List the errors in the following Stockholders' Equity section of the balance sheet prepared as of the
Question:
List the errors in the following Stockholders' Equity section of the balance sheet prepared as of the end of the currentyear.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Stockholders' Equity Paid-in capital: Preferred 1% stock, $75 par (8,000 shares authorized and issued) . . . . . . . . . . . . . .. . . Excess of issue price over par Retained earnings .a.... Treasury stock (4,000 shares at cost) . . . . . . . . . . . . . . . . . . . . . . $ 600,000 56,000 656,000 1,278,000 320,000 18,000 $2,272,000 Total paid-in capital. . Common stock, $50 par (100,000 shares 3,900,000 75,000 $6,247,000 Organizing costs
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
1 Retained earnings is not part of paidin capital 2 The cost of treasury stock should be deducted fr...View the full answer
Answered By
Sultan Ghulam Dastgir
The following are details of my Areas of Effectiveness English Language Proficiency, Organization Behavior , consumer Behavior and Marketing, Communication, Applied Statistics, Research Methods , Cognitive & Affective Processes, Cognitive & Affective Processes, Data Analysis in Research, Human Resources Management ,Research Project,
Social Psychology, Personality Psychology, Introduction to Applied Areas of Psychology,
Behavioral Neurosdence , Historical and Contemporary Issues in Psychology, Measurement in Psychology, experimental Psychology,
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
List the errors in the following Stockholders Equity section of the balance sheet prepared as of the end of the currentyear: Stockholders Equity Paid-in capital: Preferred 2% stock, $80 par (125,000...
-
Stockholders Equity Section of the Balance Sheet The newly hired accountant at Ives Inc. prepared the following balance sheet: Assets Cash .....................$ 3,500 Accounts receivable...
-
Stockholders Equity Section of the Balance Sheet The newly hired accountant at Grain field Inc. is considering the following list of accounts as he prepares the balance sheet. All of the accounts...
-
Cungs Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $610,000 in December. Because Cungs Dress Delivery is in the mail order...
-
What are the benefits of using multiple HBAs on a host?
-
In Problems 11 54, simplify each expression. Assume that all variables are positive when they appear. 3/16x4y 3x3/2xy + 53-2xy4
-
a. When are authorizations required in existing sales transactions? b. What errors and irregularities may occur when sales transactions are not authorized?
-
Presented below is information related to Aaron Rodgers Corporation for the current year. Instructions Compute the ending inventory , assuming that (a) Gross profit is 45% of sales; (b) Gross profit...
-
You put $300 in the bank for 5 years at 8%. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end...
-
Prepare an ERD for a real estate firm that lists property for sale. Also prepare a definition for each entity type, attribute, and relationship on your diagram. In addition, draw a data model for...
-
Stillwater Corporation, a manufacturer of industrial pumps, reports the following results for the year ending August 31, 2008: Retained earnings, September 1, 2007 ....... $1,752,000 Net income...
-
The stockholders' equity T accounts of Family Greeting Cards Inc. for the current fiscal year ended December 31, 2008, are as follows. Prepare a statement of stockholders' equity for the fiscal year...
-
In problem use the improved Eulers method to obtain a four-decimal approximation of the indicated value. First use h = 0.1 and then use h = 0.05. y' = 4x - 2y, y(0) = 2; y(0.5)
-
Question 2 A 20ft load of Frozen Fish, valued at $100,000, was sold to an American seafood importer on FOB basis. The shipment was to be transported from the supplier in China, to the buyer located...
-
A put option on a stock has an exercise price of $35. If the stock price at expiration is $30, what is the option payoff per share for the seller of the option?
-
This project involves describing a possible career path in SCM. (A) Select a job in supply chain management that you might pursue upon graduation. What industry, what company (you can make this up),...
-
John Professional has prepared Sue Smith's FTB Form 540 for the current tax year. In compliance with California requirements, the tax return will be e-filed, but Sue does not want to use the ERO PIN...
-
1. Describe the role of account planning within an agency. In addition, define ethnography and how account planners may use it within their jobs.
-
Fred Miller, a teacher, had several additional sources of income during 2019. He received a $500 gift as a result of his helping a friend build a house, and he was assigned $300 of interest due his...
-
What are multinational corporations (MNCs) and what economic roles do they play?
-
Many incidents are due to the failure to apply codes, standards, and other Recognized and Generally Accepted Good Engineering Practices (RAGAGEP). Read the West Pharmaceutical Services Dust Explosion...
-
For each item below, indicate to which category of elements of financial statements it belongs. (a) Retained earnings (b) Sales (c) Additional paid-in capital (d) Inventory (e) Depreciation (f) Loss...
-
For each item below, indicate to which category of elements of financial statements it belongs. (a) Retained earnings (b) Sales (c) Additional paid-in capital (d) Inventory (e) Depreciation (f) Loss...
-
For each item below, indicate to which category of elements of financial statements it belongs. (a) Retained earnings (b) Sales (c) Additional paid-in capital (d) Inventory (e) Depreciation (f) Loss...
-
Suppose the correlation between the stock euro returns of Siemens and the USD/EUR exchange rate is 0.2. The standard deviation of the USD/EUR is 10% and the standard deviation of Siemens's stock euro...
-
list and describe the three key client-related factors that the advisor is required to consider when developing a "suitable" investment portfolio for their client. Please cite resources used
-
Year 1 2 3 Amount ($) 2000 3000 4000 An investment made today will pays you the above cash flows at the end of each year. If your required rate of return is 5% annual interest, how much will you pay...
Study smarter with the SolutionInn App