A recent stockholders' equity section of Aluminum Company of America (Alcoa) showed the following (in alphabetical order):additional paid-in capital $6,101, common stock $925, preferred stock $56, retained earnings $7,428, and treasury stock $2,828. (Alldollar data are in millions.)The preferred stock has 557,740 shares authorized, with a par value of $100 and an annual $3.75 per share cumulative dividendpreference. At December 31 of the current year, 557,649 shares of preferred are issued and 546,024 shares are outstanding. Thereare 1.8 billion shares of $1 par value common stock authorized, of which 924.6 million are issued and 844.8 million are outstanding atDecember 31.(a)Prepare the stockholders' equity section of the current year, including disclosure of all relevant data. (Enter amounts in millions.Enter the account name only and do not provide the descriptive information provided in the question.)ALUMINUM COMPANY OF AMERICABalance Sheet (Partial)

Stockholder's equity section is the one which is prepared to report the stock components of an…

Answered: A recent stockholders' equity section…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Blossom Inc. had net income for the current year ending December 31, 2023 of $1.230,480. During the entire year, there were 506,000 common shares outstanding. The company had two classes of preferred shares outstanding the Class A preferred shares were $2.62 cumulative shares of which 10,000 were outstanding, and were convertible to common shares at a rate of 1:1. There were 102,000 $5.62 Class B non-cumulative preferred shares outstanding that were also convertible at a rate of 1:1. Blossom had outstanding a $1,000,000, 8% bond issued in 2012 that was convertible to 21,000 common shares. The company also had outstanding a $1,000,000, 7% bond issued in 2013 that was convertible to 26,000 common shares. No dividends were declared or paid this year. Blossom's tax rate is 38%.
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Safron Inc. has the following data about its common stock: Par value =$1 per share Authorized shares = 10,000,000 Outstanding shares = 4,237,000 Issued shares = 4,630,000 How many shares of treasury stock are there?
EPS Inc. had net income of $8,950,000 in 2xxx. The company had 2, 500, 000 shares of $4 par value common stock and 60,000 shares of 8%, $100 par, preferred stock outstanding throughout the year. Each share of preferred stock is both cumulative and convertible into 3 shares of common stock. Compute the following for 2xxx: (show your work) (a) The number of shares to be used in computing basic earnings per share. (b) The number of shares to be used in computing diluted EPS. (c) Basic earnings per share
The stockholders' equity accounts of Skysong, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) Common Stock ($1 stated value, 1,900,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,500 common shares) $400,000 1,250,000 135,000 1,400,000 1,800,000 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $121,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $32,800. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $34,200. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,900. Dec. 31 Determined that net income for the year was $410,000. No dividends were declared during the year. Tul Journalize the transactions and the closing entry for net income.…
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The Stockholders’ Equity accounts of ExxonMobil on December 31, 2022 were as follows: Preferred Stock ( 6% , $100 par, cumulative, 800 authorized) $720,000 Common Stock ( $3 par, 1,500,000 authorized) 1,080,000 APIC – Preferred Stock 108,000 APIC – Common Stock 840,000 Retained Earnings 936,000 Treasury Stock – Common ( $9 cost) 54,000 During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders’ equity: March 21: Issued 24,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $210,000 and the stock was selling for $11 per share. April 17: Sold 1,800 shares of Treasury Stock – Common for $12 per share.November 22: Purchased 800 shares of Common Stock for the Treasury at a cost of $7,560. December 31: Determine that net income for the year was $556,000. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders…
Some of the account balances of Wildhorse Limited at December 31, 2022, are as follows: $7 Preferred shares (1.600 shares authorized, 1.600 shares issued and outstanding) Common shares (unlimited authorized, 50.000 shares issued and outstanding) Contributed surplus Retained earnings Accumulated other comprehensive income (31) The price of the company's common shares has been increasing steadily on the market; it was $19 on January 1, 2023, and advanced to $22 by July 1 and to $25 at the end of 2023. The preferred shares are not openly traded but were appraised at $118 per share during 2023. Wildhorse follows IFRS and had net income of $154,000 during 2023. For the purpose of this question, ignore any dividend entitlement to the preferred shareholders. The company declared a property dividend on April 1. Each common shareholder was to receive one share of Blossom Corp. for every 10 shares outstanding Wildhorse had 7,500 shares of Blossom (2% of the outstanding shares), which it had…
Blue Corporation had 306,000 shares of common stock outstanding on January 1, 2025. On May 1, Blue issued 33,000 shares. (a) Compute the weighted-average number of shares outstanding if the 33,000 shares were issued for cash. Weighted-average number of shares outstanding I (b) Compute the weighted-average number of shares outstanding if the 33,000 shares were issued in a stock dividend. Weighted-average number of shares outstanding
The Stockholders' Equity accounts of ExxonMobil on December 31, 2022 were as follows: Preferred Stock ( 6%, $100 par, cumulative, 800 authorized) $720,000 Common Stock ( $3 par, 1,500,000 authorized) $1,080,000 (360000 Common Stock) APIC - Preferred Stock $108,000 APIC - Common Stock $840,000 Retained Earnings $936,000 Treasury Stock - Common ($9 cost) 54,000 During 2023, ExxonMobil had the following transactions and events pertaining to its stockholders' equity: March 21: Issued 24,000 shares of Common Stock in exchange for Land. On the date of purchase, the Land had a Fair Market Value of $252,000 and the stock was selling for $11 per share. April 17: Sold 1,800 shares of Treasury Stock - Common for $12 per share. November 22: Purchased 800 shares of Common Stock for the Treasury at a cost of $7,600. December 31: Determine that net income for the year was $555,600. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common…

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