Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Stockholders' equity account balances of Tesla Inc. on January 1, 20XX, are listed below: Preferred Stock (8%, $100 par noncumulative, XXXXX shares issued) $500,000

The Stockholders' equity account balances of Tesla Inc. on January 1, 20XX, are listed below: Preferred Stock (8%, $100 par noncumulative, XXXXX shares issued) $500,000 Common Stock ($10 par value, XXXXXX shares issued) 1,480,000 Paid-in Capital in Excess of Par ValuePreferred Stock 59,000 Paid-in Capital in Excess of Par Value Common Stock 820,000 Retained Earnings 840,000 During 20XX, the corporation had the following transactions and events pertaining to its stockholders' equity: March 1: Issued 6,100 shares of common stock for $90 per share. June 22: Purchased 1,100 shares of common treasury stock at $104 per share. Dec 1: Declared a cash dividend of $157,120 to stockholders of record on December 15, payable December 31, 2022. Dec 31: Determined that net income for the year was $250,000. Using these data complete the partial balance sheet below as of December 31, 20XX. Tesla Inc. As of Dec 31, 20XX Stockholder's Equity Common Stock $1,541,000 Preferred Stock 500,000 Additional Paid-in Capital -Common Stock 1,308,000 Additional Paid-in Capital -Preferred Stock 59,000 Retained Earnings 932,880 Less: Treasury Stock 114,400 Total Stockholder's Equity $4,226,480 Answer the following questions related questions: How many shares of common stock are issued as of Dec 31, 20XX? How many shares of common stock are outstanding as of Dec 31, 20XX? How many shares of preferred stock are issued as of Dec 31, 20XX? How many shares of preferred stock are outstanding as of Dec 31, 20XX? How much of the Dec 1 cash dividend went to preferred stock holders? How much of the Dec 1 cash dividend went to common stock holders? What is the per share amount of dividend paid to common stock holders? What is total contributed capital as of Dec 31, 20XX?

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

The Internal Auditing Handbook

Authors: K. H. Spencer Pickett

3rd Edition

0470518715, 978-0470518717

More Books

Students also viewed these Accounting questions

Question

=+221 .1 Answered: 1 week ago

Answered: 1 week ago

Question

How does selection differ from recruitment ?

Answered: 1 week ago

Question

Perform an Internet search. Discuss a company that uses EPLI.

Answered: 1 week ago

Question

How do you feel about employment-at-will policies? Are they fair?

Answered: 1 week ago