Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Current Attempt in Progress Bramble Company was formed on July 1, 2018. It was authorized to issue 312,300 shares of $10 par value common stock

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Current Attempt in Progress Bramble Company was formed on July 1, 2018. It was authorized to issue 312,300 shares of $10 par value common stock and 98, 100 shares of 9% $25 par value, cumulative and nonparticipating preferred stock Bramble Company has a July 1-June 30 fiscal year. The following information relates to the stockholders' equity accounts of Bramble Company. Common Stock Prior to the 2020-2021 fiscal year, Bramble Company had 108,200 shares of outstanding common stock issued as follows. 1. 85,000 shares were issued for cash on July 1, 2018, at $33 per share. 2 On July 24, 2018,5,000 shares were exchanged for a plot of land which cost the seller $73,100 in 2012 and had an estimated fair value of $224.600 on July 24, 2018. 3. 18.200 shares were issued on March 1, 2019, for $43 per share. During the 2020-2021 fiscal year, the following transactions regarding common stock took place. o search During the 2020-2021 fiscal year, the following transactions regarding common stock took place. November 30, 2020 Bramble purchased 2,000 shares of its own stock on the open market at $40 per share. Bramble uses the cost method for treasury stock. December 15, 2020 Bramble declared a 5% stock dividend for stockholders of record on January 15, 2021, to be issued on January 31, 2021. Bramble was having a liquidity problem and could not afford a cash dividend at the time. Bramble's common stock was selling at $47 per share on December 15, 2020. June 20, 2021 Bramble sold 520 shares of its own common stock that it had purchased on November 30, 2020. for $22,700. Preferred Stock Bramble issued 36,100 shares of preferred stock at $46 per share on July 1, 2019. Cash Dividends Bramble has followed a schedule of declaring cash dividends in December and June, with payment being made to stockholders of record in the following month. The cash dividends which have been declared since inception of the company through June 30, 2021, are shown below. Cash Dividends Bramble has followed a schedule of declaring cash dividends in December and June, with payment being made to stockholders of record in the following month. The cash dividends which have been declared since inception of the company through June 30, 2021, are shown below. Declaration Date Common Stock Preferred Stock 12/15/19 $0.30 per share $1 per share 6/15/20 $0.30 per share $1 per share 12/15/20 $1 per share No cash dividends were declared during June 2021 due to the company's liquidity problems. Retained Earnings As of June 30. 2020, Bramble's retained earnings account had a balance of $713,300. For the fiscal year ending June 30, 2021. Bramble reported net income of $39.000. Retained Earnings As of June 30, 2020, Bramble's retained earnings account had a balance of $713,300. For the fiscal year ending June 30, 2021, Bramble reported net income of $39,000. Prepare the stockholders' equity section of the balance sheet, for Bramble Company as of June 30, 2021, as it should appear in its annual report to the shareholders. (Enter account name only and do not provide descriptive information.) BRAMBLE COMPANY Stockholders' Equity For the Year Ended June 30, 2021 Capital Stock Common Stock Preferred Stock Total Capital Stock BRAMBLE COMPANY Stockholders' Equity For the Year Ended June 30, 2021 Capital Stock Common Stock $ Preferred Stock Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess of Par- Common Stock $ Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital from Treasury Stock Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less Treasury Stock Total Stockholders Equity $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Accounting for Decision Making and Control

Authors: Jerold Zimmerman

9th edition

978-1259564550

Students also viewed these Accounting questions