At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following:BARNARD CORPORATIONBalance SheetAt December 31, Prior YearStockholders' equityContributed capitalCommon stock (par $15; 5,500 shares)Paid-in capitalTotal contributed capitalRetained earningsTotal stockholders' equity$ 82,50015,000During the current year, the following selected transactions (summarized) were completed:a. Sold and issued 1,200 shares of common stock at $25 cash per share (at year-end).b. Determined net income, $49,000.c. Declared and paid a cash dividend of $4 per share on the beginning shares outstanding.97,50045,000$ 142,500Required:Prepare a statement of stockholders' equity for the year ended December 31, current year.Balances as of December 31, prior yearAdd: Net incomeLess: Dividends declaredStock issuedBalances as of December 31, current yearRequired:Prepare a statement of stockholders' equity for the year ended December 31, current year.> > >> Answer is complete but not entirely correct.BARNARD CORPORATIONStatement of Stockholders' EquityCommon StockShares5,500 $1,2006,500 SXAmount82,500S15,000 X97,500SPaid-inCapital15,000$RetainedEarnings20,000 X33,000 $TotalStockholders'Equity139,500 X49,000(11,000) X35,000 X200,500X45,000 $49,000✔(11,000) X70,000 $

Lets understand the basics.Stockholders Equity consist of the share which the shareholders has…

At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 5,500 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 82,500 15,000 97,500 45,000 $ 142,500 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,200 shares of common stock at $25 cash per share (at year-end). b. Determined net income, $49,000. c. Declared and paid a cash dividend of $4 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year.

At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $15; 5,500 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 82,500 15,000 97,500 45,000 $ 142,500 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 1,200 shares of common stock at $25 cash per share (at year-end). b. Determined net income, $49,000. c. Declared and paid a cash dividend of $4 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year.

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 11P: Net Income and Comprehensive Income At the beginning of 2019, JR Companys shareholders equity was as...

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