Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

One Co., a publicly held company, began fiscal 2019 with 45,000 shares of its $10 par value common stock issued and outstanding and $3 million

One Co., a publicly held company, began fiscal 2019 with 45,000 shares of its $10 par value common stock issued and outstanding and $3 million of total paid-in capital. One is authorized to issue a maximum of 500,000 shares, and at the beginning of fiscal 2019 it issued an additional 5,000 shares at $30 each. It also paid a dividend of $1 per share just prior to year-end. The other components of Ones stockholders equity at the start of fiscal 2019 consisted of retained earnings of $4 million and accumulated other comprehensive income of $1.5 million. For fiscal 2019, One reported the following: sales revenue of $310,000, cost of goods sold of $140,000, selling and administrative expenses of $50,000, a loss on discontinued operations of $20,000, and an unrealized gain on available-for-sale investments of $15,000. One is subject to an income tax rate of 20%, except for the $15,000 unrealized gain which is nontaxable.

RequiredPrepare in good form the following for fiscal 2019:

1. Ones Statement of Comprehensive Income

2. Ones Statement of Stockholders Equity

3. Ones Stockholders Equity as should appear in its end-of-year balance sheet

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

IS Audit And Control For Accountants

Authors: Mr Amir Manzoor

1st Edition

1493665006, 978-1493665006

More Books

Students also viewed these Accounting questions