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ivanzaharov [21]
2 years ago
11

Statement of Shareholders' Equity You may use the attached spreadsheet to help you complete this activity, but you are not requi

red to do so. You will find the spreadsheet by clicking on the green Excel icon in the upper left hand corner of the activity. On January 1, 2019, Powder Company provided the following shareholders' equity section of its balance sheet: Contributed Capital: Preferred stock, $100 par $ 92,800 Common stock, $5 par 37,400 Additional paid-in capital on preferred stock 21,500 Additional paid-in capital on common stock 58,700 Total contributed capital $210,400 Retained earnings 185,700 Total Shareholders' Equity $396,100 During 2019, the following transactions and events occurred and were properly recorded: Powder issued 1,800 shares of common stock at $13 per share. Powder issued 340 shares of preferred stock at $130 per share. Powder earned net income of $38,950. Powder paid a $7 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of 2019. Required: Prepare Powder's statement of shareholders' equity (include retained earnings) for 2019. POWDER COMPANY Statement of Shareholders' Equity For Year Ended December 31, 2019 Preferred Stock $100 par Common Stock $5 par Additional Paid-in Capital on Preferred Stock Additional Paid-in Capital on Common Stock Retained Earnings Total $ $ $ $ $ $ $ $ $ $ $ $
Business
1 answer:
svlad2 [7]2 years ago
6 0

Answer:

POWDER COMPANY Statement of Shareholders' Equity For Year Ended December 31, 2019:

Preferred Stock $100 par  $126,800

Common Stock $5 par $46,400

Additional Paid-in Capital on Preferred Stock $31,700

Additional Paid-in Capital on Common Stock $73,100

Retained Earnings $206,494

Total Shareholders' Equity $484,494

(See calculations below:)

Explanation:

a) Statement of Shareholders' Equity: This is a financial statement under the balance sheet which a company issues to show the changes within the equity section of the balance sheet over a designated period of time.

b) Preferred Stock $100 par $92,800

New Issue, 340                     $34,000

Total $126,800

c) Common stock, $5 par = $37,400

New Issue, 1,800 shares  =   $9,000

Total $46,400

d) Additional paid-in capital on preferred stock 21,500

From new issue of 340 by $30 per share         10,200

Total $31,700

e) Additional paid-in capital on common stock $58,700

From New Issue 1,800 by $8 per share             $14,400

Total $73,100

f) Retained earnings    =      $185,700

 Net Income for the year     $38,950

Less Dividends: Preferred -$8,876 ($7 x 1,268 shares)

Less Dividends: Common -$9,280 ($1 x 9,280 shares)

Retained Earnings balance $206,494

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