Question

In Draco Corporation's first year of business, the following transactions affected its equity account. Prepare the...

In Draco Corporation's first year of business, the following transactions affected its equity account. Prepare the stockholder's equity selection of Draco's balance sheet as of December 31.
Issued 4, 000 shares of $ 2 par value common stock for $18. It authorized 3,000shares.
Issued 1,000 shares of 12% , $10 par value preferred stock for $23. It authorized 3,000shares.
Reacquired 200 shares of common stock for $ 30 each.
Retained earnings is impacted by reported net income of $ 50,000 and cash dividend of $15,000

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Corporation’s first year of business, the following transactions affected its equity accounts. Issued 4,000 shares of...
Corporation’s first year of business, the following transactions affected its equity accounts. Issued 4,000 shares of $2 par value common stock for $18. It authorized 20,000 shares. Issued 1,000 shares of 12%, $10 par value preferred stock for $23. It authorized 3,000 shares. Reacquired 200 shares of common stock for $30 each. Retained earnings is impacted by reported net income of $50,000 and cash dividends of $15,000. Prepare the stockholders’ equity section of Draco’s balance sheet as of December 31....
3. On January 1, 2025, the stockholders' equity section of Henry Corporation's balance sheet reported the...
3. On January 1, 2025, the stockholders' equity section of Henry Corporation's balance sheet reported the following: Common Stock, par $10, authorized 100,000 shares, issued 10,000 shares $100,000 Capital in excess of par value 50,000 Retained earnings 160,000 During 2025, the following selected transactions occurred (assume they occurred in the order given): (1) Issued a 10% stock dividend; 1,000 shares issued when the market price was $12. (2) 200 shares of treasury stock were purchased at $11 per share. (3)...
Using the following accounts and balances, prepare the stockholders' equity section of the balance sheet. Fifty...
Using the following accounts and balances, prepare the stockholders' equity section of the balance sheet. Fifty thousand shares of common stock are authorized, and 2,000 shares have been reacquired. Common Stock, $40 par $1,320,000 Paid-In Capital in Excess of Par 204,040 Paid-In Capital from Sale of Treasury Stock 6,040 Retained Earnings 125,000 Treasury Stock 4,540 Stockholders' Equity Contributed capital: Common stock, $40 par (50,000 shares authorized, 33,000 issued $ Additional paid-in capital Total contributed capital $ Retained earnings Total $...
Book Value for Preferred and Common Stock The stockholders' equity section of Plaka Corporation's balance sheet...
Book Value for Preferred and Common Stock The stockholders' equity section of Plaka Corporation's balance sheet follows. Contributed capital: Preferred stock, $100 par value, callable at $105 per share, 6 percent cumulative, 5,000 shares authorized, 100 shares issued and outstanding $10,000 Common stock, $5 par value, 50,000 shares authorized, 5,000 shares issued, 4,500 shares outstanding 25,000 Additional paid-in capital 14,000 Total contributed capital $49,000 Retained earnings 47,500 Total contributed capital and retained earnings $96,500 Less treasury stock, common (500 shares...
Duple Company Ltd., reported the following stockholders’ equity on its balance sheet at Dec 31, 2017:...
Duple Company Ltd., reported the following stockholders’ equity on its balance sheet at Dec 31, 2017: Duple Company Ltd. Stockholders’ Equity Dec 31,2017 Paid in Capital Preferred stock, 10%, ? par, 1,000,000 shares authorized, 100,000 shares issued $ 2,000,000 Common stock, par value $? per share, 10,000,000 shares authorized, 2,000,000 shares issued and outstanding 4,000,000 Paid-in Capital excess of par - common 20,000,000 Total paid-in capital 26,000,000 Retained earnings 10,600,000 Total stockholder's equity $36,600,000 Requirements: 1. What is the par...
Buildex Corporation's balance sheet reported the following shareholders' equity as of December 31, 2021: Shareholders’ Equity...
Buildex Corporation's balance sheet reported the following shareholders' equity as of December 31, 2021: Shareholders’ Equity Share capital: Preferred shares, $ 4 cumulative, 30,000 shares                  authorized, 4,000 shares issued                                                       $   850,000 Common shares, unlimited shares authorized,                  175,000 shares issued                                                                           1,350,000 Total share capital                                                                                                 $ 2,000,000 Retained earnings                                                                                                        300,000 Total shareholders' equity                                                                                   $ 2,300,000 Additional information: No dividends were declared in the prior year - 2020. Dividends were fully paid in all...
Coronado Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
Coronado Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (94,000 shares authorized, 18,800 shares issued) 94,000 Additional paid-in capital 131,000 Retained earnings 478,000    Total $883,000 During 2017, Coronado took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend...
heffield Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
heffield Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 2,200 shares issued) $220,000 Common stock, $5 par (92,500 shares authorized, 18,500 shares issued) 92,500 Additional paid-in capital 130,000 Retained earnings 447,000 Total $889,500 During 2017, Sheffield took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2016 $9 per share dividend on preferred stock and a $2 per share dividend...
The stockholders' equity section of Wildhorse Co. balance sheet at December 31 is presented here: WILDHORSE...
The stockholders' equity section of Wildhorse Co. balance sheet at December 31 is presented here: WILDHORSE CO. Balance Sheet (partial) Stockholders' equity   Paid-in capital     Preferred stock, cumulative, 11,000 shares authorized,       6,000 shares issued and outstanding $600,000     Common stock, no par, 750,000 shares authorized,       600,000 shares issued 6,000,000       Total paid-in capital 6,600,000   Retained earnings 1,450,000   Total paid-in capital and retained earnings 8,050,000   Less: Treasury stock (5,000 common shares) 41,000 Total stockholders' equity $8,009,000 From a review of the stockholders' equity section,...
Headland Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
Headland Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (101,500 shares authorized, 20,300 shares issued) 101,500 Additional paid-in capital 130,000 Retained earnings 486,000 Total $897,500 During 2017, Headland took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2016 $9 per share dividend on preferred stock and a $2 per share dividend...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT