Question

The stockholders’ equity T accounts of I-Cards Inc. for the year ended December 31, 20Y9, are...

The stockholders’ equity T accounts of I-Cards Inc. for the year ended December 31, 20Y9, are as follows.

Common Stock
Jan. 1 Balance 700,000
Apr. 14 Issued
10,800 shares 324,000
Dec. 31 Balance 1,024,000
Paid-In Capital in Excess of Par
Jan. 1 Balance 112,000
Apr. 14 Issued
10,800 shares 75,600
Dec. 31 Balance 187,600
Treasury Stock
Aug. 7 Purchased
1,800 shares 50,400
Retained Earnings
Mar. 31 Dividend 18,000 Jan. 1 Balance 1,220,000
June. 30 Dividend 18,000 Dec. 31 Closing
Sept. 30 Dividend 18,000 (Net income) 183,000
Dec. 31 Dividend 18,000 Dec. 31 Balance 1,331,000

Prepare a statement of stockholders’ equity for the year ended December 31, 20Y9. If an amount is zero or an entry is not required, leave the box blank.

Homework Answers

Answer #1

This is the statement of ownership rights of shareholders of a company.

Only the ending balances should be considered here.

Common stock = $1,024,000 Cr.

Paid-in capital in excess of par = $187,600 Cr.

Treasury stock = $50,400 Dr.

Retained earnings = $1,331,000 Cr.

In the books of I. C. Inc

Stockholders’ equity

As at 31/12/20Y9

Particulars

Amount $

Amount $

Contributed capital:

   Common stock

1,024,000

   Paid-in capital in excess of par

187,600

   Total contributed capital

1,211,600

Retained earnings

1,331,000

Treasury stock

(50,400)

Total stockholders’ equity

2,492,200

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