Excel Applications for Accounting Principles 4th Edition by Gaylord Smith

Exercise 1

PROBLEM DATA
Chen Corporation began 2012 with the following stockholders' equity balances:

The following selected transactions and events occurred during the year:
a. Issued 10,000 shares of common stock for $60,000.
b. Purchased 1,200 shares of treasury stock for $4,800.
c. Sold 2,000 shares of treasury stock for $11,000.
d. Generated net income of $94,000.
e. Declared and paid the full year's dividend on preferred stock and a dividend of $1.00 per share on common stock outstanding at the end of the year.
Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as "Additional paid-in capital" when preparing financial statements.
REQUIREMENT
You have been asked to prepare a statement of stockholders' equity for Chen Corporation. Review the worksheet STOCKEQ that follows these requirements.