FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued $241,000 Paid-in capital-excess of par, common 482,000 Paid-in capital-excess of par, preferred. 195,000 Preferred stock, $100 par, 19,500 shares outstanding 1,950,000 Retained earnings Treasury stock, at cost, 4,100 shares 3,900,000 20,500 During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: December 28: Required: Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date.. Declared and distributed a 4% stock dividend on…arrow_forwardThe 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_forwardOn January 1, 2022, Sheffield Corporation purchased 6,500 shares of treasury stock. Other information regarding Sheffield Corporation is provided as follows. Net income Dividends on preferred stock Dividends on common stock Weighted-average number of common shares outstanding Common stockholders' equity beginning of year Common stockholders' equity end of year Earnings per share 2021 $ 2021 LA $130,000 $39,000 $26,000 65,000 $780,000 $975,000 (a) Compute earnings per share for each year. (Round answer to 2 decimal places, e.g. 10.50.) 2022 2022 $143,000 $39,000 $32,500 58,500 $975,000 $1,079,000arrow_forward
- 80 On January 1, 2024, Dolar Incorporated had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 241,000 shares issued Paid-in capital-excess of par, common Paid-in capital-excess of par, preferred Preferred stock, $100 par, 19,500 shares outstanding Retained earnings Treasury stock, at cost, 4,100 shares During 2024, Dolar Incorporated had several transactions relating to common stock. January 15: February 17: April 10: July 18: December 1: $ 241,000 482,000 195,000 1,950,000 3,900,000 20,500 Declared a property dividend of 100,000 shares of Burak Company (book value $11.9 per share, fair value $9.95 per share). Distributed the property dividend. A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. (Dolar chose to reduce Paid-in capital-excess of par.) The fair value of the stock was $4 on this date. Declared and distributed a 4% stock dividend on outstanding common stock.…arrow_forwardsarrow_forwardThe 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 4arrow_forward
- Shown below is information relating to the stockholders' equity of Perry Corporation as of December 31, Year 1: 5.5% cumulative preferred stock, $100 par value; authorized, ?? shares; issued and outstanding, ?? shares Common stock, $10 par value; authorized, 360,000 shares; issued and outstanding, 140,000 shares Additional paid-in capital: Common stock Retained earnings (Deficit) Dividends in arrears What was the original issue price per share of common stock?arrow_forwardThe 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…arrow_forwardThe equity section of the December 31", 2025, balance sheet for BOOYA Inc. showed the following: BOOYA Inc. Equity Section of the Balance Sheet December 31, 2025 Contributed Capital: Preferred shares, $0.25 non-cumulative, 80,000 shares authorized, 60,000 shares issued and outstanding Common shares, 250,000 shares authorized, 120,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $150,000 120.000 $270,000 92.500 $362,500 During the year 2026, BOOYA Inc had the following transactions affecting equity accounts: Sold 20,000 common shares for a total of $21,500 cash Sold 5,000 preferred shares for $3.00 each, cash. Issued and exchanged 7,000 common shares for equipment with a list price of $10,000 (fair value unknown). Common shares were trading at $1.42 on June 15th. Jan. 3 Mar. 1 June 15. Closed the Income Summary account, which showed a credit balance of $175,000. Dec. 31 The board of directors had not declared a dividend for the past two years…arrow_forward
- DeZurik Corporation had the following stockholders’ equity section in its June 30, 2022, balance sheet (in thousands, except share and per share amounts): June 30 (in thousands)2022 Paid-in capital: $4.0 Preferred stock, $ ? par value, cumulative, 60,000 shares authorized, 21,000 shares issued and outstanding $ 1,490 Common stock, $6 par value, 4,000,000 shares authorized, 840,000 shares issued, 750,000 shares outstanding Additional paid-in capital on common stock 5,320 Retained earnings Less: Treasury common stock, at cost, ? shares Total stockholders' equity $ 15,410 Required: Calculate the par value per share of preferred stock and determine the preferred stock dividend percentage. Calculate the amount that should be shown on the balance sheet for common stock at June 30, 2022. What was the average issue price of common stock shown on the June 30, 2022, balance sheet? How many shares of treasury stock does DeZurik Corporation own at June 30, 2022?…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_forwardQuestion: The following information is from the balance sheet of Tudor Corporation as of December 31, 2014. Preferred stock, $100 par $500,000 Paid-in capital in excess of par - preferred 35,000 Common stock, $1 par 190,000 Paid-in capital in excess of par - common 380,000 Retained earnings 131,500 Total stockholders' equity $1,236,500 What was the average issue price of the common stock shares? A. $1.00 B. $3.00 C. $13.15 D. $1.90arrow_forward
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