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Hello! I need some help completing this balance sheet for an accounting assignment. I have been trying to finish it for hours, but I am
Hello! I need some help completing this balance sheet for an accounting assignment. I have been trying to finish it for hours, but I am so confused as to how I am supposed to be getting some of the values. Please show the work done if you can so I can look over it and see what I did wrong. Thank you so much!
Exercise 10-7A Prepare the stockholders' equity section (LO10-7) Finishing Touches has two classes of stock authorized: 9%,$10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021 , its first year of operations: January 2 Issues 100,000 shares of common stock for $29 per share. February 6 Issues 2,400 shares of 9% preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $34 per share. December 15 Resells 5,500 shares of treasury stock at $39 per share. In its first year of operations, Finishing Touches has net income of $154,000 and pays dividends at the end of the year of $94,500 ( $1 per share) on all common shares outstanding and $2,160 on all preferred shares outstanding. Required: Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31 , 2021. (Amounts to be deducted should be indicated by a minus sign.)Step by Step Solution
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