Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2020, Oriole Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common

image text in transcribed

On January 1, 2020, Oriole Inc. had the following stockholders' equity balances. Common Stock (595,000 shares issued) Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $1,190,000 530,000 210,000 640,000 During 2020, the following transactions and events occurred. 1. 2. 3. 4. 5. 6. Issued 105,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. Issued 52,500 shares of common stock for cash at $4 per share. Purchased 30,000 shares of common stock for the treasury at $5 per share. Declared and paid a cash dividend of $112,000. Sold 5,000 shares of treasury stock for cash at $5 per share. Earned net income of $380,000. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Oriole Inc. Stockholders' Equity Statement Paid-in Capital in Common Excess of Stock Par- Dividends Common Stock Distributable Common Stock Treasury Stock Retained Earnings Total Balances, Jan. 1 Issued 105,000 share for stock dividend Issued 52,500 shares for cash Purchased 30,000 shares of treasury stock Declared cash dividend Sold 5,000 shares of treasury stock Net income for year Balances, Dec. 31 Click if you would like to Show Work for this question: Open Show Work

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_2

Step: 3

blur-text-image_3

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

Principles of Auditing and Other Assurance Services

Authors: Ray Whittington, Kurt Pany

20th edition

77729145, 978-1259295430, 1259295435, 978-0077729141

More Books

Students also viewed these Accounting questions