on january 1 2007 the expedite corporation s shareholders equity account balances we 541418
P8-4A. Record stock transactions, prepare equity section of balance sheet, and calculate ratios.( LO 1,2,3, 5,6)
On January 1, 2007, the Expedite Corporation’s shareholders equity account balances were as follows
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on january 1 2007 the expedite corporation s shareholders equity account balances we 541418
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Preferred stock (6Vo, $ 100 par noncumulative, |
|
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25,000 shares authorized) |
$ 500,000 |
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Common stock ($5 par value, 8,000,000 shares authorized) |
4,500,000 |
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Additional paid-in capital, preferred stock |
20,000 |
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Additional paid-in capital, common stock |
6,300,000 |
|
Retained earnings |
20,380,000 |
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Treasury stock-common( 5,000 shares at cost) |
70,000 |
During 2007, Expedite Corporation engaged in the following transactions
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Jan.5 |
Issued 10,000 shares of common stock for $15 per share |
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Feb. 9 |
Purchased 2,000 additional shares of common treasury stock at $13 per share |
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June 1 |
Declared the annual cash dividend on preferred stock, payable June 30 |
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Dec. I |
Declared a $0.25 per share cash dividend to common stockholders payable December 31, 2007 |
Net income for the year was $2,330,000
Required
a. Show each of the transactions in the accounting equation.
b. Prepare the shareholders equity section of the balance sheet at December 31, 2001.
c. Calculate earnings per share and return on common stockholders’ equity.
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