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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step.

Transcribed Image Text:TENNIS APPAREL
Balance Sheet
(Stockholders' Equity Section)
December 31, 2024
Stockholders' Equity:
Preferred Stock
Common Stock
Additional Paid-in Capital
Total Paid-in Capital
Retained Earnings
Treasury Stock
Total Stockholders' Equity
$
54,000 X
110,000
7,093,000 X
7,257,000
484,000 X
(297,000)
$ 7,444,000

Transcribed Image Text:Required information
Problem 10-6A (Algo) Record equity transactions and prepare the stockholders' equity section (LO10-2,
10-3, 10-4, 10-5, 10-7)
[The following information applies to the questions displayed below.)
Tennis Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following
transactions affect stockholders' equity during 2024, its first year of operations:
January 2 Issue 110,000 shares of common stock for $64 per share..
February 14 Issue 54,000 shares of preferred stock for $12 per share..
May 8
Purchase 11,000 shares of its own common stock for $54 per share..
May 31
Resell 5,500 shares of treasury stock for $59 per share.
December 1 Declare a cash dividend on its common stock of $0.70 per share and a $32,400 (6% of par value)
cash dividend on its preferred stock payable to all stockholders of record on December 15. The
dividend is payable on December 30. (Hint: Dividends are not paid on treasury stock.)
December 30 Pay the cash dividends declared on December 1.
Problem 10-6A (Algo) Part 2
2. Prepare the stockholders' equity section of the balance sheet as of December 31, 2024. Net income for the year was $484,000.
(Amounts to be deducted should be indicated by a minus sign.)
Answer is complete but not entirely correct.
TENNIS APPAREL
Balance Sheet
(Stockholders' Equity Section)
December 31, 2024
****
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