Balance sheet and Accounting for equity transactions
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Using the Balance sheet dated 12/31/2012, record the transactions that happened during 2013 and complete a Balance sheet dated 12/31/2013. You must list any new assets and liabilities, but can keep the same amounts from the balance sheet dated 12/31/2012. Assume that the net income number includes all necessary revenues and expenses and that it ends up as cash.
2013 transactions:
a. Issued 1,000 shares of preferred stock in exchange for equipment
b. Sold 30,000 shares of common stock for $15/share
c. Purchased 5,000 shares of treasury stock for $20/share
d. Issued 2,000 shares of common stock in exchange for a new truck
e. Sold 7,000 shares of treasury stock for $30/share
f. Declared annual dividend of .60/common share to be paid on Jan 14, 2014
g. Jan 1 to Dec 31, 2013 net income was $850,000
Please see the attached image for the balance sheet.
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Solution Summary
Using the Balance sheet dated 12/31/2012, we recorded the transactions that happened during 2013 and completed a Balance sheet dated 12/31/2013.
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