Question

Dirk Company reported the following balances at December 31, 2013: common stock $500,000, paid-in capital in excess of par value—common stock $100,000, and retained earnings $250,000. During 2014, the following transactions affected stockholder’s equity.
1. Issued preferred stock with a par value of $125,000 for $200,000.
2. Purchased treasury stock (common) for $40,000.
3. Earned net income of $180,000.
4. Declared and paid cash dividends of $56,000.

Instructions
Prepare the stockholders’ equity section of Dirk Company’s December 31, 2014, balance sheet.



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  • CreatedJanuary 30, 2014
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