Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you show how you got the answer ? Question 19 of 26 - / 20 E The stockholders' equity section of Swifty Corporation's balance

can you show how you got the answer ?

image text in transcribed
Question 19 of 26 - / 20 E The stockholders' equity section of Swifty Corporation's balance sheet as of December 31, 2020 is as follows: Stockholders' Equity Common stock, $5 par value; authorized, 1,900,000 shares; issued, 380,000 shares $1.900,000 Paid-in capital in excess of par 839.000 Retained earnings 2,970,000 $5,709,000 The following events occurred during 2021: 1. Jan. 5 28,000 shares of authorized and unissued common stock were sold for $7 per share. Jan 16 Declared a cash dividend of 20 cents per share, payable February 15 to stockholders of record on February 5, huN Feb. 10 40.000 shares of authorized and unissued common stock were sold for $12 per share. March 1 A 30% stock dividend was declared and issued. Fair value per share is currently $16. 5. April 1 A two-for-one split was carried out. The par value of the stock was to be reduced to $2.50 per share. Fair value on March 31 was $ 18 per share. July 1 A 15% stock dividend was declared and issued. Fair value is currently $10 per share. Aug 1 A cash dividend of 20 cents per share was declared, payable September 1 to stockholders of record on August 21. Enter the above events into the following work sheet showing how each event affects the column, (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45), Do not leave any answer field blank. Enter ( for amounts.) Common Stock No. of Total Paid-in Capital in Retained Item Shares Issued Par Value Excess of Par Earnings Beginning Type here to search O e 9 x ]] DELL F2 FA F6 F7 Fe F10 @ # % 2 3 4 5 6 8 9 Q W E R T Y U

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Financial Accounting

Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby

7th Edition

1265440166, 978-1265440169

More Books

Students also viewed these Accounting questions

Question

6. What information processes operate in communication situations?

Answered: 1 week ago

Question

3. How can we use information and communication to generate trust?

Answered: 1 week ago