Business, 21.04.2020 23:32, sebastianmettsovghhk

Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2018, its first year of operations:

January 2 Issues 100,000 shares of common stock for $17 per share.
February 6 Issues 1,200 shares of 8% preferred stock for $12 per share.
September 10 Repurchases 10,000 shares of its own common stock for $22 per share.
December 15 Reissues 5,000 shares of treasury stock at $27 per share.
In its first year of operations, Finishing Touches has net income of $142,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares outstanding and $960 on all preferred shares outstanding.

Required:

Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2018.

Answers: 3

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Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value commo...