500 STOCKHOLDERS
500 STOCKHOLDERS
Accounting Question: Stockholders Equity?
On dec31st'06, Pepp company had 1,3000,000 shares of $5 par COMMON STOCK issued and outstanding. balances listd below:
common stock $6,500,000
additional paid -in capital 1,800,000
retained earnings 1,200,000
transactions during 2007 and other infor:
1.on jan 10,2007, issued at $109 per share, 100,000 shares of $100 par value,8% cumulative value
2.feb 8,2007, reaquired 15,000 shares of common stock for $11 per share
3.on june8,2007 declared a cash dividend of $1.20 per share on the common STOCK OUTSTANDING,payable on july 10,2007, to stockholders of record on july 1,2007
4.dec 9,2007 declared yearly cash dividend on preferred stock,payable jan 10,2008, to stockholders of record on dec 15,2007
5.net income for year is $3,600,00
QUESTION:
Prepare stockholders equity section of pepps balance sheet at dec,31st 2007.
First of all i beleive that this is a school homework or project so you have to try is by yourself. But i can give you some guid on how to do it. I There are a couple of figures which looks wrong. the outstanding stock on Dec. 31 06 is vage. Let asume is was 1,300,000 and The net income for 07 is also seems wrong and i asumed you meant 3,600,000. Withthis two asumption you can appraoch this problem as follow:
Jan. 10 Dr. Cash 109*100,000
Cr. prefered STOCK 100*100,000
Cr. Addistional paid in cap. pref. stock 9*100,000
Feb. 8 Dr. TREASURY STOCK 11*15000
Cr. cash 11*15000
June 8. Dr. Retained earning 1.2*(1,300,000-15,000)
Cr. Dividend Payable the same amount
Dec. 9 Dr. retained earning 100*8%*100,000
Cr. Dividend payable the same amount.
the net income will go to the retained earning account as a debit while you close the accounts. So after this tae the beginieng balance and the change from the above transaction to determine the new balance as of Dec. 07.
Your stock holder equity section will be:
Commen stock...............6500000
Paid in capiat CS...........1800000
Prefered stock...............10000000
PIC Ps..............................900000
Retained earning.............2458000
Treasury stock................(165000)
Total SE........................Please add. i have to go out.
 |
1938 LYBRAND ROSS MONTGOMERY Accouting Firm Scarce BOOK | US $24.95 | 1d 19h 31m |
 |
$1 1917 RED SEAL PCGS 58PPQ AMAZING QUALITY | US $152.51 | 1d 21h 3m |
 |
XXX RARE HUGE MINT ORIG 1910 PABST BEER STOCK 1ST ISSUE FINE ENGRAVING CV $250 | US $39.96 | 11d 8h |
 |
John Deere Deere Company stock certificate share | US $29.99 | 11d 8h 36m |
 |
Illinois Central Railroad 20 Historic Books on CD D253 | US $13.45 | 20d 4h 34m |
 |
$5 1907 WOODCHOPPER PCGS VF20 | US $110.50 | 2d 20h 45m |
 |
$10 1923 LEGAL TENDER POKER CHIP PCGS VF20 | US $3,999.00 | 29d 12h 54m |
 |
Vintage Gruen Curvex 10k gold filled ladies watch | US $10.50 | 1d 19h 41m |
 |
ACQUIRE 3M Bookshelf Game Avalon Hill 1968 Complete | US $19.95 | 28d 23h 47m |
 |
1927 Acme Road Machinery Catalog on CD | US $12.95 | 28d 20h 37m |
 |
Vintage Life Magazines 1947 Set of 24 January through June Good condition | US $200.00 | 28d 13h 3m |
 |
Nepotism in Organizations by Robert G Jones 2011 Hardcover | US $56.67 | 28d 12h 2m |
 |
GB MILLER BEER SIGN MIRROR GREEN BAY PACKERS SUPERBOWL 35 XXXV 3D FRAMED PICTURE | US $263.99 | 27d 18h 29m |
 |
DANBURY MINT DIE CAST EXACT REPLICA 124 STUTZ BLACK HAWK 1927 COVERTIBLE | US $59.00 | 27d 18h 7m |
 |
The Billionaire Shell Game by LJ Davis HC | US $1.99 | 27d 15h 9m |
 |
$1 1917 RED SEAL PCGS 64PPQ SERIAL 4 AMAZING | US $5,000.00 | 27d 10h 37m |
 |
1925 A Buzza Motto THE MEMORY OF YOU Antique Poetry Framed 6 1 2 x 4 1 2 | US $34.99 | 27d 8h 23m |
 |
$5 1869 RAINBOW WOODSMAN PCGS 55PPQ EXTRAORDINARY | US $3,650.00 | 27d 7h 39m |
 |
