19) Excess, Inc.’s corporate charter allows it to sell 200,000 shares of $1 par value common stock. During 2011, its first year of business, it sold 30,000 shares of its common stock at $8 per share. Net income for 2011 was $15,000 and dividends of $4,000 were declared. It repurchased 100 shares of its stock for $9 per share.
Required:
Complete both the statement of changes in shareholders’ equity and the shareholders’ equity section of the balance sheet.
Excess, Inc.
Statement of Changes in Shareholders' Equity
For the Year Ended December 31, 2011
Beginning common stock
1.(____ par value)$ 0
2. _________________________________3. ________
Additional paid-in capital from common stock issue4. ________
Ending contributed capital5. ________
Beginning retained earnings$ 0
6. ________________________________7. ________
8. _________________________________9. ________
Ending retained earnings10. $______
Beginning treasury stock$ (0)
11. _______________________________12. _______
Ending treasury stock13. $______
Total shareholders' equity14. $______
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December 31, 2011
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Common stock,
15._____________
par value,
16.____________________
shares authorized,
17.____________________
shares issued
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18. ____________________
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Additional paid-in capital
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19. ____________________
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Retained earnings
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20. ____________________
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Treasury stock
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21. ____________________
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Total shareholders’ equity
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22. ____________________
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20) Analyze each of the following items. Indicate on which financial statement each would appear. Some items may appear on more than one financial statement.
a. income statement
b. balance sheet
c. statement of changes in shareholders’ equity
______ 1. net income
______ 2. treasury stock
______ 3. dividends
______ 4. authorized stock
______ 5. paid-in capital