FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 $10; 5,100 shares)
Paid-in capital
Total contributed capital
Retained earnings
Total stockholders' equity
$ 51,000
13,000
64,000
49,000
$ 113,000
During the current year, the following selected transactions (summarized) were completed:
a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end).
b. Determined net income, $53,000.
c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding.
Required:
Prepare a statement of stockholders' equity for the year ended December 31, current year.
BARNARD CORPORATION
Statement of Stockholders' Equity
Common Stock
Shares
Amount
Paid-in
Capital
Retained
Earnings
Total
Stockholders'
Equity
Balances as of December 31, prior year
Balances as of December 31, current year
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Transcribed Image Text: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 $10; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 51,000 13,000 64,000 49,000 $ 113,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end). b. Determined net income, $53,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount Paid-in Capital Retained Earnings Total Stockholders' Equity Balances as of December 31, prior year Balances as of December 31, current year
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