On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.Common stock, $1 par, 254,000 shares issuedPaid-in capital-excess of par, commonPaid-in capital-excess of par, preferredPreferred stock, $100 par, 12,000 shares outstandingRetained earningsTreasury stock, at cost, 5,400 sharesDuring 2021, Fascom Inc. had several transactions relating to common stock.January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10.4 pershare, fair value $9.20 per share).February 17: Distributed the property dividend.April10:A 2-for-1 stock split was declared and distributed on outstanding common stock and effectedin the form of a stock dividend. (Fascom chose to reduce Paid-in capital-excess par. )The fair value of the stock was $4 on this date.18: Declared and distributed a 4% stock dividend on outstanding common stock. The fair value is$5 per share.JulyDecember 1: Declared a 50 cents per share cash dividend on the outstanding common shares.December 20: Paid the cash dividend.FASCOMBalance Sheet (Partial)December 31, 2021Required:Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December31, 2021. Assume net income is $540,000 for 2021. (Negative amounts should be entered with a minus sign.)Shareholders' equityPreferred stockCommon stockPaid-in capital - excess of par, preferredPaid-in capital - excess of par, commonRetained earningsTreasury stockTotal shareholders' equity$ 1,200,000$ 254,000508,000120,000120,0001,200,0002,400,00027,000(27,000)$ 1,293,000

Name: On January 1, 2021, Fascom had the following account balances in its
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: On January 1, 2021, Fascom had the following account balances in its shareholders' equity accounts.Common stock, $1 par, 254,000 shares issuedPaid-in capital-excess of par, commonPaid-in capital-excess of par, preferredPreferred stock, $100 par, 12,

Working Notes: (254,000 - 5,400) x 2 = 497,200 x 1.04 x $1 = $517,088 + (5,400 treasury shares at…

Business

Accounting

Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $540,000 for 2021. (Negative amounts should be entered with a minus sign.)

Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's balance sheet as of December 31, 2021. Assume net income is $540,000 for 2021. (Negative amounts should be entered with a minus sign.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Omantel company showed an increase in earnings per Share (EPS) from OMR. 0.350 to OMR.0.650 in 2019. However, the company forgot to disclose this information in its annual report. - which types of suitable qualitative characteristics of useful financial information?
Concord Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 538,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. Арг. May Aug. 1 1 Sept. 1 Nov. 1 Issued 75,000 shares of common stock for cash at $4 per share. Issued 5,050 shares of preferred stock for cash at $110 per share. Issued 24,000 shares of common stock for land. The asking price of the land was $92,000. The fair value of the land was $87,500. Issued 83,500 shares of common stock for cash at $4.50 per share. Issued 10,000 shares of common stock to attorneys in payment of their bill of $38,000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $7 per share. Issued 2,000 shares of preferred stock for cash at $109 per share.
What is the adjusted amount of shareholders’ equity that should be reported by REBOND in its December 31, 2021 statement of financial position?
REQUIRED Use the information provided below to prepare the Statement of Changes in Equity of Ashton Traders for the year ended 29 February 2020. Use the following format: STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 29 FEBRUARY 2020 Total (R) Capital Accounts Balance at 28 February 2019 Changes in capital Balance at 29 February 2020 Ashwin (R) Tony (R) Ashwin (R) Total (R) Current Accounts Balance at 28 February 2019 Net profit for the year Tony (R) Interest on capital Salaries Bonus Profit Share Drawings Balance at 29 February 2020 INFORMATION Ashwin and Tony are partners in a business trading as Ashton Traders. The following information is available for the financial year ended 29 February 2020: Extract from the ledger of Ashton Traders as at 29 February 2020 Debit Credit R R Capital: Ashwin |Capital: Tony 600 000 400 000 Current a/c: Ashwin (01 March 2019) Current a/c: Tony (01 March 2019) Drawings: Ashwin Drawings: Tony 40 000 30 000 400 000 500 000
Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Marigold issued 4,400 shares of restricted stock units instead of 4,400 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Jan. 1, 2025 Dec. 31, 2026 Account Titles and Explanation Debit Credit
Financial Statements from the End-of-Period Spreadsheet Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3: Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 20Y3 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 16,090 16,090 Accounts Receivable 38,300 38,300 Supplies 4,060 3,410 650 Office Equipment 31,020 31,020 Accumulated Depreciation 4,250 2,030 6,280 Accounts Payable 10,340 10,340 Salaries Payable 500 500 Common Stock 13,000 13,000 Retained Eamings 26,070 26,070 Dividends 4,980 4,980 Fees Earned 72,190 72,190 Salary Expense 28,340 500 28,840 Supplies Expense 3,410 3,410 Depreciation Expense 2,030 2,030 Miscellaneous Expense 3,060 3,060 125,850 125,850 5,940 5,940 128,380 128,380 Based on the preceding spreadsheet, prepare an income statement for Triton Consulting. Triton Consulting Income…
The following data were taken from the balance sheet accounts of Sage Corporation on December 31, 2019. Current assets Debt investments (trading) Common stock (par value $10) Paid in capital in excess of par Retained earnings (a) (b) Prepare the required journal entries for the following unrelated items. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) (c) $550.000 685,000 503,000 145,000 861,000 A5% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $35. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. Date A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $93,000 and a fair value of $139,000. Account Titles and Explanation Debit Credit
These financial statement items are for Sunland Corporation at year end, July 31, 2021: Operating expenses Salaries expense Deferred revenue Utilities expense Equipment Accounts payable Service revenue Rent revenue Common shares Cash Accounts receivable D Accumulated depreciation-equipment $32,500 46,700 12,000 2,600 70,200 5,020 116,100 19,000 27,500 5,560 16,100 5,800 Interest payable Supplies expense Dividends declared Depreciation expense Retained earnings, August 1, 2020 Rent expense Income tax expense Supplies Trading investments Bank loan payable (due December 31, 2021) Interest expense O $900 777891 700 14,500 3,500 22,940 11,500 5,700 2,100 20,500 24,800 Additional information: Sunland started the year with $14,000 of common shares and issued additional shares for $13,500 during the year. 1,900 O W
Use the information given to fill out balance sheet completely
do not give solution in image
(c) Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) GROUPER CORPORATION Balance Sheet (Partial) $ $
Arantxa Corporation made the following purchases of investments during 2023, the first year in which Arantxa invested in equity securities: 1. 2. 3. On January 15, it purchased 9,000 shares of Nirmala Corp.'s common shares at $33.50 per share plus commission of $1,980. On April 1, it purchased 5,000 shares of Oxana Corp's common shares at $52 per share plus commission of $3,370. On September 10, it purchased 7,000 shares of WTA Corp's preferred shares at $26.50 per share plus commission of $2,910. On May 20, 2023, Arantxa sold 3,000 of the Nirmala common shares at a market price of $35 per share less brokerage commissions of $2,850. The year-end fair values per share were as follows: Nirmala $30, Oxana $55, and WTA $28. The chief accountant of Arantxa tells you that Arantxa holds these investments with the intention of selling them to earn short-term profits from appreciation in their prices and accounts for them using the FV-NI model. Arantxa follows IFRS.