June 2012
Beginner
548 pages
15h 16m
English
book
Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Content preview from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
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*EXERCISE 11-12
Purpose: (L.O. 8) This exercise will illustrate the preparation of a stockholders' equity statement.
On January 1, 2014, Huseman Corporation had the following stockholders' equity balances:
| Common Stock ($1 stated value) | $300,000 |
| Paid-in Capital in Excess of Stated Value | 710,000 |
| Retained Earnings | 390,000 |
| Treasury Stock (3,000 shares) | 6,000 |
During 2014, the following occurred:
- Issued 50,000 shares of common stock at $3 per share.
- Declared a $70,000 cash dividend.
- Purchased 1,000 shares of treasury stock at $2 per share.
- Declared and distributed a 5% stock dividend when the market value
- was $3 per share and there were 346,000 shares outstanding.
- Earned net income for the year of $200,000.
Instructions
Prepare a stockholders' equity statement for the year ending December 31, 2014.
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