Marshall Company issued 2,000 $9 par value common shares for $29,000 cash on Jan. 1, Year 1.
Question:
Marshall Company issued 2,000 $9 par value common shares for $29,000 cash on Jan. 1, Year 1. On the same date the firm issued 500 of its $8 per share par value 9% preferred shares for $7,000 cash. These preferred shares are cumulative and participating. In Year 1, Marshall had Net Income of $22,000.
Year 2:
On Jan. 1, Year 2, the firm bought 500 treasury shares for $16 cash per share. During Year 2, the firm had Net Income of $23,000.
Year 3:
On Jan. 1, Year 3, the firm sold 40% of its treasury shares for $20 per share. Net Income in Year 3 was $24,000.
Year 4:
On Jan. 1, Year 4, the firm sold 200 of its treasury shares for $8 per share. Net Income for Year 4 was $25,000.
When doing the calculations round fractional shares or dollar values to the nearest whole number. Round your answers to the nearest whole dollar. Enter your answers without '$' signs, without commas and without '+' and '-' signs.
Q#17: What is the balance in the Common Stock [C/S] account at the end of Year 2?
What is the balance in the Treasury Stock [T/S] account at the end of Year 2?
What is the balance in the Retained Earnings [RE] account at the end of Year 2?
What is the balance in the Additional Paid-in Capital account for Treasury Stock transactions [APIC-T/S] account at the end of Year 2? Enter 0 if none.
What is the amount of total Owners' Equity at the end of Year 2? Enter 0 if none.
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow