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WARRIOR [948]
3 years ago
5

Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Refer to the lists of

Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries.
Five-hundred thousand shares of common stock are authorized, and 40,000 shares have been reacquired.

Common Stock, $120 par $48,000,000
Paid-In Capital from Sale of Treasury Stock 4,500,000
Paid-In Capital in Excess of Par—Common Stock 6,400,000
Retained Earnings 63,680,000
Treasury Stock 5,200,000

Accounts and Amount Descriptions

Common stock, $60 par (500,000 shares authorized, 360,000 shares issued)
Common stock, $120 par (500,000 shares authorized, 400,000 shares issued)
Dividends on common stock
Excess of issue price over par
From sale of treasury stock
Issuance of additional common stock
Net income
Purchase of treasury stock
Retained earnings
Total
Total paid-in capital
Total stockholders’ equity
Treasury stock (40,000 shares at cost)

Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of the answer choices for text entries.
Business
1 answer:
uysha [10]3 years ago
7 0

Answer:

Explanation:

Stockholder's Equity

Paid in Capital:  

      Common Stock  $48,000,000

     Paid in Capital in excess of Par - Common Stock $6,400,000  

     Paid in Capital from sale of Treasury Stock $4,500,000

[58,900,000]

Total Paid in Capital  $58,900,000

Retained earnings  $63,680,000

Total Paid in Capital & Retained Earnings  $122,580,000

Deduct: Treasury Stock  $5,200,000

Total Stockholder's Equity  $117,380,000

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fixed expenses ........... it makes sense          

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3 years ago
GoodTimes, Inc. has asset turnover of 0.5 times, a net profit margin of 10% and average total assets of $100, what is its net in
adelina 88 [10]

Answer:

$5

Explanation:

Given that,

Asset turnover ratio = 0.5 times

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6 0
3 years ago
Which of the following is a similarity between a sole proprietorship and a partnership?
r-ruslan [8.4K]

The similarity between a sole proprietorship and partnership is that Both their earnings are untouched by the Internal Revenue Service

<h3>What is Sole proprietorship?</h3>

Sole proprietorship is a business Enterprise that is owned and run by an individual person.

The individual person is the risk taker.

<h3>What is partnership?</h3>

Partnership refer to any business Enterprise that is own and run by two or more people.

Therefore, The similarity between a sole proprietorship and partnership is that Both their earnings are untouched by the Internal Revenue Service.

Learn more about proprietorship from the link below.

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7 0
2 years ago
Concord Corporation had net sales of $2,409,400 and interest revenue of $38,100 during 2020. Expenses for 2020 were cost of good
andriy [413]

Answer:

Explanation:

In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.  

The calculation is shown below:

= Net Sales + interest revenue- cost of good sold -  administrative expense - selling expenses - interest expense - income tax expense

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= $426,100 × 30%

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The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:

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Ksju [112]
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3 years ago
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