Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following statement of stockholders' equity to answer the following questions about Flaherty Corporation: (Click the icon to view the statement of stockholders' equity.)
Use the following statement of stockholders' equity to answer the following questions about Flaherty Corporation: (Click the icon to view the statement of stockholders' equity.) Read the requirements. i Requirements Requirement 1. How much cash did the issuance of common stock bring in during 2018? The cash brought in by the sale of common stock in 2018 was $ 828,000 Requirement 2. How much in dividends did Flaherty declare during 2018? In 2018, Flaherty declared $ in dividends. 1. How much cash did the issuance of common stock bring in during 2018? 2. How much in dividends did Flaherty declare during 2018? What was the effect of the dividends on Flaherty's retained earnings? On total paid-in capital? On total stockholders' equity? On total assets? What was the cost of the treasury stock that Flaherty purchased during 2018? What was the cost of the treasury stock that Flaherty sold during the year? For how much did Flaherty sell the treasury stock during 2018? 6. How much was Flaherty's net income? 7. What is Flaherty's total stockholders' equity as of December 31, 2018? Print Print Done Done i Data Table Flaherty Corporation Statement of Stockholders' Equity For the Year Ended December 31, 2018 Common Additional Stock $9 Paid-in Retained Treasury Par Capital Earnings Stock $ 90,000 $ 8,000 $ 140,000 $ (23,000) $ Balance, December 31, 2017 Issuance of stock 288,000 540,000 Total Stockholders' Equity 215,000 828,000 145,000 (23,000) (16,000) 13,000 Net income 145,000 Cash dividends (23,000) Purchase of treasury stock (16,000) 5,000 8,000 Sale of treasury stock $ 378,000 $ 556,000 $ 262,000 $ (34,000) $ 1,162,000 Balance, December 31, 2018
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started