Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 13, Problem 22E
To determine
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Prepare Journal Entires: A company reported the following stockholders’ equity on January 1 of the current year:
Attached is the company details and journal that was created. Using this information, now prepare the:
Stockholders equity section of the balance sheet at December 31, 2021. The following information must be clearly stated/shown:
information on par values,
the number of shares authorized and issued where necessary.
the sub total for the total paid in capital.
Retained earnings.
total stockholders’ equity.
Calculating the Average Common Stockholders’ Equity andthe Return on Stockholders’ EquityRefer to the information for Somerville Company on the previous pages.Required:Note: Round answers to four decimal places.1. Calculate the average common stockholders’ equity.2. Calculate the return on stockholders’ equity
Chapter 13 Solutions
Financial Accounting
Ch. 13 - Of two corporations organized at approximately the...Ch. 13 - A stockbroker advises a client to buy preferred...Ch. 13 - A corporation with both preferred stock and common...Ch. 13 - An owner of 2,500 shares of Simmons Company common...Ch. 13 - Prob. 5DQCh. 13 - What is the primary purpose of a stock split?Ch. 13 - A corporation reacquires 60,000 shares of its own...Ch. 13 - The treasury stock in Discussion Question 7 is...Ch. 13 - What are the three classifications of restrictions...Ch. 13 - Prob. 10DQ
Ch. 13 - Dividends per share Reinhardt Furniture Company...Ch. 13 - Prob. 1PEBCh. 13 - Entries for issuing stock On May 23, Stoltz Realty...Ch. 13 - Entries for issuing stock On January 22, Zentric...Ch. 13 - Entries for cash dividends The declaration,...Ch. 13 - Entries for cash dividends The declaration,...Ch. 13 - Entries for stock dividends Pro-Builders...Ch. 13 - Entries for stock dividends Antique Buggy...Ch. 13 - Prob. 5PEACh. 13 - Prob. 5PEBCh. 13 - Prob. 6PEACh. 13 - Prob. 6PEBCh. 13 - Prob. 7PEACh. 13 - Prob. 7PEBCh. 13 - Prob. 8PEACh. 13 - Prob. 8PEBCh. 13 - Dividends per share Imaging Inc., a developer of...Ch. 13 - Dividends per share Lightfoot Inc., a software...Ch. 13 - Entries for issuing par stock On October 31,...Ch. 13 - Entries for issuing no-par stock On February 12,...Ch. 13 - Issuing stock for assets other than cash On April...Ch. 13 - Prob. 6ECh. 13 - Issuing stock Willow Creek Nursery, with an...Ch. 13 - Issuing stock Work Place Products Inc., a...Ch. 13 - Entries for cash dividends The declaration,...Ch. 13 - Entries for stock dividends Senior Life Co. is an...Ch. 13 - Prob. 11ECh. 13 - Prob. 12ECh. 13 - Selected dividend transactions, stock split...Ch. 13 - Treasury stock transactions Lava Lake Inc. bottles...Ch. 13 - Treasury stock transactions Lawn Spray Inc....Ch. 13 - Treasury stock transactions Biscayne Bay Water...Ch. 13 - Reporting paid-in capital The following accounts...Ch. 13 - Stockholders Equity section of balance sheet The...Ch. 13 - Stockholders Equity section of balance sheet...Ch. 13 - Retained earnings statement Sumter Pumps...Ch. 13 - Stockholders Equity section of balance sheet List...Ch. 13 - Prob. 22ECh. 13 - EPS Junkyard Arts, Inc., had earnings of 316,000...Ch. 13 - EPS Pacific Gas and Electric Company is a large...Ch. 13 - EPS Caterpillar Inc. and Deere Company are two...Ch. 13 - Dividends on preferred and common stock Pecan...Ch. 13 - Stock transactions for corporate expansion On...Ch. 13 - Selected stock transactions The following selected...Ch. 13 - Prob. 4PACh. 13 - Entries for selected corporate transactions...Ch. 13 - Dividends on preferred and common stock Yosemite...Ch. 13 - Prob. 2PBCh. 13 - Selected stock transactions Diamondback Welding ...Ch. 13 - Entries for selected corporate transactions Nav-Go...Ch. 13 - Prob. 5PBCh. 13 - Ethics in Action Tommy Gunn is a division manager...Ch. 13 - Prob. 2CPCh. 13 - Prob. 4CPCh. 13 - Prob. 5CPCh. 13 - Issuing stock Epstein Engineering Inc. began...
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- Statement of stockholders equity Climate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal year ended December 31, 20Y2, are as follows: Prepare a statement of stockholders equity for the year.arrow_forwardWhy is the statement of stockholders equity prepared before the June 39, 29Y9 balance sheet?arrow_forwardCan you show how to prepare the "Stockholders' Equity" section of the December 31, 20Y6, balance sheet.arrow_forward
- Subject: Financial Accounting and Reporting Required:a. Determine the number of shares issued and outstanding on: Jan1 Mar31 Jun30 Sep30 b. Prepare the journal entries for the above transactionsarrow_forwardBased on the above journal: Prepare the company’s Stockholders equity section of the balance sheet at December 31, 2021. (Hint!!!!!!!) The following information must be clearly stated/shown: information on par or par values for all classes of shares which must be shown separately. the number of shares authorized and issued where necessary. the sub total for the total paid in capital. Retained earnings. total stockholders’ equity.arrow_forwardStatement of stockholders' equity Financial information related to Webber Company for the month ended June 30, 20Y7, is as follows: Common Stock, June 1, 20Y7 Stock issued in June Net income for June Dividends during June Retained earnings, June 1, 20Y7 Balances, June 1, 20Y7 Issuance of common stock Net income Dividends $59,000 Balances, June 30, 20Y7 41,000 Prepare a statement of stockholders' equity for the month ended June 30, 20Y7. If an amount box does not require an entry, leave it blank or enter "0". Webber Company Statement of Stockholders' Equity For the Month Ended June 30, 20Y7 101,490 11,160 774,400 Common Stock Retained Earnings 59,000 ✓ 774,400 ✓ 41,000✔ Total DO 101,490 11,160arrow_forward
- How much is the retained earnings - December 31, 2021? For the computation in your worksheet - Prepare a Statement of Changes in Equity for the year ended December 31, 2021 for Shalimar Corporation with the following columns - Share Capital, Reserves, Retained Earnings, Treasury Shares, and Total.arrow_forwardPrepare a statement of stockholders' equity for Al-Can Products, Inc. Navigate to the Stockholders' Equity Statement tab in the spreadsheet. Use the following information to prepare your statement: a. January 1 balance of capital stock account of 9,000 shares issued at $6.00 per share was $54,000.00. b. No other stock was issued during the year. c. January 1 balance of retained earnings account was $29,250.00. d. Net Income was $41,106.00. e. Dividends declared during the year were $19,200.00.arrow_forwardAssuming a company has net income for the year, the end of year dollar balance in the "Total Stockholders' Equity" column of the statement of stockholders' equity should exactly match which of the following: Select one: a. The total cash balance on the balance sheet b. The total paid-in capital balance on the balance sheet c. The total liabilities balance on the balance sheet d. the total stockholders' equity balance on the balance sheet e. The total assets balance on the balance sheet f. The net income amount on the income statementarrow_forward
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The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License