
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Subject: acountingarrow_forwardBelow is United Delivery Service’s (UDS) stockholders' equity for the year ended 2022: Common Stock, $3 par value $60,000 Paid-in Capital in Excess of Par—Common 35,000 Retained Earnings 100,000 Treasury Stock (10,000) In March, UDS declares and distributes a 12% stock dividend when the market value of the stock is $6. 1) Prepare UDS's March end stockholders' equity section. 2) How would retained earnings change if UDS doubled their number of shares through a 2 for 1 stock split?arrow_forwardThe stockholders' equity of Bonita Industries at July 31, 2021 is presented below: Common stock, par value $20, authorized 400,000 shares; issued and outstanding 170000 shares $3400000 Paid-in capital in excess of par 156000 Retained earnings 642000 $4198000 On August 1, 2021, the board of directors of Bonita declared a 16% stock dividend on common stock, to be distributed on September 15th. The market price of Bonita's common stock was $68 on August 1, 2021, and $74 on September 15, 2021. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend? a. $1849600. b. $1020000. c. $2012800. d. $1305600.arrow_forward
- The stockholders' equity section of the January 1, 2031 balance sheet for XYZ Company is given below: Common stock, $14 par value ................. $525,000 Paid-in capital – common stock .............. $150,000 Treasury stock (14,000 shares @ $16 cost) ... $224,000 Paid-in capital – treasury stock ............ $ 13,000 Retained earnings ........................... $107,000 XYZ Company entered into the following transactions during 2031: a. Re-issued 2,000 of the treasury shares for $11 per share. b. Re-issued 3,000 of the treasury shares for $13 per share. c. Issued 5,000 shares of previously un-issued common stock for $21 per share. d. Re-issued 6,000 of the treasury shares for $19 per share. Calculate the balance in the retained earnings account after all four transactions above are recorded.arrow_forwardIncluded in the December 31, 2018, Jacobi Comapany balance sheet was the following share holders’ equity section. 1. Prepare journal entries to record the preceding transactions. 2. Prepare the December 31, 2019, shareholders’ equity section (assume that 2019 net income was $270,000).arrow_forwardStockholders' equity accounts, arranged aphabetically are the ledger of Pina Colada Corp. at December 31, 2020. Common Stock ($5 stated value) $1,675,000 Paid-in capital inexcess of par-preferred stock 279,000 Paid-in capital in excess of stated value-common stock. 936,000 Preferred stock (8%, $103 par) 489,250 Ratained Earnings 1,120,000 Treasury Stock (12,000 common shares) 144,000 Prepare the stockholders' equity section of the balance sheet at December 31, 2020. *please solve and explain process. Thank youarrow_forward
- The following data is available for Sheffield Service Corporation at December 31, 2020: Common stock, par $10 (authorized 100000 shares) Treasury Stock (at cost $15 per share) $413000 O 41300 O 50000 O 37700 O 48200 54000 Based on the data, how many shares of common stock are outstanding?arrow_forwardComparative statements of shareholders’ equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2021, 2022, and 2023. ANACONDA INTERNATIONAL CORPORATIONStatements of Shareholders' EquityFor the Years Ended Dec. 31, 2021, 2022, and 2023($ in millions) Preferred Stock$10 par Common Stock$1 par AdditionalPaid-In Capital Retained Earnings TotalShareholders' Equity Balance at January 1, 2021 65 520 1,860 2,445 Sale of preferred shares 30 900 930 Sale of common shares 7 56 63 Cash dividend, preferred (3 ) (3 ) Cash dividend, common (17 ) (17 ) Net income 340 340 Balance at December 31, 2021 30 72 1,476 2,180 3,758 Retirement of shares (2 ) (16 ) (24 ) (42 ) Cash dividend, preferred…arrow_forwardhello, I need help pleasearrow_forward
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