The stockholders’ equity T accounts of I-Cards Inc. for the fiscal year ended De
ID: 2426747 • Letter: T
Question
The stockholders’ equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 2016, are as follows.
Prepare a statement of stockholders’ equity for the fiscal year ended December 31, 2016 using the table provided. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
In CengageNOW, an Amount Description is a text entry other than an Account that has an amount associated with it.
Purchased 10,500 shares as treasury stock
Prepare a statement of stockholders’ equity for the fiscal year ended December 31, 2016 using the table provided. For those boxes in which you must enter subtracted or negative numbers use a minus sign.
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I-Cards Inc.
Statement of Stockholders’ Equity
For the Year Ended December 31, 2016
1
Common Stock, $35 par
Paid-in Capital in Excess of Par
Treasury Stock
Retained Earnings
Total
2
3
4
5
6
7
Solution
I-Cards Inc.
Statement of Stockholders’ Equity
For the Year Ended December 31, 2016
1
Common Stock, $35 par
Paid-in Capital in Excess of Par
Treasury Stock
Retained Earnings
Total
2
3
4
5
6
7
Common Stock Jan. 1 Balance 4,375,000 Apr. 14 Issued 26,000 shares 910,000 Dec. 31 Balance 5,285,000Explanation / Answer
1 Common Stock, $35 par Paid-in Capital in Excess of Par Treasury Stock Retained Earnings Total 2 Balance, January 1, 2016 4375000 8,75,000 10546100 1,57,96,100 3 Net income 3502000 3502000 4 Dividends -255200 -255200 5 Issued 26,000 shares of common stock 910000 2,60,000 11,70,000 6 Purchased 10,500 shares as treasury stock -4,93,500 -4,93,500 7 Balance, December 31, 2016 5285000 11,35,000 -4,93,500 13792900 1,97,19,400
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