Splish Company reported the following amounts in the stockholders' equity section of its December 31, 2024, balance sheet.Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued)Common stock, $5 par (94,000 shares authorized, 18,800 shares issued)Additional paid-in capitalRetained earningsTotal1.2.♡During 2025, Splish took part in the following transactions concerning stockholders' equity.4.5.6.$180,0007.94,000131,000478,000$883,000Paid the annual 2024 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. Thesedividends had been declared on December 31, 2024.Purchased 1,500 shares of its own outstanding common stock for $43 per share. Splish uses the cost method.Reissued 800 treasury shares for land valued at $36,200.Issued 540 shares of preferred stock at $104 per share.Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $41 per share.Issued the stock dividend.Declared the annual 2025 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. Thesedividends are payable in 2026. (b)Prepare the December 31, 2025, stockholders' equity section. Assume 2025 net income was $347,000. (Enter account name only.Do not provide any descriptive information.)Capital StockCommon StockPreferred StockTotal Capital StockAdditional Paid-in CapitalTotal Paid-in CapitalRetained EarningsTotal Paid-in Capital and Retained EarningsLess: Treasury StockTotal Stockholders' Equity<<SPLISH COMPANYStockholders' EquityDecember 31, 2025$LA$$

Stockholders' equity describes the assets that are still held by a company after all obligations…

Answered: Splish Company reported the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dekalb Resorts has been in business since 1987.The stockholders' equity section of Dekalb's balance sheet on January 1, 2019 is as follows: Common Stock (Par value $25.00 per share; 50,000 shares authorized; 28,000 shares issued and outstanding) Additional Paid-in Capital on Common Stock Preferred Stock (Par value $5.00 per share; 5,000 shares authorized; 3,000 shares issued and outstanding) Additional Paid-in Capital on Preferred Stock Retained Earnings Total Stockholders' Equity Stockholders' Equity Section as of January 1, 2019 Date July 15, 2019 700,000 100,000 15,000 7,000 560.000 1,382,000 Required: 1. Prepare the journal entries for the following three transactions: On July 15, 2019, Dekalb issues 600 shares of its preferred stock, receiving $15.00 per share. Accounts debits credits On December 31, 2019, Dekalb declares annual dividends on preferred stock. Dividends are to be paid on the shares of preferred stock outstanding on December 31, 2019. Each share of preferred stock…
The records of Uluru Charters reflected the following balances in the stockholders' equity accounts at December 31, 2024: Common stock, par $12 per share, 43,500 shares outstanding. Preferred stock, 8 percent, par $17.00 per share, 6,610 shares outstanding. Retained earnings, $227,000. On January 1, 2025, the board of directors was considering the distribution of a $62,700 cash dividend. No dividends were paid during 2023 and 2024. Required: 1. Determine the total and per-share amounts that would be paid to the common stockholders and to the preferred stockholders under two independent assumptions: a. The preferred stock is noncumulative. b. The preferred stock is cumulative. 2. Why might the dividends per share of common stock be different for noncumulative preferred stock and cumulative preferred stock?
Presented below is information related to Alligator Corporation for 2019. 1. On March 1, Alligator Corporation issued 95,000 shares (authorized to issue 1,000,000 shares of $10 par value, Issued 100,000 shares till February, 2019) of common stock at $30 per share. 2. A dividend is declared on May 1, 2010, and paid on May 27, 2019, in equity held as an investment. The equity have a book value of $150,000 and a fair value of $190,000. 3. On June 1, Alligator Corporation replaced one of its’ used machines costed $200,000 with an accumulated depreciation of $110,000 with Labor company and received additional $27,000 cash. Fair value of Alligator’s machine at the time of exchange was $105,000. The cost, accumulated depreciation and fair value of Labor Company’s machine at the time of exchange were $125,000, $45,000 and $78,000 respectively. The exchange lacks commercial substance for both the parties. 4. On September 4, Alligator Corporation sold the 1,000 treasury shares that they had…
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Dakota Corporation had the following shareholders' equity account balances at December 31, 2018: Transactions during 2019 and other information relating to the shareholders' cquity accounts were as follows:1. Dakota's preferred and common shares are traded on the over-the-counter market. At December 31, 2018,Dakota had 100,000 authorized shares of $100 par, 10%, cumulative preferred stock; and 3,000,000 autho-rized shares of no-par common stock with a stated value of $5 per share.2. On January 9, 2019, Dakota formally retired all 30,000 shares of its treasury common stock and had them revert to an unissued basis. The treasury stock had been acquired on January 20, 2018. The shares were originally issued at $10 per share,3. Dakota owned 10,000 shares of Bush Inc, common stock purchased in 2016 for $750,000. The Bush stock was included in Dakota's short-term marketable securities portfolio at the end of 2018 at a value of $650,000.On February 13, 2019, Dakota declared a dividend in kind…
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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
The following information is available for ConocoPhillips on December 31, 2022: Common Stock, $1.75 par, 400,000 shares authorized Additional Paid in Capital - Common Stock Retained Earnings Total Stockholders' Equity During 2023, ConocoPhillips completed these transactions (in chronological order): 1) Declared and issued a 2.0% stock dividend on the outstanding stock. At that time, the stock was quoted at a market price of $20 per share. 2) Issued 2,400 shares of common stock at the price of $18 per share. 3) Net Income for the year was $410,400. Determine the ending balance in the Additional Paid in Capital - Common Stock account on December 31, 2023: Select one: O O $651,000 840,000 756,000 $2,247.000 a. $1,014,780 b. $1,025,000 c. $1,032,000 d. $975,780 e. $879,000 4
Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 Nov. 8 Nov. 30 Declared a cash dividend on the 5%, $105 par noncumulative preferred stock (900 shares outstanding). Declared a $0.55 per share dividend on the 95,000 shares of $6 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Split common stock 2-for-1. Declared a 50% stock dividend on the common stock. The market value of the common stock was $12 per share. Distributed the stock dividend. Purchased 8,000 shares of treasury stock at $9 per share. Sold 4,000 shares of treasury stock for $10 per share. Sold 1,400 shares of treasury stock for $5 per share.
Listed below are the transactions that affected the shareholders' equity of Branch-Rickie Corporation during the period 2021-2023. At December 31, 2020, the corporation's accounts included: Common stock, 112 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2021, the board of directors declared a cash dividend of $0.70 per share on its common shares, payable to shareholders of record November 15, to be paid December 1. b. On March 1, 2022, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The bonds had a fair value of $2.8 million, but were purchased two years previously for $2.4 million. Because they were intended to be held to maturity, the bonds had not been previously written up. The property dividend was payable to shareholders of record March 13, to be distributed April 5. c. On July 12, 2022, the corporation declared and distributed a 4 %…
The shareholders' equity section of the balance sheet of TNL Systems Incorporated included the following accounts at December 31, 2023: Shareholders' Equity Common stock, 240 million shares at $1 par Paid-in capital-excess of par Paid-in capital-share repurchase Retained earnings Required: ($ in millions) $ 240 1,680 1 1,100 1. During 2024, TNL Systems reacquired shares of its common stock and later sold shares in two separate transactions. Prepare the entries for both the purchase and subsequent resale of the shares assuming the shares are (a) retired and (b) viewed as treasury stock. a. On February 5, 2024, TNL Systems purchased 6 million shares at $10 per share. b. On July 9, 2024, the corporation sold 2 million shares at $12 per share. c. On November 14, 2026, the corporation sold 2 million shares at $7 per share. 2. Prepare the shareholders' equity section of TNL Systems' balance sheet at December 31, 2026, comparing the two approaches. Assume all net income earned in 2024-2026…

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