Mansfield Merchants, Inc., had the following stockholders' equity on Jan- ury 1, 19X9: Common stock, $1...
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Mansfield Merchants, Inc., had the following stockholders' equity on Jan- ury 1, 19X9: Common stock, $1 par, 1,000,000 shares authorized, 800,000 shares issued and outstanding Paid-in capital in excess of par value Retained earnings Total stockholders' equity S 800,000 3,200,000 1,950,000 $5,950,000 Selected transactions and events from 19X9 follow. The transactions and events occurred in the sequence presented. Declared and later issued) a 5% stock dividend. Market value at the time of declaration was $10 per share. Acquired 20,000 treasury shares at $8 per share Declared (and later paid) a cash dividend Sold 12,000 treasury shares at $9 per share Detected an error that took place in 19X8. The company failed to record a $70,000 gain on a land sale, which affected taxes by $21,000. $400,000 160,000 24,600 108,000 49,000 Instructions 4 Prepare a statement of retained earnings for the year ended December 31, 19X9. Net income for the year was $736,800. D Prepare the stockholders' equity section for the corporation's December 31, 19X9, balance sheet. Mansfield Merchants, Inc., had the following stockholders' equity on Jan- ury 1, 19X9: Common stock, $1 par, 1,000,000 shares authorized, 800,000 shares issued and outstanding Paid-in capital in excess of par value Retained earnings Total stockholders' equity S 800,000 3,200,000 1,950,000 $5,950,000 Selected transactions and events from 19X9 follow. The transactions and events occurred in the sequence presented. Declared and later issued) a 5% stock dividend. Market value at the time of declaration was $10 per share. Acquired 20,000 treasury shares at $8 per share Declared (and later paid) a cash dividend Sold 12,000 treasury shares at $9 per share Detected an error that took place in 19X8. The company failed to record a $70,000 gain on a land sale, which affected taxes by $21,000. $400,000 160,000 24,600 108,000 49,000 Instructions 4 Prepare a statement of retained earnings for the year ended December 31, 19X9. Net income for the year was $736,800. D Prepare the stockholders' equity section for the corporation's December 31, 19X9, balance sheet.
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Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
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