Date | General journal | Debit | Credit |
Jan 15 | Cash Dividend | $ 85,008 | |
Dividend Payable | $ 85,008 | ||
(To record Dividend declared. ) (75900*1.12) | |||
Feb 15 | Dividend Payable | $ 85,008 | |
Cash | $ 85,008 | ||
(To Record Dividend paid.) | |||
Apr 15 | Stock dividends (3795*15) | $ 56,925 | |
Paid in capital excess of par value - common (3795*(15-12)) | $ 11,385 | ||
Common stock dividend distributable (3795*12) | $ 45,540 | ||
(To record Stock Dividend Declared.) (Stock issued = 75900*5%=3795) | |||
May 15 | Common stock dividend distributable | $ 45,540 | |
Common stock | $ 45,540 | ||
(To record Stock Dividend Distributed.) | |||
July 1 | No entry, No entry for Stock split. Only Par value share decreased to $ 6 ($12/2). | $ 0 | |
No entry, Number of share issued become ((75900+3795)*2) = 159390 | $ 0 | ||
Dec 1 | Cash Dividend | $ 95,634 | |
Dividend Payable | $ 95,634 | ||
(To record Dividend declared. ) (159390*0.6) | |||
Dec 31 | Retained Earnings | $ 180,642 | |
Cash Dividend | $ 180,642 | ||
(To record close of cash Dividend.) (85008+95634) | |||
Dec 31 | Retained Earnings | $ 56,925 | |
Stock dividends | $ 56,925 | ||
(To record close of stock Dividend.) | |||
Dec 31 | Income summary | $ 260,000 | |
Retained Earnings | $ 260,000 | ||
(To record close of net income.) |
Common stock | |||
Jan 1. Balance | $ 910,800 | ||
May 15 | $ 45,540 | ||
Dec 31. Balance | $ 956,340 | ||
Retained Earnings | |||
Dec 31 (cash dividends) | $ 180,642 | Jan 1. Balance | $ 599,000 |
Dec 31 (stock dividends) | $ 56,925 | Dec 31 | $ 260,000 |
Dec 31. Balance | $ 621,433 | ||
Paid in capital excess of par value - common | |||
Jan 1. Balance | $ 185,000 | ||
Apr 15 | $ 11,385 | ||
Dec 31. Balance | $ 196,385 | ||
Common stock dividend distributable | |||
May 15 | $ 45,540 | Apr 15 | $ 45,540 |
Dec 31. Balance | $ 0 | ||
Cash Dividends | |||
Jan 15 | $ 85,008 | Dec 31 (Close) | $ 180,642 |
Dec 1 | $ 95,634 | ||
Dec 31. Balance | $ 0 | ||
Stock dividends | |||
Apr 15 | $ 56,925 | Dec 31 (Close) | $ 56,925 |
Dec 31. Balance | $ 0 |
Wildhorse Co. | |
Balance Sheet (Partial) | |
December 31, 2019 | |
Stockholder's Equity | |
Paid-In Capital: | |
Capital Stock | |
Common Stock | $ 956,340 |
Additional paid in capital | |
Paid-In Capital in Excess of Par—Common Stock | $ 196,385 |
Total Paid-In Capital | $ 1,152,725 |
Retained Earnings | $ 621,433 |
Total Stockholders' Equity | $ 1,774,158 |
Question 4 0.56/2 View Policies Show Attempt History Current Attempt in Progress On January 1, 2019,...
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Current Attempt In Progress The stockholders'equity accounts of Novak Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 12,500 shares authorized) $750,000 Common Stock ($4 stated value, 750,000 shares authorized) 2,500,000 Paid-in Capital in Excess of Par Value-Preferred Stock 37,500 Paid-in Capital in Excess of Stated Value-Common Stock 1,200,000 Retained Earnings 1,720,000 Treasury Stock (12,500 common shares) 100,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1...