Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2022, Metlock, Inc. had these stockholders' equity balances. Common Stock, $1 par (2,000,000 shares authorized, 610,000 shares issued and outstanding) $610,000

image text in transcribedimage text in transcribed

On January 1, 2022, Metlock, Inc. had these stockholders' equity balances. Common Stock, $1 par (2,000,000 shares authorized, 610,000 shares issued and outstanding) $610,000 Paid-in Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income 1,430,000 690,000 65,000 During 2022, the following transactions and events occurred. 1. Issued 46,500 shares of $1 par value common stock for $3 per share. 2. Issued 55,000 shares of common stock for cash at $3 per share. 3. Purchased 19,300 shares of common stock for the treasury at $3.20 per share. 4. Declared and paid a cash dividend of $125,500. 5. Earned net income of $429,000. 6. Had other comprehensive income of $17,000. Prepare the stockholders' equity section of the balance sheet at December 31, 2022.

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

Recommended Textbook for

Financial Accounting Theory and Analysis Text and Cases

Authors: Richard G. Schroeder, Myrtle W. Clark, Jack Cathey

11th edition

9781118806500, 1118582799, 1118806506, 978-1118582794

More Books

Students also viewed these Accounting questions