Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On December 31, 2021, Blossom Company had 1,390,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders equity had the
On December 31, 2021, Blossom Company had 1,390,000 shares of $7 par common stock issued and outstanding. At December 31, 2021, stockholders equity had the amounts listed here.
Common Stock | $9,730,000 | |
Additional Paid-in Capital | 1,740,000 | |
Retained Earnings | 1,225,000 |
Transactions during 2022 and other information related to stockholders equity accounts were as follows.
1. | On January 10, issued at $113 per share 127,000 shares of $104 par value, 8% cumulative preferred stock. | |
2. | On February 8, reacquired 15,600 shares of its common stock for $14 per share. | |
3. | On May 9, declared the yearly cash dividend on preferred stock, payable June 10, to stockholders of record on May 31. | |
4. | On June 8, declared a cash dividend of $1.20 per share on the common stock outstanding, payable on July 10, to stockholders of record on July 1. | |
5. | Net income for 2022 was $3,612,000. |
Prepare the stockholders' equity section of Blossoms' balance sheet at December 31, 2022. BLOSSOM COMPANY Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Common Stock $ Preferred Stock Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Total Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings V Less V: Treasury Stock Total Stockholders' Equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started