1 answer

Duff incorporated on January 1, 2015 after receiving authorization to issue 10,000 shares of $50 ...

Question:

Duff incorporated on January 1, 2015 after receiving authorization to issue 10,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common, with the former having an 8% cumulative dividend feature. During fiscal 2018, the company engaged in the following equity transactions: January 1 Issued 1,000 shares of preferred stock for $80 each. January 1 Issued 10,000 shares of common stock for $30 each. June 30 Bought 1,000 shares of common stock for the treasury at $40 each. December 31 Declared the 8% dividend on the preferred stock and a $1.00 per-share dividend on the common after determining its fiscal 2018 comprehensive income to be $500,000, of which, $510,000 represented net income.

Required—Prepare in good form the stockholders’ equity section for 2015


Answers

Duff Inc.
Partial Balance Sheet
December 31,2015
Stockholders' Equity
Contributed capital
Preferred stock—$50 par value, 8 percent cumulative convertible, 10,000 shares authorized and 1,000 shares issued and outstanding (1000 x 50) $    50,000.00
Additional paid-in capital, preferred (1000 x 30) $    30,000.00
Common stock—$10 par value, 100,000 shares authorized, 10,000 shares issued ,9000 shares outstanding $ 1,00,000.00
Additional paid-in capital, common (10000 x 20) $ 2,00,000.00
Total contributed capital $ 3,80,000.00
Retained earnings* $ 4,97,000.00
Less: Treasury Stock = (1000 x $40) $ -40,000.00
Total stockholders' equity $ 8,37,000.00
Retained Earnings
Beginning RE $                -  
Add Net Income $ 5,10,000.00
Less: Preferred Dividend = 8% x 50000 $      4,000.00
Less: Common Dividend = $ 1 x 9000 $      9,000.00
Ending RE $ 4,97,000.00
.

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