Metlock Incorporated's shares are traded on the loronto Stock Exchange. The company is authorized to issue 1,024,400 common shares and 100,000 $5 cumulative preferred shares. On June 30, 2024, there were 390,000 common shares and 19,700 preferred shares issued with the following balances: Common Shares, $1,170,000; and Preferred Shares, $1,024,400. The statement of retainer earnings showed retained earnings of $498,000 and other accumulated comprehensive income of $746,000 at June 30, 2024. The dividend on the preferred shares was two years in arrears. Prepare Metlock's June 30, 2024 shareholders' equity section of the statement of financial position. (Enter account name only and do not provide descriptive information.) METLOCK INCORPORATED

Zakaryan Corporation was organized on January 1, 2020. The corporation's governing documents authorized the issue of 100,000 shares of $1 par common stock. During 2020, Zakaryan had the following transactions relating to stockholders' equity: Issued 10,000 shares of common stock at $14 per share. Issued 20,000 shares of common stock at $16 per share. Reported a net income of $200,000. Paid dividends of $100,000. Purchased 3,000 shares of treasury stock at $20 (part of the 20,000 shares issued at $16). What is total shareholders' equity at the end of 2020? O $600,000. O $540,000. O $500,000. O $400,000. 4

Knapp Industries began business on January 1, 2018 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $40 per share. On June 30, Knapp declared a cash dividend of $2 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 200,000 of its own shares of stock for $50 per share. On December 22, Knapp resold 100,000 of these shares for $60 per share. Required: Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $6,000,000.

Wildhorse Corporation was organized on January 1, 2020. It is authorized to issue  9,300 shares of 8%, $ 100 par value preferred stock, and  503,100 shares of no-par common stock with a stated value of $ 1 per share. The following stock transactions were completed during the first year. Jan. 10   Issued  80,560 shares of common stock for cash at $ 7 per share. Mar. 1   Issued  5,680 shares of preferred stock for cash at $ 112 per share. Apr. 1   Issued  24,570 shares of common stock for land. The asking price of the land was $ 90,100; the fair value of the land was $ 80,560. May 1   Issued  80,560 shares of common stock for cash at $ 9 per share. Aug. 1   Issued  9,300 shares of common stock to attorneys in payment of their bill of $ 46,000 for services rendered in helping the company organize. Sept. 1   Issued  9,300 shares of common stock for cash at $ 11 per share. Nov. 1   Issued  1,090 shares of preferred stock for cash at $ 117 per share. Prepare the journal…

Crane Corporation was organized on January 1, 2027. It is authorized to issue 19,800 shares of 7%, $50 par value preferred stock and 462,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 1 Issued 71,000 shares of common stock for cash at $5 per share. Issued 11,600 shares of preferred stock for cash at $56 per share. Issued 116,000 shares of common stock for cash at $8 per share. May Sept. 1 Nov. 1 Issued 5,200 shares of common stock for cash at $6 per share. Issued 3,200 shares of preferred stock for cash at $58 per share. (a) Prepare a tabular summary to record the transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Jan. 10 $ Mar. 1 Cash 1 $ Common Stock Paid-in-Capit Stated…

On December 31, 2022, the equity accounts of Book Creations, Inc., contained the following balances:      Common stock ($10 par, 100,000 shares authorized) 30,000 shares issued and outstanding $300,000 Retained earnings $476,600   For the year 2022, the corporation had net income before income taxes of $176,300, income taxes of $35,260, and net income after taxes of $141,040. The corporation’s tax rate is 20 percent.An expansion of the existing plant at a cost of $564,300 is planned. The corporation’s president, who owns 60 percent of the corporation’s common stock, estimates that the expansion would result in an increased net income of approximately $176,300 before interest and taxes. The financial vice president forecasts that the increase would be only $88,150. Management is considering two possibilities for financing:  Issuance of 20,000 additional shares of common stock for $29 per share. Issuance of $564,300 face amount, 10-year, 6 percent bonds payable, secured by a…

On December 31, 2022, the equity accounts of Book Creations, Inc., contained the following balances:      Common stock ($10 par, 100,000 shares authorized) 30,000 shares issued and outstanding $300,000 Retained earnings $476,600   For the year 2022, the corporation had net income before income taxes of $176,300, income taxes of $35,260, and net income after taxes of $141,040. The corporation’s tax rate is 20 percent.An expansion of the existing plant at a cost of $564,300 is planned. The corporation’s president, who owns 60 percent of the corporation’s common stock, estimates that the expansion would result in an increased net income of approximately $176,300 before interest and taxes. The financial vice president forecasts that the increase would be only $88,150. Management is considering two possibilities for financing:  Issuance of 20,000 additional shares of common stock for $29 per share. Issuance of $564,300 face amount, 10-year, 6 percent bonds payable, secured by a…

Mechforce, Incorporated had net income of $150,000 for the year ended December 31, 2022. At the beginning of the year, 17,000 shares of common stock were outstanding. On April 1, an additional 19,000 shares were issued. On October 1, the company purchased 4,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Mechforce paid the annual dividend on the 8,000 shares of 4.60%, $100 par value preferred stock that were outstanding the entire year. Required: Calculate basic earnings per share of common stock for the year ended December 31, 2022. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Answer is complete but not entirely correct. Earnings per share $ 0.74 x

Waterway Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,210,000 shares of $12 par common stock. At no time has Waterway issued any potentially dilutive securities. Listed below is a summary of Waterway's common stock activities. 1. 2. 3. 4. (a) Number of common shares issued and outstanding at December 31, 2018 Shares issued as a result of a 12% stock dividend on September 30, 2019 Shares issued for cash on March 31, 2020 Number of common shares issued and outstanding at December 31, 2020 A 2-for-1 stock split of Waterway's common stock took place on March 31, 2021 Your Answer Correct Answer Your answer is correct. 2,116,800 1,890,000 shares 226,800 2,100,000 Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement. 4,216,800

Pronghorn Corp. was organized on January 1, 2022. It is authorized to issue 19,800 shares of 7%, $50 par value preferred stock and 462,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10   Issued 71,000 shares of common stock for cash at $5 per share. Mar. 1   Issued 1,220 shares of preferred stock for cash at $56 per share. May 1   Issued 116,000 shares of common stock for cash at $8 per share. Sept. 1   Issued 5,200 shares of common stock for cash at $6 per share. Nov. 1   Issued 3,200 shares of preferred stock for cash at $58 per share.   Prepare the paid-in capital portion of the stockholders’ equity section at December 31, 2022. PRONGHORN CORP.Partial Balance Sheetchoose the accounting periodchoose the accounting period                                                                       December 31, 2022For the Month Ended December 31, 2022For the Year Ended…