$1 1917 RED SEAL 2 CONSECUTIVE NOTES HIGH GRADE | US $1,195.00 | 26d 22h 46m |
 |
NEW Nepotism in Organizations Jones Robert G EDT | US $57.23 | 26d 21h 30m |
 |
$20 1869 RAINBOW CGA GEM 67 EYE POPPING FULLY BRIGHT DREAM NOTE | US $85,000.00 | 26d 9h 55m |
 |
NEPOTISM IN ORGANIZATIONS ROBERT G JONES HARDCOVER NEW | US $74.30 | 26d 4h 12m |
 |
VHS AUTUMN LEAVES Joan Crawford CLIFF ROBBERTSON rest in peace passed at 88 | US $11.99 | 3d 1h 49m |
 |
2 NANCY ANN STORYBOOK DOLLS LITTLE MISS DONNET BONNET | US $89.99 | 24d 16h 5m |
 |
Junk Bonds How High Yield Securities Restructured C | US $30.00 | 24d 14h 53m |
 |
1950S STANDARD OIL MICHIGAN STATE MAP UNITED STATES MAP ROCKEFELLER COLLECTIBLE | US $17.99 | 24d 12h 55m |
 |
VINTAGE CAROLINA CLINCHFIELD OHIO RAILWAY STOCKHOLDERS NOTIFICATION 1981 | US $1.99 | 23d 18h 52m |
 |
VINTAGE CAROLINA CLINCHFIELD OHIO RAILWAY STOCKHOLDERS NOTIFICATION MAY 1981 | US $1.99 | 23d 18h 46m |
 |
FALLS CITY BEER SIGN CALENDER BORN BEFORE DATE VINTAGE BREWERY BAR TAVERN PUB | US $71.99 | 23d 17h 30m |
 |
How to Take Over a Publicly Held Corporation NEW | US $28.76 | 22d 17h 57m |
 |
Corporate Corruption The Abuse of Power NEW | US $97.65 | 22d 15h 13m |
 |
1902 Acme Road Machinery Catalog on CD | US $12.95 | 22d 6h 3m |
 |
1961 Press Photo Irish Sweepstakes Winner Conway | US $15.88 | 21d 20h 50m |
 |
$1 1869 LEGAL TENDER RAINBOW PMG 1 ULTIMATE LOWBALL | US $350.00 | 21d 8h 22m |
 |
The Corporate Board Confronting the Paradoxes by Ada Demb and F Friedrich | US $103.31 | 21d 3h 52m |
 |
$1 1917 RED SEAL GEM PCGS 65PPQ SERIAL 5 AMAZING BEBEE | US $5,555.00 | 20d 21h 43m |
 |
$10 1880 ROUND RED LARGE SEAL PCGS 63PPQ SUPER | US $3,875.00 | 20d 21h 38m |
 |
The Corporate Board by Ada Demb F Friedr | US $24.95 | 20d 21h 31m |
 |
GREEN BAY PACKERS PICTURE FRAMED FAVRE 4 KENNETH GATEWOOD SIGNED 4TH AND GOAL | US $143.99 | 19d 15h 36m |
 |
The Billionaire Shell Game How Cable Baron John Malo | US $4.39 | 18d 18h 15m |
 |
Lum Abner {1300} OTR Comedy Radio Shows on DVD | US $12.95 | 18d 17h 18m |
 |
Advertising Pioneer J Walter Thompson Signs A Banking | US $350.00 | 18d 14h 16m |
 |
MILITARY Vintage IDF POSTER Israel SINAI WAR Map 1956 | US $115.00 | 29d 12h 23m |
 |
Andrew Carnegie Fantastic Rare letter on Steel 1876 | US $9,985.00 | 17d 17h 40m |
 |
FORTUNE December 1977 RESEARCH TRIANGLE PARK SUNBELT | US $18.00 | 16d 18h 47m |
 |
NEW The Corporate Board Confronting the Paradoxes | US $131.93 | 16d 14h 45m |
 |
Two Pak Rac Mobile Stockholders or Paper Shelves | US $500.00 | 16d 7h 34m |
 |
Junk Bonds How High Yield Securities Restructured Corp | US $26.54 | 15d 7h 40m |
 |
1923 Article Delaware Hudson Railroad Maintain Divide | US $7.00 | 14d 9h 54m |
 |
The Corporate Board Confronting the Paradoxes | US $10.55 | 13d 18h 37m |
 |
L J David Billionaire Shell Game 1998 Used Trad | US $2.99 | 13d 7h 22m |
 |
STUNNING XXX RARE 1872 ATLANTIC MISS OHIO STOCK w CSA GENERAL WM MAHONEs AUTOGR | US $279.96 | 12d 19h 29m |
 |
Soldier of Fortune 500 A Management Survival Guide for the Consulting Wars Stev | US $62.05 | 12d 19h 25m |
 |
1926 A Buzza Motto MEMORIES Antique Poetry Framed Print 8 1 2 x 9 1 2 | US $47.99 | 11d 16h 34m |
 |
HENRY FORD 8x10 HAND COLOR TINTED PHOTOGRAPH AMERICAN INDUSTRIALIST 1938 | US $14.50 | 11d 11h 29m |
 |
Ford Mustang GT Premium 5 speed1 OwnerLeatherShaker 500Very Very CleanASK FOR JASON JOHNSON | US $15,995.00 | 11d 9h 59m |
 |
XXX RARE STUNNINGLY ORNATE 1866 S CAROLINA RR GEM w OLD TRAIN GIRLS HISTORIC | US $99.96 | 10d 8h 48m |
 |
B Z Kastler Photo Questar Mountain Fuel Supply Company | US $57.00 | 21d 18h 55m |
 |
Nobodies Modern American Slave Labor and the Dark Side | US $14.58 | 9d 20h 7m |
 |
FORTUNE January 1961 DETROIT AUTOS BATON ROUGE | US $16.00 | 9d 17h 58m |