Question: On December 31, 2016, Sheridan Company had
On December 31, 2016, Sheridan Company had 1,400,000 shares of $6 par common stock issued and outstanding. At December 31, 2016, stockholders’ equity had the amounts listed here.
Transactions during 2017 and other information related to stockholders’ equity accounts were as follows.
Prepare the stockholders’ equity section of Sheridan balance sheet at December 31, 2017.
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Common Stock $8,400,000 Additional Paid-in Capital 1,835,000 Retained Earnings 1,190,000 1. On January 10, 2017, issued at $106 per share 112,000 shares of $103 par value, 9% cumulative preferred stock. On February 8, 2017, reacquired 13,200 shares of its common stock for $15 per share. On May 9, 2017, declared the yearly cash dividend on preferred stock, payable June 10, 2017, to stockholders of record on May 31, 2017. 3. On June 8, 2017, declared a cash dividend of $1.70 per share on the common stock outstanding, payable on July 10, 2017, to stockholders of record on July 1, 2017. 4. 5. Net income for the year was $3,677,000. 2. SHERIDA COMPAN Partial Balance Sheet December 31, 2017 Total Stockholders' Equity
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