Slate Corporation Had the Following Balances in Its Stockholders' Equity

question 88

Essay

Slate Corporation had the following balances in its stockholders' equity accounts at December 31,2017:
$\begin{array}{|l|c|}\hline \text { Common Stock, \( \$ 10 \) par, 500,000 shares authorized, }\\ \text { 20,000 shares issued}& \$ 200,000 \\\hline \text { Paid-in Capital in Excess of Par Value, Common } & 250,000 \\\hline \text { Retained Earnings } & 500,000 \\\hline \text { Treasury Stock, 1,000 shares } & (20,000) \\\hline \text { Total stockholders' equity}&\$ 930,000\\\hline\end{array}$

The following transactions occurred during 2018:
$$\begin{array} { | l | l | } \hline \text { February } 3 & \text { Sold and issued } 2,000 \text { shares of common stock for } \$ 22 \text { per share } \\\hline \text { May } 10 & \text { Declared a } \$ 0.50 \text { per share dividend on common stock. } \\\hline \text { October } 12 & \text { Sold } 500 \text { shares of the treasury stock for } \$ 20 \text { per share. } \\\hline \text { December } 31 & \text { Net income for the year was determined to be } \$ 75,000 \\\hline\end{array}$$
Based on the above information,prepare a statement of stockholders' equity for 2018.Use the form below.
$\begin{array}{c}\text { Slate Corporation}\\\text { Statement of Stockholders' Equity}\\\text { December 31,2018}\\\begin{array}{|c|c|c|c|c|c|}\hline&&\text { Paid-in } &&\\ &&\text { Capital in }\\&& \text { Excess of } & & & \\&\text { Common } & \text { Par Value, } & \text { Retained } & \text { Treasury } & \\&\text { Stock } & \text { Common } & \text { Earnings } & \text { Stock } & \text { Total Equity }\\ \hline\text { Balance, December }\\ 31,2017 & \$ 200,000 & \$ 250,000 & \$ 500,000 & \$(20,000) & \$ 930,000 \\\hline & & & & & \\\hline & & & & & \\\hline & & & & & \\\hline & & & && \\\hline\end{array}\end{array}$

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Definitions:

Conscientiousness

A personality trait characterized by thoroughness, diligence, and reliability; an important aspect influencing job performance and personal success.

Big Five

A personality model describing five major dimensions of human personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Concurrent Validity

The extent to which test scores (or other predictor information) match criterion obtained at about the same time from current employees

Selection System

A process used by organizations to identify, evaluate, and choose the most suitable candidates for employment.