Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carla Company has two dasses of capital stock outstanding: 9%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were

image text in transcribed
image text in transcribed
image text in transcribed
Carla Company has two dasses of capital stock outstanding: 9%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders' equity. Preferred Stock, 138,600 shares $ 2,772,000 Common Stock, 1,996,000 shares 9,980,000 Paid-in Capital in Excess of Par-Preferred Stock 190,000 Paid-in Capital in Excess of Par-Common Stock 26,670,000 Retained Earnings 4,527,000 The following transactions affected stockholders' equity during 2021 Jan. 1 30,300 shares of preferred stock issued at $23 per share. Feb. 1 50,600 shares of common stock issued at $19 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 30,200 shares of common treasury stock purchased at $11 per share. Carla uses the cost method. Sept. 15 9.100 shares of treasury stock reissued at $12 per share. The preferred dividend is declared, and a common dividend of 52 per share is declared. Dec 31 Net income is $2,111,000 Dec 31 Prepare the stockholders equity section for Carla Company at December 31, 2021. (Enter account name only and do not provide descriptive information) CARLA COMPANY Stockholders' Equity December 31, 2021 December 31, 2021 Capital Stock Preferred Stock Common Stock Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock 280900 Paid-in Capital in excess of Par-Common Stock 26720600 Paid in Capital from Treasury Stock 9100 Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Treasury Stock Total Stockholders' Equity $ December 31, 2021 tock 3378000 ock 10233000 Stock 13611000 aid-in Capital italin Excess of Par-Preferred Stock 280900 Ital in Excess of Par Common Stock 26720600 ital from Treasury Stock 9100 27010600 n Capital 40621600 hinge 7995280 Capital and Retained farnings 48616880 Treasury Stock 2321001 holders Equity $ 48384780

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_2

Step: 3

blur-text-image_3

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

Auditing And Assurance Services

Authors: Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau

9th International Edition

1266285997, 978-1266285998

More Books

Students also viewed these Accounting questions