Slate Corporation had the following balances in its stockholders' equity accounts at December 31, 2017: Common Stock, $10 par, 500,000 shares authorized, 20,000 shares issued …………………………………$200,000Paid-in Capital in Excess of Par Value, Common ………250,000Retained Earnings ………………………………………..500,000Treasury Stock, 1,000 shares ……………………………(20,000)Total stockholders' equity ………………………………..$930,000The following transactions occurred during 2018:February 3Sold and issued 2,000 shares of common stock for $22 per share.May 10Declared a $0.50 per share dividend on common stock.October 12Sold 500 shares of the treasury stock for $20 per share. December 31Net income for the year was
determined to be $75,000.Based on the above information, prepare a statement of stockholders' equity for 2018. Use the form below.Slate CorporationStatement of Stockholders' EquityDecember 31, 2018?Common StockPaid-in Capital in Excess of Par Value, CommonRetained EarningsTreasury StockTotal EquityBalance, December 31, 2017$200,000$250,000$500,000$(20,000)$930,000????????????????????????????????????
What will be an ideal response?
| Slate Corporation Statement of Stockholders' Equity December 31, 2018 | |||||
| ? | Common Stock | Paid-in Capital in Excess of Par Value, Common | Retained Earnings | Treasury Stock | Total Equity |
| Balance, December 31, 2017 | $200,000 | $250,000 | $500,000 | $(20,000) | $930,000 |
| Net Income | ? | ? | 75,000 | ? | 75,000 |
| Issuance of common stock | 20,000 | 24,000 | ? | ? | 44,000 |
| Reissuance of treasury stock | ? | ? | ? | 10,000 | 10,000 |
| Cash dividend * | ? | ? | (10,500) | ? | (10,500) |
| Balance, December 31, 2018 | $220,000 | $274,000 | $564,500 | $(10,000) | $1,048,500 |
You might also like to view...
The control plan tickler file of payments due, is directed primarily at which of the following control goals?
a. update completeness b. input validity c. input accuracy d. input completeness
Which of the following financing activities results in a cash inflow?
a. Buying treasury stock b. Issuing bonds c. Repaying a bank loan d. Paying cash dividends
Which of the following statements is true of conditional strokes?
A. They are offered to employees if they perform correctly or avoid problems. B. They feel good when they are received, and they contribute to the recipient's sense of well-being and self-esteem. C. They may make a person feel good, but they may be confusing to employees because they do not indicate how more strokes may be earned. D. They hurt physically or emotionally and make recipients feel less proud of themselves.
The Restatement of Contracts is another name for the UCC
Indicate whether the statement is true or false