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  • At The End of The 2010 Annual Reporting Period Zephyr

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    M Bilal Saleem
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    Zephyr Industries' 2010 year-end balance sheet showed stockholders' equity of $162,000 consisting of common stock of $105,000, additional paid-in capital of $9,000, and retained earnings of $48,000. In 2011, Zephyr sold 1,500 shares of common stock for $24 per share, had net income of $46,000, and paid a $1 per share dividend on the original 7,000 shares.

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    At the End of the 2010 Annual Reporting Period Zephyr

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    Zephyr Industries' 2010 year-end balance sheet showed stockholders' equity of $162,000 consisting of common stock of $105,000, additional paid-in capital of $9,000, and retained earnings of $48,000. In 2011, Zephyr sold 1,500 shares of common stock for $24 per share, had net income of $46,000, and paid a $1 per share dividend on the original 7,000 shares.

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    5 views1 page

    At The End of The 2010 Annual Reporting Period Zephyr

    Uploaded by

    M Bilal Saleem
    Zephyr Industries' 2010 year-end balance sheet showed stockholders' equity of $162,000 consisting of common stock of $105,000, additional paid-in capital of $9,000, and retained earnings of $48,000. In 2011, Zephyr sold 1,500 shares of common stock for $24 per share, had net income of $46,000, and paid a $1 per share dividend on the original 7,000 shares.

    Copyright:

    © All Rights Reserved
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    At the end of the 2010 annual reporting period Zephyr

    At the end of the 2010 annual reporting period, Zephyr Industries’ balance sheet showed the
    following:ZEPHYR INDUSTRIESBalance SheetAt December 31, 2010Stockholders’
    EquityCommon stock (par $15; 7,000 shares) ......... $105,000Additional paid-in capital .............
    9,000Retained earnings—Ending balance ......... 48,000Total stockholders’ equity .............
    $162,000During 2011, the following selected transactions (summarized) were completed:a. Sold
    and issued 1,500 shares of common stock at $24 cash per share (at year-end).b. Determined
    net income, $46,000.c. Declared and paid a cash dividend of $1 per share on the beginning
    shares outstanding.Required:1. Prepare the stockholders’ equity section of the balance sheet
    at December 31, 2011.2. Give the journal entry to record the sale and issuance of the 1,500
    shares of common stock.View Solution:
    At the end of the 2010 annual reporting period Zephyr
    SOLUTION-- http://expertanswer.online/downloads/at-the-end-of-the-2010-annual-reporting-
    period-zephyr/

    See Answer here expertanswer.online


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