Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.) Tony and Suzie have purchased land for a new comp. Now they need money

image text in transcribed
Required information [The following information applies to the questions displayed below.) Tony and Suzie have purchased land for a new comp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool, Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp. Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of S1 par value common stock at $1 per share. The following transactions affect stockholders' equity during the remainder of 2022 November 5 Tas an additional 136,000 shares of common stock for $10 per share. November 16 Purchase 13,600 shares of its own common stock (1... treasury stock) for $33 per share. November 24 Ronell 7,600 shares of treasury stock at $34 per share. Declare a cash dividend on its common stock of $15.720 (50.16 per share) to all stockholders of December 20 Pay the cash dividend declared on December 1. December 31 pay $690.000 for construction of new cabins and other facilities. The entire expenditure is recorded in the buildings account. December 1 record on December 15. 2. Great Adventures has net income of $41.966 in 2022. Retained earnings at the beginning of 2022 was $35,250. Prepare the stockholders' equity section of the balance sheet for Great Adventures as of December 31, 2022. (Amounts to be deducted should be indicated with a minus sign.) GREAT ADVENTURES, INC Balance Sheet (Stockholders' Equity Section) December 31, 2022 Stockholders equity Total paid-in capital Total stockholders' equity

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

Horngrens Accounting

Authors: Tracie Miller Nobles, Brenda Mattison

13th Edition

0135982235, 9780135982235

More Books

Students also viewed these Accounting questions

Question

Define Administration and Management

Answered: 1 week ago

Question

Define organisational structure

Answered: 1 week ago

Question

2. Information that comes most readily to mind (availability).

Answered: 1 week ago