Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

XYZ, Inc. had the following Stockholder's Equity Balances as of 1/1/21: Preferred Stock-500 shares @ $100 par value $500,000 Common Stock-10,000 shares @ $10

image text in transcribed

XYZ, Inc. had the following Stockholder's Equity Balances as of 1/1/21: Preferred Stock-500 shares @ $100 par value $500,000 Common Stock-10,000 shares @ $10 par value $100,000 Additional Paid-in Capital $250,000 Retained Earnings $700,000 During the year the following events occurred: 5000 share of common stock was issued on 3/1/21 at $12 per share. 1000 shares of its on stock was purchased on 6/1/21 at $15 per share Net Income for the year was $45,000 XYZ, Inc. declared a 2 for 1 stock split on 11/1/21 Dividends declared 12/15/21 at $1.50 per share to be paid 1/15/22 Calculate the following items as of 12/31/21 1. Total Contributed Capital 2. Retained Earnings Balance 3. Total stockholder's 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

Financial Accounting Fundamentals

Authors: John Wild

3rd edition

978-0073527048, 0073527041, 978-0077544652

More Books

Students also viewed these Accounting questions

Question

Understand the content theories of motivation.

Answered: 1 week ago