Prepare shareholders equity section of redmons balance sheet

Assignment Help Financial Accounting

Reference no: EM13937587

Classify stock and prepare shareholders' equity section of balance sheet. (LO 1, 5) Redmon Company's corporate charter allows it to sell 200,000 shares of $1 par value com mon stock. To date, the company has issued 50,000 shares for a total of $125,000. Last month, Redmon repurchased 1,000 shares for $3 per share.

a. If Redmon were to prepare a balance sheet, how many shares would it show as authorized, issued, and outstanding?

b. In addition to the shareholders' equity given above, Redmon Company also has $350,000 in retained earnings. Using this information, prepare the shareholders' equity section of Redmon Company's balance sheet.

Reference no: EM13937587

Questions Cloud

Estimates for new gear assembly project : Olin Transmissions, Inc., has the following estimates for its new gear assembly project: price = $1382 per unit; variable costs = $263 per unit; fixed costs = $3925292; quantity = 70721 units. Suppose the company believes all of its estimates are acc..

What is the discount being offered : You place an order for 540 units of inventory at a unit price of $170. The supplier offers terms of 2/15, net 60. How long do you have to pay before the account is overdue? If you take the full period, how much should you remit? How quickly must you ..

Annotated bibliography of drake : Provide an annotated bibliography of Drake, D., Sutterfield, J.S. and Ngassam, C. (2008). The Revolution of Six-Sigma:

The subsequent data science project : You are required to work in a group and two submissions must be submitted: group submission and individual submission. They must be completed and submitted to CloudDeakin before the due date by 5pm, 18th September 2015.

Prepare shareholders equity section of redmons balance sheet : In addition to the shareholders' equity given above, Redmon Company also has $350,000 in retained earnings. Using this information, prepare the shareholders' equity section of Redmon Company's balance sheet.

Cash balances as result of implementing the lockbox system : It takes Cookie Cutter Modular Homes, Inc., about six days to receive and deposit checks from customers. Cookie Cutter’s management is considering a lockbox system to reduce the firm’s collection times. What is the reduction in outstanding cash balan..

The appropriate pigeonhole in the boxes : Place your assignment solutions in the appropriate pigeonhole in the boxes on the third level of the Mathematics Building (PS2, Bundoora campus) before 12.00 noon on Monday 11th May OR hand to Simon Smith (Bendigo) at or before the Monday lecture...

Outline the main issues involved in language death : Outline the main issues involved in Language Death and indicate one area where further research is necessary. Justify your selection of this area.

Calculate sum of the consumer surplus and producer surplus : Suppose that producers need to have licenses to sell apples, and that only 90 units of apples are licensed (i.e. Q is limited to 90). Calculate the sum of the consumer surplus and producer surplus.

User Account

All Pages