4 of 4 (0 complete ) Requirement on reported the stockholders equity in millions
ID: 2436486 • Letter: 4
Question
4 of 4 (0 complete ) Requirement on reported the stockholders equity in millions, except per-share amounts)1. Prepare the stockholders' equity section of the compa Journal Entry Debit Credit Accounts (in millions) 138 Common Stock 90 Paid in Capital in Excess of Par 48: Treasury Stock 48 Cash 42 Cash 36 Treasury Stock Paid-in Capital from Treasury Stock Retained Earnings 29 Dividends Payable 29 Dividends Payable 29 Cash 29 PrintDone number in the input fields and then continue to the next questionExplanation / Answer
Answers
Transaction
Adjustments
Common Stock
Paid In Capital in excess of Par Value
Paid In Capital - Treasury Stock
Retained Earnings
Treasury Stock at cost
Total stockholder's Equity
no.
Beginning balances
$ 92.00
$ 12.00
$ 260.00
$ (50.00)
$ 314.00
a.
Net Income
$ 451.00
b.
Issuance of stock
$ 48.00
$ 90.00
c.
Purchase of Treasury Stock
$ (48.00)
d.
Sale of Treasury Stock
$ 6.00
$ 36.00
e.
Cash Dividends
$ (29.00)
Total
Ending Balances
$ 140.00
$ 102.00
$ 6.00
$ 682.00
$ (62.00)
$ 868.00
Amounts in $ millions
Stockholder's Equity
Common Stock $4 par, Issued shares 35 millions
$ 140.00
Paid In Capital in excess of Par - Common
$ 102.00
Paid In Capital from Treasury Stock Transactions
$ 6.00
Retained Earnings
$ 682.00
Treasury Stock
$ (62.00)
Total Stockholder's Equity
$ 868.00
Transaction
Adjustments
Common Stock
Paid In Capital in excess of Par Value
Paid In Capital - Treasury Stock
Retained Earnings
Treasury Stock at cost
Total stockholder's Equity
no.
Beginning balances
$ 92.00
$ 12.00
$ 260.00
$ (50.00)
$ 314.00
a.
Net Income
$ 451.00
b.
Issuance of stock
$ 48.00
$ 90.00
c.
Purchase of Treasury Stock
$ (48.00)
d.
Sale of Treasury Stock
$ 6.00
$ 36.00
e.
Cash Dividends
$ (29.00)
Total
Ending Balances
$ 140.00
$ 102.00
$ 6.00
$ 682.00
$ (62.00)
$ 868.00
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