Question

Question 4 0.56/2 View Policies Show Attempt History Current Attempt in Progress On January 1, 2019, Tamarisk, Inc. had the f
Feb. 15 Dividends Payable 85,008 Cash 85,008 Apr. 15 Stock Dividends 56,925 Common Stock Dividends Distributable 45,540 Paid-
1O Use tasn uvuenus Enter the beginning balances, and post the entries to the stockholders equity accounts. (Use T-aco Commo
Prepare a stockho lders equity section at December 31. (Enter account name only and do not pr Wildhorse Co. Balance Sheet (P
0 0
Add a comment Improve this question Transcribed image text
Answer #1
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
Add a comment
Know the answer?
Add Answer to:
Question 4 0.56/2 View Policies Show Attempt History Current Attempt in Progress On January 1, 2019,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Question 6 View Policies Current Attempt in Progress The stockholders' equity accounts of Blue Spruce Corp....

    Question 6 View Policies Current Attempt in Progress The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2017, were as follows. Preferred Stock (8%, $100 par noncumulative, 4,300 shares authorized) $258,000 Common Stock ($3 stated value, 341,000 shares authorized) 852,500 Pald-in Capital in Excess of Par Value--Preferred Stock 12.900 Paid-in Capital in Excess of Stated Value-Common Stock 545,600 Retained Earnings 687,500 Treasury Stock (4,300 common shares) 34.400 During 2017, the corporation had the following transactions and events pertaining...

  • On January 1, 2017, Monty Corp. had these stockholders equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 523,000 620,000 Paid-in Capital in Excess...

    On January 1, 2017, Monty Corp. had these stockholders equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 523,000 620,000 Paid-in Capital in Excess of Par Value Retained Earnings During the year, the following transactions occurred. Jan. 15 Declared a $0.60 cash dividend per share Feb. 15 Paid the dividend dedlared in January Apr. 15 Declared a May 15 Issued the shares for the stock dividend. Dec 1 Declared a $o.50 per share cash dividend to...

  • Problem 11-08A (Part Level Submission) On January 1, 2022, Ayayai Corp. had these stockholders' equity accounts....

    Problem 11-08A (Part Level Submission) On January 1, 2022, Ayayai Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 76,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $760,000 491,000 616,000 During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 Dec. 1 Dec. 31 Declared a $0.50 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January....

  • On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par...

    On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) $1,521,000 Paid-in Capital in Excess of Par-Common Stock 192,000 Retained Earnings 622,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per...

  • View Policies Current Attempt In Progress The stockholders' equity accounts of Pina Colada Corp. on January...

    View Policies Current Attempt In Progress The stockholders' equity accounts of Pina Colada Corp. on January 1, 2017, were as follows. $249.000 1,437,499 12.450 Preferred Stock (7%, $100 par noncumulative, 4, 150 shares authorized) Common Stock (55 stated value, 345,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Pald-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,150 common shares) 694,000 33.200 During 2017, the corporation had the following transactions and events pertaining to its...

  • On January 1, 2019, Blue Spruce Corp. had the following stockholders' equity accounts. Common Stock ($14...

    On January 1, 2019, Blue Spruce Corp. had the following stockholders' equity accounts. Common Stock ($14 par value, 77,300 shares issued and outstanding) $1,082,200 Paid-in Capital in Excess of Par Value-Common Stock 203,000 Retained Earnings 581,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.12 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 5% stock dividend to stockholders of...

  • Problem 11-08A (Part Level Submission) On January 1, 2022, Indigo Corporation had these stockholders' equity accounts....

    Problem 11-08A (Part Level Submission) On January 1, 2022, Indigo Corporation had these stockholders' equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $750,000 490,000 700,000 During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 Dec. 1 Dec. 31 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January....

  • I need help making the Stockholder's Equity section. Question 9 View Policies Show Attempt History Current...

    I need help making the Stockholder's Equity section. Question 9 View Policies Show Attempt History Current Attempt in Progress Whispering Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (107,000 shares authorized, 21,400 shares issued) 107,000 Additional paid-in capital 127,000 Retained earnings 491,000 Total $925,000 During 2020, Whispering took part in the following transactions concerning stockholders'...

  • Having trouble completing this problem. Hope someone can help, thanks! Problem 11-04A a-c (Video) (Part Level...

    Having trouble completing this problem. Hope someone can help, thanks! Problem 11-04A a-c (Video) (Part Level Submission) On January 1, 2020, Cheyenne Corp. had the following stockholders' equity accounts. Common Stock ($22 par value, 60,500 shares issued and outstanding) Paid-in Capital in Excess of Par–Common Stock Retained Earnings $1,331,000 197,000 556,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid...

  • Current Attempt In Progress The stockholders'equity accounts of Novak Corp. on January 1, 2022, were as...

    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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT