(Modified from E18-23) On January 1, 2022, Atlantic Com. had the following account balances in its...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66536d498b448_49666536d48f28da.jpg)
Transcribed Image Text:
(Modified from E18-23) On January 1, 2022, Atlantic Com. had the following account balances in its shareholders' equity accounts. Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Common stock, $1 par, 250,000 shares issued 250,000 Paid-in capital-excess of par, preferred 100,000 Paid-in capital-excess of par, common 500,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2022, Atlantic Com. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The fair value of the stock was $4 on this date. July 18: December 1: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Atlantic's balance sheet as of December 31, 2022. Assume net income is $500,000 for 2022. (Modified from E18-23) On January 1, 2022, Atlantic Com. had the following account balances in its shareholders' equity accounts. Preferred stock, $100 par, 10,000 shares outstanding 1,000,000 Common stock, $1 par, 250,000 shares issued 250,000 Paid-in capital-excess of par, preferred 100,000 Paid-in capital-excess of par, common 500,000 Retained earnings 2,000,000 Treasury stock, at cost, 5,000 shares 25,000 During 2022, Atlantic Com. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company (book value $10 per share, fair value $9 per share). February 17: Distributed the property dividend. April 10: A 2-for-1 stock split was declared and distributed on outstanding common stock and effected in the form of a stock dividend. The fair value of the stock was $4 on this date. July 18: December 1: Declared and distributed a 3% stock dividend on outstanding common stock. The fair value is $5 per share. Declared a 50 cents per share cash dividend on the outstanding common shares. December 20: Paid the cash dividend. Required: Without preparing journal entries, prepare the shareholders' equity section of Atlantic's balance sheet as of December 31, 2022. Assume net income is $500,000 for 2022.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
When assessing audit risk, should auditors consider the type and number of third parties that may ultimately rely on the clients financial statements? Should auditors insist that audit engagement...
-
What do you understand by ratio analysis? Distinguish between the main types of ratio analysis. L01
-
Construct a 95% prediction interval for the average annual salary of public school classroom teachers when the average annual salary of public school principals is $85,750. Interpret the results.
-
On June 3, Arnold Limited sold to Chester Arthur merchandise having a sale price of $3,000 with terms 3/10, n/60, f.o.b. shipping point. A $90 invoice, terms n/30, was received by Chester on June 8...
-
I need to fill out a consolidated statement of financial position, and I can figure out where everything goes. Can you help? I need to fill out all the information from question 2 on this type of...
-
Week 7 Assignment - Progressive Disciplinary Process Due Week 7 and worth 160 points Introduction One of the job responsibilities of a Human Resources (HR) manager is to address performance issues in...
-
Experiment 3 19. Now click on Circuit 5 and set the values for the Resistors and Voltage as follows: a. R1 =10.0 W, R2 = 20.0 W, R3 = 50.0 W, R4=50.0 W, V=10.0 V. b. Using the formula for adding...
-
This problem is based on the JA Tires data that was first introduced in problem 6-35. If you have not already accessed the data, it can be downloaded from the textbook website or from the attached...
-
Based in Miramichi, New Brunswick, Abenaki Associates Ltd. has been providing information and computer software technology to First Nation customers for more than thirty years. Abenaki Associates is...
-
a = [1,2,3,4] b= a -1 print(b) What is the output? The code does not make errors. Q3. (10 pts) What is the output? The code does not make errors. n=3 for k in range (n) : for m in range (k):...
-
Rodriguez Corporation issues 12,000 shares of its common stock for $62,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The...
-
You are given market data for the pizza market that says when the demand function for pizza is defined as Qd = 140 - 15P and the supply function is Qs = 40 + 5P. a. Calculate the equilibrium...
-
18-2. A difficulty for U.S. companies advertising in international markets is that the audience does not share the same .
-
18-9. Explain the differences between a push strategy and a pull strategy.
-
18-12. How have advertising agencies changed to facilitate the use of IMC programs?
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App