000. • Retained earnings: $810,000. Transactions during 2018: 1. In January, the 1,000 treasury shares were reissued (sold) for $37 cash per share. 2. In March, the company issued 1,000 new shares of $1 par common stock, for $50 cash per share. 3. In June, the company completed a 3-for-2 stock split of its common stock, in the form of stock dividend. Par value of stock was unchanged at $1. Stock price after distribution was $35/share. 4. In December, the company declared and paid a cash dividend of $1/share of common stock. 5. Net income for the year was $70,000. Calculate and write below the 2018 year-end balance in the following accounts. Common stock-Par Additional paid-in capital: Retained earnings: You may use the following worksheet for your work (some are pre-filled for you): Beginning Balance 1. Reissue treasury stock 2. Issue 1,000 new shares 3.3-for-2 stock split 4. Cash dividend 5. Net income Total (ending balance) Common Stock $19,000 Additional Paid-in Capital $76,000 Treasury Stock $29,000 Retained Earnings $810,000

Shareholders' Equity Surinam Company provided the following data pertaining to 2018: Beginning of 2018 data: Common stock-issued: 19,000 shares of $1 par cach, issued many years ago for $5 each. • Treasury stock: 1,000 shares ($1 par), purchased in 2017 for $29,000. • Retained earnings: $810,000. Transactions during 2018: 1. In January, the 1,000 treasury shares were reissued (sold) for $37 cash per share. 2. In March, the company issued 1,000 new shares of $1 par common stock, for $50 cash per share. 3. In June, the company completed a 3-for-2 stock split of its common stock, in the form of stock dividend. Par value of stock was unchanged at $1. Stock price after distribution was $35/share. 4. In December, the company declared and paid a cash dividend of $1/share of common stock. 5. Net income for the year was $70,000. Calculate and write below the 2018 year-end balance in the following accounts. Common stock-Par Additional paid-in capital: Retained earnings: You may use the following worksheet for your work (some are pre-filled for you): Beginning Balance 1. Reissue treasury stock 2. Issue 1,000 new shares 3.3-for-2 stock split 4. Cash dividend 5. Net income Total (ending balance) Common Stock $19,000 Additional Paid-in Capital $76,000 Treasury Stock $29,000 Retained Earnings $810,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 18E: Monona Company reported net income of 29,975 for 2019. During all of 2019, Monona had 1,000 shares...
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Shareholders' Equity Surinam Company provided the following data pertaining to 2018: Beginning of 2018 data: • Common stock-issued: 19,000 shares of $1 par each, issued many years ago for $5 each. • Treasury stock: 1,000 shares ($1 par), purchased in 2017 for $29,000. Retained earnings: $810,000. Transactions during 2018: 1. In January, the 1,000 treasury shares were reissued (sold) for $37 cash per share. 2. In March, the company issued 1,000 new shares of $1 par common stock, for $50 cash per share. 3. In June, the company completed a 3-for-2 stock split of its common stock, in the form of stock dividend. Par value of stock was unchanged at $1. Stock price after distribution was $35/share. 4. In December, the company declared and paid a cash dividend of $1/share of common stock. 5. Net income for the year was $70,000. Calculate and write below the 2018 year-end balance in the following accounts. Common stock-Par: Additional paid-in capital: Retained earnings: You may use the following worksheet for your work (some are pre-filled for you): Beginning Balance 1. Reissue treasury stock 2. Issue 1,000 new shares 3.3-for-2 stock split 4. Cash dividend 5. Net income Total (ending balance) Common Stock $19,000 Additional Paid-in Capital $76,000 Treasury Stock $29,000 Retained Earnings $810,000
Transcribed Image Text:Shareholders' Equity Surinam Company provided the following data pertaining to 2018: Beginning of 2018 data: • Common stock-issued: 19,000 shares of $1 par each, issued many years ago for $5 each. • Treasury stock: 1,000 shares ($1 par), purchased in 2017 for $29,000. Retained earnings: $810,000. Transactions during 2018: 1. In January, the 1,000 treasury shares were reissued (sold) for $37 cash per share. 2. In March, the company issued 1,000 new shares of $1 par common stock, for $50 cash per share. 3. In June, the company completed a 3-for-2 stock split of its common stock, in the form of stock dividend. Par value of stock was unchanged at $1. Stock price after distribution was $35/share. 4. In December, the company declared and paid a cash dividend of $1/share of common stock. 5. Net income for the year was $70,000. Calculate and write below the 2018 year-end balance in the following accounts. Common stock-Par: Additional paid-in capital: Retained earnings: You may use the following worksheet for your work (some are pre-filled for you): Beginning Balance 1. Reissue treasury stock 2. Issue 1,000 new shares 3.3-for-2 stock split 4. Cash dividend 5. Net income Total (ending balance) Common Stock $19,000 Additional Paid-in Capital $76,000 Treasury Stock $29,000 Retained Earnings $810,000
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