Question

The stockholders' equity section of Case Corporation at December 31, 2022 included the following accounts: Preferred...

The stockholders' equity section of Case Corporation at December 31, 2022
included the following accounts:

Preferred stock ............................  $240,000 
Common stock ...............................  $520,000
Paid-in capital – preferred stock ..........      ?
Paid-in capital – common stock .............  $584,000
Retained earnings ..........................  $152,000
Treasury stock .............................      ?
Paid-in capital – treasury stock ...........  $ 18,000

Additional information appears below:

1.  The preferred stock has a $40 par value and 6,000 shares
    are issued and outstanding.

2.  The common stock has an $8 par value. There are 65,000
    shares issued and 61,000 shares outstanding.

3.  The treasury stock represents 4,000 shares of common
    stock re-acquired at a cost of $14 per share.

4.  The preferred stock was issued for an average price of
    $84 per share.

Calculate the total stockholders' equity at December 31, 2022.

Homework Answers

Answer #1
Answer
Particulars Amount $ Calculation
Preferred stock           2,40,000
Common Stock           5,20,000
Paid in capital-Preferred stock           2,64,000 6000*(84-40)
Paid in capital-Common stock           5,84,000
Paid in capital-Treasury stock              18,000
Retained earnings           1,52,000
Less: Treasury Stock             -56,000 4000*14
Total stockholders' equity, December 31, 2022         17,22,000
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
The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following...
The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed Capital Preferred Stock (par $20; authorized 10,000 shares, ? issued, of which 1,000 shares are held as treasury stock) $ 108,000 Additional Paid-In Capital, Preferred 15,390 Common Stock (no-par; authorized 20,000 shares, issued and outstanding 6,200 shares) 632,400 Retained Earnings 32,000 Treasury Stock, 1,000 Preferred shares at a cost (9,600 ) Assume that no shares of treasury stock have been sold in...
Flounder Company reported the following amounts in the stockholders’ equity section of its December 31, 2016,...
Flounder Company reported the following amounts in the stockholders’ equity section of its December 31, 2016, balance sheet. Preferred stock, 11%, $100 par (10,000 shares authorized, 2,100 shares issued) $210,000 Common stock, $5 par (91,000 shares authorized, 18,200 shares issued) 91,000 Additional paid-in capital 130,000 Retained earnings 448,000    Total $879,000 During 2017, Flounder took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2016 $11 per share dividend on preferred stock and a $2 per share dividend...
The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, 2018,...
The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, 2018, is as follows. Stockholders’ Equity Paid-in capital Preferred stock,? par value, 4% cumulative, 270,000 shares authorized, 57,000 shares issued and outstanding $ 570,000 Common stock, $25 stated value, 320,000 shares authorized, 57,000?? shares issued and outstanding 1,425,000 Paid-in capital in excess of par—Preferred 47,000 Paid-in capital in excess of stated value—Common 114,000 Total paid-in capital 2,156,000 Retained earnings 420,000 Treasury stock, 6,000 shares (42,000...
3. Jet Corporation had the following balances in its stockholders' equity accounts at December 31, 2019:...
3. Jet Corporation had the following balances in its stockholders' equity accounts at December 31, 2019: Common Stock $5 par, 900,000 shares authorized, 80,000 shares issued, 75,000 shares outstanding $400,000 Paid-in Capital in Excess of Par, Common Stock 1,600,000 Retained Earnings 900,000 Treasury Stock, 5,000 shares (125,000) Total stockholders’ equity $2,775,000 The following transactions occurred during 2020: January 2 Issued 20,000 shares of common stock for $20 per share. May 10 Declared dividends at $0.75 per share. June 10 paid...
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...
The stockholders’ equity section of Pina Colada Corp. at December 31 is as follows. Pina Colada...
The stockholders’ equity section of Pina Colada Corp. at December 31 is as follows. Pina Colada Corp. Balance Sheet(Partial) Paid-in capital    Preferred stock, cumulative, 10,000 shares authorized, 7,000 shares issued and outstanding $420,000    Common stock, no par, 700,000 shares authorized, 570,000 shares issued 1,140,000      Total paid-in capital 1,560,000 Retained earnings 1,858,000         Total paid-in capital and retained earnings 3,418,000 Less: Treasury stock (12,000 common shares) 62,400              Total stockholders’ equity $3,355,600 From a review of the stockholders’ equity section, as chief accountant,...
The post-closing trial balance of Blossom Corporation at December 31, 2020, contains the following stockholders’ equity...
The post-closing trial balance of Blossom Corporation at December 31, 2020, contains the following stockholders’ equity accounts. Preferred Stock (14,000 shares issued) $700,000 Common Stock (240,000 shares issued) 2,400,000 Paid-in Capital in Excess of Par—Preferred Stock 240,000 Paid-in Capital in Excess of Par—Common Stock 380,000 Common Stock Dividends Distributable 240,000 Retained Earnings 966,500 A review of the accounting records reveals the following. 1. No errors have been made in recording 2020 transactions or in preparing the closing entry for net...
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,...
The stockholders' equity section of Giants Corporation shows the following on December 31, 2019: Preferred stock—8%,...
The stockholders' equity section of Giants Corporation shows the following on December 31, 2019: Preferred stock—8%, $50 par, 8,000 shares outstanding $ 400,000 Common stock—$10 par, 60,000 shares outstanding 600,000 Paid-in capital in excess of par 600,000 Retained earnings 500,000 Total stockholders' equity $2,100,000 Instructions Assume that Giants has decided to declare and pay $400,000 in cash dividends on 12/31/19 and that preferred dividends were last paid on 12/31/15, show how much the preferred and common stockholders should receive if...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT