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  • At The End of 2011 Stanley Utilities Inc Had The

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    Taimur Technologist
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    Stanley Utilities had common stock of $4.5 million, additional paid-in capital of $1.375 million, and retained earnings of $188,000 at the end of 2011. In 2012, it sold stock generating proceeds, paid dividends, repurchased treasury stock, and had net income of $87,000. A statement of stockholders' equity was prepared showing account balances at the end of 2012.

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    At the End of 2011 Stanley Utilities Inc Had The

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    Stanley Utilities had common stock of $4.5 million, additional paid-in capital of $1.375 million, and retained earnings of $188,000 at the end of 2011. In 2012, it sold stock generating proceeds, paid dividends, repurchased treasury stock, and had net income of $87,000. A statement of stockholders' equity was prepared showing account balances at the end of 2012.

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    3 views1 page

    At The End of 2011 Stanley Utilities Inc Had The

    Uploaded by

    Taimur Technologist
    Stanley Utilities had common stock of $4.5 million, additional paid-in capital of $1.375 million, and retained earnings of $188,000 at the end of 2011. In 2012, it sold stock generating proceeds, paid dividends, repurchased treasury stock, and had net income of $87,000. A statement of stockholders' equity was prepared showing account balances at the end of 2012.

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    © All Rights Reserved
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    At the end of 2011 Stanley Utilities Inc had the #2390

    At the end of 2011, Stanley Utilities Inc. had the following equity accounts and
    balances:Common stock, $1 par ...........$4,500,000Additional paid-in capital—common stock
    ...1,375,000Retained earnings .............188,000During 2012, Stanley Utilities engaged in the
    following transactions involving its equity accounts:a. Sold 3,300 shares of common stock for
    $15 per share.b. Sold 1,000 shares of 12 percent, $100 par preferred stock at $105 per share.c.
    Declared and paid cash dividends of $8,000.d. Repurchased 1,000 shares of treasury stock
    (common) for $38 per share.e. Sold 400 of the treasury shares for $42 per share.Required:1.
    Prepare the journal entries for a through e.2. Assume that 2012 net income was $87,000.
    Prepare a statement of stockholders’ equity at December 31, 2012.View Solution:
    At the end of 2011 Stanley Utilities Inc had the

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