Marvin's Shrimp Restaurant Incorporated as a New Business on January

question 120

Essay

Marvin's Shrimp Restaurant incorporated as a new business on January 1,2017.The company is authorized to issue 40,000 shares of $1 par value common stock and 10,000 shares of 4%,$5 par value,cumulative,participating preferred stock.On January 1,2017,the company issued 15,000 shares of common stock for $8 per share.Net income for the year ended December 31,2017,was $115,000.Cash dividends in the amount of $30,000 were declared,but only $25,000 were paid as of year-end.Prepare the Stockholders' Equity section of the balance sheet for Marvin's Shrimp Restaurant at December 31,2017.

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Definitions:

Crossing The Rockies

The act of traversing the Rocky Mountains, which was a significant barrier to westward expansion in the United States during the 19th century.

Settlers

Individuals or groups who move to uninhabited or sparsely populated lands to establish a permanent presence.

Journey Westward

The movement or migration of people towards the western regions of a country or continent, often associated with exploration, expansion, or the pursuit of new opportunities.

Spanish Territories

Areas around the world that were once part of the Spanish Empire, including portions of the Americas, Africa, Asia, and Europe.