Prepare the stockholders equity section of the balance

Assignment Help Accounting Basics

Reference no: EM13600941

On January 1, 2012, Hammermeister Inc. had the following stockholders' equity account balances.

Common Stock, no-par value (513,000 shares issued) $2,052,000
Common Stock Dividends Distributable 159,000
Retained Earnings 569,000

During 2012, the following transactions and events occurred.

1. Issued 76,950 shares of common stock as a result of a 15% stock dividend declared on December 15, 2011.
2. Issued 28,000 shares of common stock for cash at $6 per share.
3. Corrected an error that had understated the net income for 2010 by $67,000.
4. Declared and paid a cash dividend of $85,000.
5. Earned net income of $289,000.

Prepare the stockholders' equity section of the balance sheet at December 31, 2012. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)

Reference no: EM13600941

Questions Cloud

Determine the cost of the finished goods inventory reported : at the end of the first year of operations 2700 units remained in the finished goods inventory. the unit manufacturing

Compute the incremental unit cost of producing an : sutherland manufactures and sells 110000 laser printers each month. a principal component part in each printer is its

Ferraro consulting provides risk management services to : ferraro consulting provides risk management services to individuals and to coorporate clients.the company closes its

The first unit required 9800 hours to manufacture the : the first unit required 9800 hours to manufacture. the company expects to experience an 82 unit learning curve.

Prepare the stockholders equity section of the balance : on january 1 2012 hammermeister inc. had the following stockholders equity account balances. common stock no-par value

What is a master budget what are some of the underlying : what is a master budget? what are some of the underlying budgets that form the master budget? what is the budgeting

What is the difference between external and internal : what is the difference between external and internal pricing? what factors must be considered when setting internal

Larry purchased an annuity from an insurance company that : larry purchased an annuity from an insurance company that promises to pay him 1500 per month for the rest of his life.

Smith comp uses a job order costing system in the : smith comp. uses a job order costing system in the manufacture of custom cabinets made of wood. as each job gets done

User Account

All Pages