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Yellow Enterprises reported the following ($ in thousands) as ofDecember 31, 2021. All accounts...

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Accounting

Yellow Enterprises reported the following ($ in thousands) as ofDecember 31, 2021. All accounts have normal balances.

Deficit (debit balance in retained earnings)$3,000
Common stock2,000
Paid-in capital—share repurchase1,000
Treasury stock (at cost)400
Paid-in capital—excess of par30,000


During 2022 ($ in thousands), net income was $9,000; 25% of thetreasury stock was resold for $450; cash dividends declared were$600; cash dividends paid were $500.

What ($ in thousands) was shareholders' equity as of December 31,2022?

Multiple Choice

  • $38,100.

  • $37,450.

  • $38,450.

  • $38,350.

Answer & Explanation Solved by verified expert
3.9 Ratings (718 Votes)

Answer: $38,450

Explanation

Shareholders’ equity as of December 31, 2021
$
Common stock        2,000.00
Paid-in capital–excess of par      30,000.00
Paid-in capital—share repurchase        1,000.00
Retained earnings      (3,000.00)
Treasury stock         (400.00)
Total shareholders’ equity on December 31, 2021      29,600.00
Shareholders’ equity as of December 31, 2022
$
Shareholders’ equity on December 31, 2021      29,600.00
Net income        9,000.00
Sale of treasury stock          450.00
Dividends declared         (600.00)
Total shareholders’ equity on December 31, 2022 38,450.00

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Transcribed Image Text

In: AccountingYellow Enterprises reported the following ($ in thousands) as ofDecember 31, 2021. All accounts have...Yellow Enterprises reported the following ($ in thousands) as ofDecember 31, 2021. All accounts have normal balances.Deficit (debit balance in retained earnings)$3,000Common stock2,000Paid-in capital—share repurchase1,000Treasury stock (at cost)400Paid-in capital—excess of par30,000During 2022 ($ in thousands), net income was $9,000; 25% of thetreasury stock was resold for $450; cash dividends declared were$600; cash dividends paid were $500.What ($ in thousands) was shareholders' equity as of December 31,2022?Multiple Choice$38,100.$37,450.$38,450.$38,350.

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