Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. marble corporation had the following balances in i

Marble Corporation had the following balances in its stockholders' equity accounts at December 31, 2018:...

50.1K

Verified Solution

Question

Accounting

image
Marble Corporation had the following balances in its stockholders' equity accounts at December 31, 2018: Common Stock, $10 par,50,00 shares authorized, 20,000 shares issued Contributed Capital in Excess of Par Value, Common Retained Earmings Treasury Stock, 1,000 shares acquired at $20 per share S200,000 $2 Total Stockholders' Equity The following transactions occurred during 2018 February 3 May 10 October 12 December 31 Sold and issued 3,000 shares of common stock at $22 per share. Declared a S0.50 per share dividends on common stock Sold 500 shares of the treasury stock for $20 per share. 2 SsS Net income for the year was determined to be $75,000. Based on the above information, prepare a staterment of stockholders' equity for 2018. Use the form below. (Exhibit 11.16 can help!) Marble Corporation Statement of Stockholders' Equity Contributed Capital inRetainedTreasury Total CommonExcess ofP Earnings Stock Stock Value, Balance, Db December 31 2017 ,000 20,000 0,000 0000 $930000 Net Income (Dec 7s,380 Issuance of Common Stock (Feb 3 Reissuance of Treasury Stock (Oct 12) Cash Dividend (May 10) Balance, 2018 S00-20 Do 2 000 x 103 20

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students