Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Jul 2017 My Price 9.00

Thomson Corporation


Minicase 4 Thomson Corporation

Thomson Corporation
Stockholder’s Equity
December 31, 2007
Common stock (40,000 authorized, 25,000 issued and outstanding with par value of $10 per share.) $ 250,000.00
Excess paid in capital on common stock $ 125,000.00
Retained Earnings $ 500,000.00
Total stockholder's equity $ 875,000.00

During the current year, Thomson had the following stock transactions:
• The company authorized the sale of 10% preferred stock, 50,000 shares at par value of $50.
• Sold 20,000 shares of preferred stock at $75 per share.
• Purchased 5,000 shares of common stock at $20 per share for cash.
• Declared and distributed a 2% stock dividend to common stockholders when market price was $25 per share.
• Declared and paid $90,000 in cash dividends to common and preferred stockholders.
• Sold 2,000 shares of treasury stock at $16 per share.
• Net loss is $134,000.

Required:
1. Prepare the stockholder’s equity section of the balance sheet for year end 2008.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Jul 2017 12:07 PM My Price 9.00

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