Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Henry corp. organized on January 1, 2010. Henry Corp. has authorization for 50,000 shares of 4%, $50 preferred stock and 1,000,000 shares of $25 per

Henry corp. organized on January 1, 2010. Henry Corp. has authorization for 50,000 shares of 4%, $50 preferred stock and 1,000,000 shares of $25 per value common stock. As of December 31, 2012 it has 7,500 outstanding shares of preferred stock receiving a total of $3,975,000. Henry corp. also has 350,000 shares of common stock outstanding receiving a total of $21,875,000

Retained earnings beginning balance on December 31, 2012 was $1,350,000.

During 2013 the following transactions occurred

On January 15, 2013 Henry corp. sold 3,100 shares of preferred stock receiving a total of $205,000.

On April 15, 2013 Henry corp. sold 40,000 shares of common stock receiving a total of $4,000,000.

On October 27, 2013 Henry corp. sold 6,900 of preferred stock receiving a total of $1,035,000.

On September 26, 2013 Henry corp. sold 10,000 of common stock receiving a total of $1,500,000.

Net income for 2013 was $1,500,000

Preferred stock dividends paid on December 31, 2013.

A common stock dividend of $2.25 was paid on December 31, 2013.

The Common Stock during the year is?

The Additional Paid-in Capital for Common Stock during the year is?

The Common Stock dividends paid during the year is?

The Ending Balance of Total Stockholders' Equity is?

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

Financial Accounting

Authors: Robert Libby

6th Edition

0077405641, 978-0077405649

More Books

Students also viewed these Accounting questions