Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2025, Pharoah Inc. had these stockholders' equity balances. Common Stock, $1 par (2,600,000 shares authorized, 670,000 shares issued and outstanding) $670,000

image

On January 1, 2025, Pharoah Inc. had these stockholders' equity balances. Common Stock, $1 par (2,600,000 shares authorized, 670,000 shares issued and outstanding) $670,000 Paid-in Capital in Excess of Par Retained Earnings Accumulated Other Comprehensive Income 1,675,000 680,000 51,000 During 2025, the following transactions and events occurred. 1. Issued 46,500 shares of $1 par value common stock for $4 per share. 2. Issued 55,000 shares of common stock for cash at $3 per share. 3. Purchased 17,900 shares of common stock for the treasury at $3.45 per share. 4. Declared and paid a cash dividend of $122,500. 5. Earned net income of $415,500. 6. Had other comprehensive income of $16,000. Prepare the stockholders' equity section of the balance sheet at December 31, 2025. (Enter account name only and do not provide descriptive information.) Stockholders' Equity PHAROAH INC. Partial Balance Sheet December 31, 2025

Step by Step Solution

There are 3 Steps involved in it

Step: 1

PHAROAH INC Partial Balance Sheet December 31 2025 Stockholders Equity Common Stock 1 par 2703400 sh... 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

Document Format ( 2 attachments)

PDF file Icon
663ddce8a80fb_961542.pdf

180 KBs PDF File

Word file Icon
663ddce8a80fb_961542.docx

120 KBs Word File

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 Tools For Business Decision Making

Authors: Paul D. Kimmel,  Jerry J. Weygandt,  Jill E. Mitchell

10th Edition

1119791081, 978-1119791089

More Books

Students also viewed these Accounting questions