The following accounts appear in the ledger of Ortiz Inc. after the books are closed at December
Question:
The following accounts appear in the ledger of Ortiz Inc. after the books are closed at December 31.
Instructions
Prepare the stockholders’ equity section at December 31, assuming retained earnings is restricted for plant expansion in the amount of $100,000.
Common Stock, no par, $1 stated value, 400,000 shares authorized; 300,000 shares issued Common Stock Dividends Distributable Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock, $5 par value, 8%, 40,000 shares authorized; 30,000 shares issued Retained Earnings Treasury Stock (10,000 common shares) Paid-in Capital in Excess of Par Value-Preferred Stock $ 300,000 1,200,000 150,000 800,000 74,000 344,000
Step by Step Answer:
ORTIZ INC Balance Sheet Partial December 31 200X Stockholders equity Paidin cap...View the full answer
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
Treasury stock refers to shares of a company\'s own stock that the company has bought back from its shareholders and now holds as a form of asset on its balance sheet. When a company buys back its own stock, it reduces the number of outstanding shares in the market, which can potentially increase the value of the remaining shares. Treasury stock can be acquired through a variety of methods, such as open market purchases, negotiated transactions, or as a result of converting convertible securities. Companies may buy back their own shares for a number of reasons, including to return capital to shareholders, to signal confidence in the company\'s future, or to use the shares for employee stock option plans. While treasury stock does not pay dividends, it can be reissued by the company at a later time, which could dilute the value of the remaining shares. Companies are required to report their treasury stock holdings in their financial statements.
Students also viewed these Accounting questions
-
The following accounts appear in the ledger of Tiger Inc. after the books are closed at December 31. Common Stock, no par, $1 stated value, 400,000 shares authorized; 300,000 shares issued...
-
The following accounts appear in the ledger of Alexis Inc. after the books are closed at December 31. Common Stock, no par, $1 stated value, 400,000 shares authorized; 300,000 shares issued...
-
The following accounts appear in the ledger of Horner Inc. after the books are closed at December 31. Common Stock, no par, $1 stated value, 400,000 shares authorized; 300,000 shares issued...
-
The Chief Financial Officer at Ford Motor Company is said to usea hybrid-costing system. Define the hybrid-costing system. Explainthe advantages to this company to use this system. I want a 10 page 2...
-
Tarawa Limited issued $1 million of 10-year, 5% bonds on January 1, 2018, when the market interest rate was 6%. Tarawa received $925,617 when the bonds were issued. Interest is payable semi-annually...
-
Why might an international marketer who is involved in foreign production still have problems concerning channel control and cooperation? Would such a marketer handle channel conflict differently...
-
The following information for Great Oaks Furniture, a retail furniture and design firm, relates to Exercises 6 through 11. Calculate the current ratio, the acid-test miam ratio, the debt-to-equity...
-
On January 1, 2014, Alicia Masingale established Leopard Realty, which completed the following transactions during the month: a. Alicia Masingale transferred cash from a personal bank account to an...
-
What do you recommend on the treatment of the MFS sales force costs? Why? What is the key driver of the value of this project?. |Week 2 Assignment 2: Investo Ca x | Untitled X x...
-
Assume the additional information provided below for the four stocks in Problem 7-2. a. Assuming equal weights for each stock, what are the standard deviations for the following portfolios? A, B, and...
-
Kelly Groucutt Company reported the following balances at December 31, 2009: common stock $400,000; paid-in capital in excess of par value $100,000; retained earnings $250,000. During 2010, the...
-
The following information is available for Patel Corporation for the year ended December 31, 2010: Sales $800,000; Other revenues and gains $92,000; Operating expenses $110,000; Cost of goods sold...
-
Making a correct random guess as an answer to a particular multiple-choice question on an SAT test with possible answers of a, b, c, d, e, one of which is correct Theoretical Probabilities. For...
-
1. Analysis of Insertion Sort (Average Case) - n n n T(n) = cn + c(n 1) + c (n 1) + C + C 6 (- 1) + c (- 1) + c(n 1) j=2 j=2 j=2 Solve.
-
Regular earnings rate Overtime earnings rate Federal income tax withheld Consultant Computer Programmer Administrator $2,110 per week $32 per hour $40 per hour Not applicable 2 times hourly rate 1.5...
-
In C++ Implement class Set using a binary search tree by modifying the textbook BinarySearchTree class (Figures 4.16, 4.17, 4.18, 4.20, 4.21, 4.23, 4.26, 4.27, and 4.28) as follows: 1) Add data...
-
Balance Sheet Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable...
-
Use the following tax rates, ceiling, and maximum taxes: Employee and Employer OASDI: 6.20% $160,200 $9,932.40 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $160,200...
-
The Metropolis Public Library plans to expand with its first major branch library in the citys growing north side. The branch will serve six census tracts. Here are the coordinates of each tract and...
-
Without solving, determine the character of the solutions of each equation in the complex number system. 3x 2 3x + 4 = 0
-
A three-phase, 480-V generator powers a load via single-phase feeders and 25-kVA, single-phase, 480/120-V step-down transformer with series impedances of 1 + j5% as shown below. The single-phase...
-
The trial balance of S. Yunjin Company at the end of its fi scal year, August 31, 2012, includes these accounts: Inventory $17,200; Purchases $149,000; Sales Revenue $190,000; Freightin $5,000; Sales...
-
On January 1, 2012, Evangeline Lilly Corporation had merchandise inventory of $50,000. At December 31, 2012, Evangeline Lilly had the following account balances. Freight-in............. $ 4,000...
-
Below is a series of cost of goods sold sections for companies B, F, L, and R. InstructionsFill in the lettered blanks to complete the cost of goods soldsections. L. Beginning inventory Purchases...
-
1. An accounting entry that is characterized by having multiple debits and/or multiple crude called a _ _entry. A) chart of accounts B) balanced C) posted D) compound journal
-
Question Answered What is an advantage of Defects per Unit (DPU) over Rolled... What is an advantage of Defects per Unit (DPU) over Rolled Throughput Yield (RTY)? A It accounts for defects that occur...
-
10. On October 31, 2022, a local newspaper signed a one-year agreement with an advertising agency where they will print retail advertisements in their daily newspaper and receive a monthly fee of...
Study smarter with the SolutionInn App