Summit Apparel has the following accounts at December 31: Common Stock, $1 par value, 1,200,000 shares issued; Additional Paid-in Capital, $16.80 million; Retained Earnings, $9.80 million; and Treasury Stock, 48,000 shares, $1.056 million.   Prepare the stockholders’ equity section of the balance sheet. (Amounts to be deducted should be indicated by a minus sign. Enter your answer in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.)

McVie Corporation’s stock has a par value of $2. The company has the following transactions during the year: Feb. 28 Issued 330,000 shares at $5 share. Jun. 7 Issued 93,000 shares in exchange for equipment with a clearly determined value of $205,000. Sep. 19 Purchased 2,700 shares of treasury stock at $7 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Feb. 28   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6     fill in the blank 8 fill in the blank 9 Jun. 7   fill in the blank 11 fill in the blank 12     fill in the blank 14 fill in the blank 15     fill in the blank 17 fill in the blank 18 Sep. 19   fill in the blank 20 fill in the blank 21     fill in the blank 23 fill in the blank 24

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The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5:   December 31   20Y7 20Y6 20Y5 Total assets $174,000   $157,000   $140,000   Notes payable (8% interest) 60,000   60,000   60,000   Common stock 24,000   24,000   24,000   Preferred 6% stock, $100 par 12,000   12,000   12,000     (no change during year)             Retained earnings 70,170   47,100   36,000   The 20Y7 net income was $23,790, and the 20Y6 net income was $11,820. No dividends on common stock were declared between 20Y5 and 20Y7. Preferred dividends were declared and paid in full in 20Y6 and 20Y7. a.  Determine the return on total assets, the return on stockholders' equity, and the return on common stockholders’ equity for the years 20Y6 and 20Y7. When required, round to one decimal place.   20Y7 20Y6 Return on total assets fill in the blank 1 % fill in the blank 2 % Return on stockholders’ equity fill in the blank 3 % fill…

Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal entry to record this transaction should include the following: (check all that apply) Select one or more: a. debit "Common Stock" for $20,000. b. credit "Additional Paid-in Capital" for $250,000. c. debit "Cash" for $250,000. d. credit "Additional Paid-in Capital" for $230,000. e. credit "Common Stock" for $20,000. f. credit "Common Stock" for $250,000. g. credit "Additional Paid-in Capital" for $270,000.

Assume that the stockholders' equity section on the balance sheet of Mangum's, a popular department store, is shown below. During the year, the company reported net income of $241,125,000 and declared and paid dividends of $11,909,000. Stockholders' Equity: Common stock, Class A-116,610,308 and 116,535,495 shares issued; ? and ? shares outstanding Common stock, Class B (convertible)-4,170,929 shares issued and outstanding Additional paid-in capital Retained earnings Less treasury stock, at cost, Class A- 47,176,748 and 45,340,148 shares $ Current Year 1,166,000 42,000 769,055,000 2,607,727,000 (1,891,581,000) $ Last Year 1,165,000 42,000 796,987,000 ? (941,560,000) Required: 1. What is the par value of Magnum's Class A common stock? 2. How many shares of Class A Common Stock were outstanding at the end of last year and the end of the current year? 3. What amount was reported in the Retained Earnings account at the end of last year? 4. How is the dollar amount in the treasury stock…

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On March 1, Newt Corp. had 60,000 shares of common stock authorized and 20,000 shares of $2 par common stock issued and outstanding when it declared a $.40 (forty cents) per share dividend to be paid on March 31. Use the drop-down menu to complete each of the following sentences: A. The journal entry on March 1 should have a debit to for $ and a credit to for $ B. The journal entry on March 31 should have a debit to for $ and a credit to for $

On May 10, the Martin Corporation issued 2,000 shares of $3.00 par value Common Stock for cash at $15.00 per share. Which of the following statements is true regarding this transaction? A) Cash is debited in the amount of $30,000 and Common Stock is credited for $30,000 B) Cash is debited in the amount of $6,000 and Common Stock is credited for $6,000 C) Cash is debited in the amount of $30,000 and Common Stock is credited for $6,000 D) Cash is debited in the amount of $36,000 and Common Stock is credited for $6,000 and Paid-in Capital in excess of par is credited for $30,000