Kingbird Company had the following stockholders' equity as of January 1, 2017. $90,000 Common stock, $5...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Kingbird Company had the following stockholders' equity as of January 1, 2017. $90,000 Common stock, $5 par value, 18,000 shares issued Paid-in capital in excess of par-common stock 298,000 Retained earnings 318,000 Total stockholders' equity $706,000 During 2017, the following transactions occurred. Feb. 1 Mar. 1 Mar. 18. Apr. 22 Kingbird repurchased 1,890 shares of treasury stock at a price of $17 per share. 750 shares of treasury stock repurchased above were reissued at $15 per share. 550 shares of treasury stock repurchased above were reissued at $15 per share. 540 shares of treasury stock repurchased above were reissued at $20 per share. Prepare the stockholders' equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $131,400. (Enter account name only and do not provide descriptive information.) Kingbird Company had the following stockholders' equity as of January 1, 2017. $90,000 Common stock, $5 par value, 18,000 shares issued Paid-in capital in excess of par-common stock 298,000 Retained earnings 318,000 Total stockholders' equity $706,000 During 2017, the following transactions occurred. Feb. 1 Mar. 1 Mar. 18. Apr. 22 Kingbird repurchased 1,890 shares of treasury stock at a price of $17 per share. 750 shares of treasury stock repurchased above were reissued at $15 per share. 550 shares of treasury stock repurchased above were reissued at $15 per share. 540 shares of treasury stock repurchased above were reissued at $20 per share. Prepare the stockholders' equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $131,400. (Enter account name only and do not provide descriptive information.)
Expert Answer:
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these accounting questions
-
Sound pressure level 1 m away from the source is measured to be 9 1 dB . Source is placed on a concrete floor. Calculate the theoretical sound pressure level at a distance 2 0 m from the source?...
-
Clemson Company had the following stockholders equity as of January 1, 2012. Common stock, $5 par value, 20,000 shares issued $100,000 Paid-in capital in excess of parcommon stock 300,000 Retained...
-
(Treasury Stock Transactions and Presentation) Clemson Company had the following stockholders equity as of January 1, 2010. Common stock, $5 par value, 20,000 shares issued $100,000 Paid-in capital...
-
11) log, 16 4X220 4 ky 13) log, 8+log, (1-4x)=log, 63 15) log, 3x-log, 5=4 12) Evaluate 2 log, 7776-log, 729 14) log, (x-6)+log, (x-5)=1 loge (x-6)+ log 6 (x-5' 16) log 9+ logx = 4
-
Describe eight individual preventive stress management methods.
-
Using the retail method and the following data, estimate the cost of ending inventory. Cost Retail Beginning inventory . . . . . . . . . . . . $324,000 $530,000 Cost of goods purchased . . . . . . ....
-
Financial Debt A financial services accountant estimates that the median amount of financial debt for families holding such debts is less than $65,000. In a random sample of 70 families holding...
-
Select the best answer. 1. The traditional business model of accounting is inadequate for governments and not-for-prot organizations primarily because businesses differ from governments and...
-
1 . Considering the world economic outlook for the coming year and estimates of sales and earning for the pharmaceutical industry, you expect the rate of return for Lauren Labs common stock to range...
-
Thunder Attractions, an amusement park, is considering a capital investment in a new exhibit. The exhibit would cost 136,000 and have an estimated useful life of 5 years. It will be sold for 60,000...
-
Question : CVP relationships The Precision Limestone Company produces thin limestone sheets that are used for the facings on buildings. As can be seen in the contribution margin statement, last year...
-
The relationship between income and savings, let's look back to the recent credit crisis that sent our economy into the greatest financial crisis since the Great Depression. Watch this short video...
-
Jos Lpez has $15,000 in a 6-year certificate of deposit (CD) that pays a guaranteed annual rate of 4%. Create a timeline showing when the cash flows will occur. (6 points) 2. Oliver Lpez deposits...
-
PROBLEM SET #2 At a large urban college, about half of the students live off campus in various arrangements, and the other half live on campus. Is academic performance dependent on living...
-
Post a compelling argument stating whether leaders are born, made, or a combination of both. Drawing from the discussion of the two current peer-reviewed articles you identified, support your...
-
Unicorn Inc. builds commercial jets and calculate the cost for each jet. For each item below, indicate whether it would be most likely classified as direct labor (DL); direct materials (DM);...
-
Within 1 year of passing the Real Estate Exam, the Agent has to complete hours of post License CE. 10 15 20 25 D Question 7 2.5 pts A Seller agrees to 3% of Buyers Closing Cost (BCC) on a $200,000...
-
1. True or False. Pitfalls to consider in a statistical test include nonrandom samples, small sample size, and lack of causal links. 2. Because 25 percent of the students in my morning statistics...
-
Devlin Company has prepared the following partially completed worksheet for the year ended December 31, 2016: The following additional information is available: (a) salaries accrued but unpaid total...
-
Why are adjusting entries made after the bank reconciliation is completed? Give an example of an item on a bank reconciliation that requires an adjusting entry.
-
The following information is available for Bott Company: Additional information for the year: a. b. Last year, depreciation expense was inadvertently' understated in the amount of $ 1,800. The...
-
46. At the end ofYear 4, the city owed teachers $60,000 in vacation pay that had not been recorded. The assumption is that these vacations will be taken evenly over the next year. a. What is the...
-
45. Assume that the one component unit had program revenues of $30,000 and expenses of $42,000 and spent $10,000 for land during Year 4. However, it should have been handled as a blended com ponent...
-
43. On the first day ofYear 4, the city receives a painting as a gift that qualifies as a work of art. It has a 30-year life, is worth $15,000, and is being displayed at one of the parks. The...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App