Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

On January 1, 2022, Larkspur, Inc. had these stockholders' equity balances Common Stock, $1 par (2,200,000 shares authorized, 645,000 shares issued and outstanding) $645,000 Paid-in

image text in transcribedimage text in transcribed

On January 1, 2022, Larkspur, Inc. had these stockholders' equity balances Common Stock, $1 par (2,200,000 shares authorized, 645,000 shares issued and outstanding) $645,000 Paid-in Capital in Excess of Par Value 1,420,000 Retained Earnings 708,000 Accumulated Other Comprehensive Income 63,000 During 2022, the following transactions and events occurred. Issued 48,500 shares of $1 par value common stock for $3 per share. 1. Issued 57,500 shares of common stock for cash at $5 per share. 2. Purchased 15,600 shares of common stock for the treasury at $3.25 per share. 3. Declared and paid a cash dividend of $137,500. 4. Earned net income of $357,000. 5. Had other comprehensive income of $19,600. 6. Prepare the stockholders' equity section of the balance sheet at December 31, 2022. LARKSPUR, INC. Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital $ Common Stock Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Common Stock Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Accumulated Other Comprehensive Income Treasury Stock Less $ Total Stockholders' Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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