|
|
|
| |||||||||||||||||||||||||||
|
|
|
The following stockholders’ equity accounts arranged alphabetically are in the ledger of Desiree Corporation at December 31, 2012.
| Common Stock ($7stated value) | $2,818,900 | |
| Paid in Capital from Treasury Stock | 11,000 | |
| Paid in Capital in Excess of Stated Value—Common Stock | 1,619,900 | |
| Paid in Capital in Excess of Par—Preferred Stock | 661,100 | |
| Preferred Stock (8%, $50par, noncumulative) | 790,000 | |
| Retained Earnings | 1,748,400 | |
| Treasury Stock (10,800common shares) | 140,400 |
Prepare a stockholders’ equity section at December 31, 2012.
(For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
| DESIREE CORPORATION Balance Sheet (Partial) December 31, 2012 | ||||||
| $ | ||||||
| $ | ||||||
| : | ||||||
| $ | ||||||
The following account balances relate to the stockholders’ equity accounts of Chipo Corp. at year end.
| 2012 | 2011 | |||
| Common stock, 10,500 and 10,000 shares, | ||||
| respectively, for 2012 and 2011 | $161,440 | $136,600 | ||
| Preferred stock, 5,000 shares | 104,400 | 104,400 | ||
| Retained earnings | 304,900 | 263,980 |
A small stock dividend was declared and issued in 2012. The market value of the shares was $10,920. Cash dividends were $14,380in both 2012 and 2011. The common stock has no par or stated value.
(a) What was the amount of net income reported by Chipo Corp. in 2012?
| Net income | $ |
(b) Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2012. Indicate where each of the cash inflows or outflows identified in would be classified on the statement of cash flows.
| Common stock | $ | |||||
| Dividends | $ |
Attachments:
Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…
TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…
Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…
you need to post your 2-page information flier to share with your Final Project Group.…
discussion: Discuss the methods used at your company to measure and ensure quality products and…