Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help on these questions please Required information [The following information applies to the questions displayed below.] Nautical has two classes of stock authorized:

I need help on these questions please image text in transcribed
image text in transcribed
image text in transcribed
Required information [The following information applies to the questions displayed below.] Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024. 150 shares of preferred stock and 1.000 shares of common stock have been issued. The following transactions affect stoctholders' equity' during 2024 : March 1 Issue 1,6e0 additional shares of comon stock for s1e per share. Apri1 1 Issue 150 additional shares of preferred stock for $20 per share. June 1 Declare a cash dividend on both comeon and preferred stock of 50.25 per share to all stockholders of record June 30 Pay the cash dividends declared on June 1. August 1 Purchase 250 shares of comson treasury stock for $7 per share. october 1 Reissue 15 shares of treasury stock purchased on August 1 for $9 per share. Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2024; Preferred Stock, Nauticat has the following beginining batancesin is stockholders equity accounts on Jatuaty 1, 202, Net income for the year ended December 31,2024 , is $6,650. 2. Select whether each of the following transactions increases (+) or decreases () total assets, total liabilities, and total stockholders' equity. (If none of the categorles opply for a particular Item, leave the cell blank.) Required information The following information applies to the questions displayed below? Nautical has two classes of stock authorized $10 par preferred, and $1 par value common. As of the beginning of 2024. 150 shares of preferred stock and 2,200 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024 : March 1 Issue 2,290 additional thares of coms stock for 517 per share. April 1 Issue 150 additional sharas of preferred stock for $12 per share. June 1 Declare a cash dividend on both comon and peeferred stock of 80 . 60 per share to all stockholdees of recerd on June 15 . June 30 Pay the cash dividends declared on June 1. August 1 purchase 250 shares of comon treasury stock for 114 per thare. october 1 Resel1 150 shares of treasury stock purchased on Augvit 1 for 516 per thare. Nautical has the following beginning balances in its stockholders equity accounts on Jancary 1. 2024. Preferred Stock. \$1,500: Common Stock, \$2.200: Additional Paid in Capital, \$18,700; and Retained Earnings, \$10,700. Net income for the yeat ended December 31,2024 , is $7,250 Taking into consideration the beginning balances on January 1,2024 and ait the transactions during 2024, respond to the following for Nautical: Required: 1. Prepare the stockholders' equity section of the balance sheer as of December 31.2024 . (Amounts to be deducted should be indicated by a minus sign.) 2. Prepare the statement of stockholders' equity for the year ended December 31,2024 . (Amounts to be deducted should be indicated by a minus sign.)

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

Students also viewed these Accounting questions