Question

Yellow Enterprises reported the following ($ in 000s) as of December 31, 2018. All accounts have...

Yellow Enterprises reported the following ($ in 000s) as of December 31, 2018. All accounts have normal balances.

Deficit (debit balance in retained earnings) $2,400

Common stock 2,100

Paid-in capital treasury stock 2,700

Treasury stock at cost 350

Paid-in capital-excess of par 31,100

During 2019 ($ in 000s) net income was $10,100. 25% of the treasury stock was resold for $610: cash dividends declared were $690: cash dividends paid were $420. What ($ in 000s) was shareholders' equity as of December 31,2019? The right answer is $43170, why??

Homework Answers

Answer #1

--Total Stockholder's Equity on 31 Dec 2019 = $ 43,170

--This is shown below

Balance on 31 Dec 18 Net Income 2019 Sale of Treasury Stock Cash Dividends Balance on 31 Dec 19 [ANSWER]
Common Stock $2,100 $2,100
Paid in capital in excess of par $31,100 $31,100
Paid in capital treasury stock $2,700 $523 $3,223
Retained earnings ($2,400) $10,100 ($690) $7,010
Treasury Stock ($350) $88 ($263)
Total Stockholder's Equity $33,150 $43,170 = Answer
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
Yellow Enterprises reported the following ($ in 000s) as of December 31, 2018. All accounts have...
Yellow Enterprises reported the following ($ in 000s) as of December 31, 2018. All accounts have normal balances. Deficit (debit balance in retained earnings) $ 1,700 Common stock 3,600 Paid-in capital-treasury stock 2,100 Treasury stock at cost 220 Paid-in capital—excess of par 31,200 During 2019 ($ in 000s), net income was $10,000; 25% of the treasury stock was resold for $500; cash dividends declared were $610; cash dividends paid were $450. What ($ in 000s) was shareholders' equity as of...
Yellow Enterprises reported the following ($ in 000s) as of December 31, 2018. All accounts have...
Yellow Enterprises reported the following ($ in 000s) as of December 31, 2018. All accounts have normal balances. Deficit (debit balance in retained earnings) $ 3,000 Common stock 2,800 Paid-in capital-treasury stock 2,700 Treasury stock at cost 310 Paid-in capital—excess of par 31,700 During 2019 ($ in 000s), net income was $10,400; 25% of the treasury stock was resold for $560; cash dividends declared were $670; cash dividends paid were $430. What ($ in 000s) was shareholders' equity as of...
Yellow Enterprises reported the following ($ in 000s) as of December 31, 2018. All accounts have...
Yellow Enterprises reported the following ($ in 000s) as of December 31, 2018. All accounts have normal balances. Deficit (debit balance in retained earnings) $ 2,500 Common stock 2,200 Paid-in capital-treasury stock 1,800 Treasury stock at cost 270 Paid-in capital—excess of par 31,200 During 2019 ($ in 000s), net income was $10,600; 25% of the treasury stock was resold for $480; cash dividends declared were $790; cash dividends paid were $420. What ($ in 000s) was shareholders' equity as of...
Yellow Enterprises reported the following ($ in 000s) as of December 31, 2018. All accounts have...
Yellow Enterprises reported the following ($ in 000s) as of December 31, 2018. All accounts have normal balances. Deficit (debit balance in retained earnings) $ 1,000 Common stock 2,500 Paid-in capital-treasury stock 1,600 Treasury stock at cost 390 Paid-in capital—excess of par 31,600 During 2019 ($ in 000s), net income was $10,400; 25% of the treasury stock was resold for $510; cash dividends declared were $740; cash dividends paid were $410. What ($ in 000s) was shareholders' equity as of...
As of December 31, 2018, Warner Corporation reported the following:    Dividends payable $ 34,000 Treasury...
As of December 31, 2018, Warner Corporation reported the following:    Dividends payable $ 34,000 Treasury stock 740,000 Paid-in capital—share repurchase 34,000 Other paid-in capital accounts 5,400,000 Retained earnings 4,400,000    During 2019, half of the treasury stock was resold for $268,000; net income was $740,000; cash dividends declared were $1,640,000; and stock dividends declared were $640,000.    What would shareholders' equity be as of December 31, 2019?
3. As of December 31, 2023, Ajax Corporation reported the following: Dividends payable $25,000; Treasury stock...
3. As of December 31, 2023, Ajax Corporation reported the following: Dividends payable $25,000; Treasury stock $900,000; Paid-in capital--share repurchase $22,000; Other paid-in capital accounts $4,600,000; Retained earnings $3,010,000. During 2024, a third of the treasury stock was resold for $240,000; net income was $825,000; cash dividends declared were $1,000,000; and stock dividends of $550,000 were declared and distributed (no fractional shares). Hint: Use a T-account to help you organized these facts. What would total shareholders' equity be as of...
As of December 31, 2023, Ajax Corporation reported the following: Dividends payable $25,000; Treasury stock $900,000;...
As of December 31, 2023, Ajax Corporation reported the following: Dividends payable $25,000; Treasury stock $900,000; Paid-in capital--share repurchase $22,000; Other paid-in capital accounts $4,600,000; Retained earnings $3,010,000. During 2024, a third of the treasury stock was resold for $240,000; net income was $825,000; cash dividends declared were $1,000,000; and stock dividends of $550,000 were declared and distributed (no fractional shares).Hint: Use a T-account to help you organized these facts. What would total shareholders' equity be as of December 31,...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $47,870 $58,960 Accounts receivable (net) 73550 79490 Merchandise inventory 105070 98520 Prepaid expenses 4280 2990 Equipment 214030 176520 Accumulated depreciation-equipment (55,650) (43,290) Total assets $389150 $373190 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $81,720 $78,000 Mortgage note payable 0 111,960 Common stock, $1 par 13,000 8,000 Paid-in capital: Excess of issue price over...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $56,540 $69,360 Accounts receivable (net) 86,880 93,510 Merchandise inventory 124,120 115,890 Prepaid expenses 5,060 3,510 Equipment 252,830 207,650 Accumulated depreciation-equipment (65,740) (50,920) Total assets $459,690 $439,000 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $96,530 $91,750 Mortgage note payable 0 131,700 Common stock, $1 par 14,000 9,000 Paid-in capital: Excess of issue price over...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is...
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Dec. 31, 20Y8 Dec. 31, 20Y7 Assets Cash $56,540 $69,360 Accounts receivable (net) 86,880 93,510 Merchandise inventory 124,120 115,890 Prepaid expenses 5,060 3,510 Equipment 252,830 207,650 Accumulated depreciation-equipment (65,740) (50,920) Total assets $459,690 $439,000 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $96,530 $91,750 Mortgage note payable 0 131,700 Common stock, $1 par 14,000 9,000 Paid-in capital: Excess of issue price over...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT