Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Jul 2017 My Price 13.00

Marble Corporation

Marble Corporation had the following balances in its stockholders' equity accounts at December 31, 2007: 

Common Stock, $10 par, 50,000 shares authorized, 
20,000 shares issued $200,000 
Contributed Capital in Excess of Par Value, Common 250,000 
Retained Earnings 500,000 
Treasury Stock, 1,000 shares (20,000 ) 
Total stockholders’ equity $930,000 

The following transactions occurred during 2008: 

February 3 Sold and issued 3,000 shares of common stock for $22 per share. 
May 10 Declared a $0.50 per share dividend on common stock. 
October 12 Sold 500 shares of the treasury stock for $20 per share. 
December 31 Net income for the year was determined to be $75,000. 

Based on the above information, prepare a statement of stockholders' equity for 2008. Use the form below. In addition, show the journal entries for the above transactions. 

Marble Corporation 
Statement of Stockholders’ Equity 
December 31, 2008 



Common Stock Contributed Capital in Excess of Par Value, Common 


Retained Earnings 


Treasury Stock 


Total 
Balance, December 31, 2007 $200,000 $250,000 $500,000 $(20,000) $930,000 






Balance, December 31, 2008

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Jul 2017 03:07 PM My Price 13.00

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