Arctic Cat Fashions, Inc has the following trial balance amounts (in alphabetica
ID: 2465288 • Letter: A
Question
Arctic Cat Fashions, Inc has the following trial balance amounts (in alphabetical order) at the end of last year.
(Thousands of Dollars)
Debit Credit
Accounts Payable 42,000
Accounts Receivable, Net 24,000
Accrued Expenses 44,000
Accumulated Depreciation, Equipment 185,000
Additional Paid-In Capital – Common 7,000
Cash & Cash Equivalents 14,000
Common Stock, $1 Par 1,000
Deferred Income Taxes 18,000
Inventories 62,000
Other Long-Term Assets 2,000
Prepaid Expenses 4,000
Property, Plant & Equipment 224,000
Retained Earnings 184,000
Short-Term Investments 110,000
Treasury Stock – Common (25,000 Shares) 5,000
Totals 463,000 463,000
prepare the Stockholders’ Equity section of the balance sheet for the Company.
Simpson Corporation issues 25,000 shares of its common stock for $125,000 cash on February 20th of the current year. Prepare the journal entry if the stock has a $2 par value.
Explanation / Answer
Arctic Cat Fashions:
Stockholders' Equity:
Simpson Corporation:
$ $ Common stock, $ 1 par 1,000 Additional paid-in capital - Common stock 7,000 Treasury stock-Common ( 25,000 shares) ( 5,000) 3,000 Retained earnings 184,000 Total Stockholders'Equity 187,000Related Questions
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