Homework Answers
| Stockholder's equity | ||
| Paid in capital | ||
| Capital stock | ||
|
Preferred stock [ Number of preferred shares * Par value = 119,000 * $100 ] |
$11,900,000 | |
| Common stock | $6,475,000 | |
| Total capital stock | $18,375,000 | |
| Additional paid-in capital | ||
|
Paid-in capital in excess of par value ( Preferred stock ) [ ( Issue price - Par value ) * Number of preferred shares issued = ( $105 - $100 ) * 119,000 ] |
$595,000 | |
| Paid-in capital in excess of par value ( Common stock ) | $1,730,000 | |
| Total additional paid-in capital | $2,325,000 | |
| Total paid-in capital | $20,700,000 | |
| Retained earnings ( refer working note ) | $1,796,890 | |
| Total paid-in capital and retained earnings | $22,496,890 | |
|
Less : Treasury stock ( 16,700 shares * $15 ) |
( $250,500 ) | |
| Total stockholder's equity | $22,246,390 |
Working note :
Retained earnings calculation :
| Opening retained earnings | $1,205,000 |
| (+) Net income | $3,598,000 |
|
(-) Preferred dividend [ 119,000 shares * $100 * 7% ] |
( $833,000 ) |
|
(-) Common dividend [ ( 1,295,000 shares - 16,700 shares ) * $1.7 ] |
( $2,173,110 ) |
| Ending retained earnings | $1,796,890 |
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Question 14 On December 31,2016, Sandhill Co. had 1.295,000 shares of $ 5 par common stock...
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par common stock issued and outstanding. At December 31, 2021,
stockholders’ equity had the amounts listed here.
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Transactions during 2022 and other information related to
stockholders’ equity accounts were as follows.
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