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raketka [301]
3 years ago
12

Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Com

mon stock, $10 par value, 103,000 shares authorized Preferred stock, 9 percent, par value $8 per share, 4,000 shares authorized During the year, the following transactions took place in the order presented: Sold and issued 20,000 shares of common stock at $16 cash per share. Sold and issued 3,000 shares of preferred stock at $20 cash per share. At the end of the year, the accounts showed net income of $60,000. No dividends were declared.
Required: Prepare the stockholders' equity section of the balance sheet at the end of the year.
Business
1 answer:
omeli [17]3 years ago
7 0

Answer:

Explanation:

The preparation of the  stockholders' equity section of the balance sheet is shown below:

Common stock, $10 par value,

103,000 shares authorized and 20,000

shares of common stock issued                    $200,000  (20,000 × $10)

Paid in capital in excess of par value $120,000      {20,000 shares × ($16 - $10)}

Preferred stock, 3000 shares issued at par       $24,000      (3,000 shares × $8)

Paid in capital in excess of par value $36,000     {3,000 shares × ($20 - $8)}

Retained earnings                               $60,000

Total                                                     $440,000                  

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Answer:

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a. Accounts payable                          Current liabilities

b. Accounts receivable                     Current Assets

c. Accumulated depreciation            Property,plant and equipment

d. Buildings                                         Property,plant and equipment

e. Cash                                                Current Asset

f. Goodwill                                           Intangible Asset

g. Income taxes payable                    Current liabilities

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j. Inventory                                            Current Assets

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8 0
3 years ago
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Vitek1552 [10]

Answer:

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Anarel [89]

Answer:

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Explanation:

5 0
3 years ago
The company can choose to buy a back-up machine for Step C for an additional $20,000. The back up would also have a reliability
Goshia [24]

The complete question is:

A certain company produces 10,000 tables per year in a three-step process. The three steps in the process employ machines with the reliabilities listed here:

Step A - 0.987 Step B – 0.979 Step C – 0.915

Answer:

New reliability= 0.9593 ~ 0.959

Explanation:

Reliability is used in manufacturing process to ensure that a process produces the same level of output consistently. A process is reliable if it achieves the same results everytime.

Reliability can be applied to individuals, data, processes, and products.

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7 0
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lana [24]
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