Solution 1:
Alexander Corporation - Journal Entries | |||
Date | Particulars | Debit | Credit |
2-Jan | Treasury Stock A/c Dr | $87,500.00 | |
To Cash | $87,500.00 | ||
(Being 3500 shares of treasury stock purchased at $25 per share) | |||
7-Jan | Retained Earnings Dr | $47,250.00 | |
To Dividend payable [(35000 - 3500)*1.50] | $47,250.00 | ||
(Being dividend declared) | |||
28-Feb | Dividend Payable Dr | $47,250.00 | |
To Cash | $47,250.00 | ||
(Being dividend paid) | |||
9-Jul | Cash A/c Dr (1400*30) | $42,000.00 | |
To Treasury Stock (1400*25) | $35,000.00 | ||
To Additional Paid in Capital (1400*$5) | $7,000.00 | ||
(Being 1400 shares of treasury stock sold at $30 per share) | |||
27-Aug | Cash A/c Dr (1750*20) | $35,000.00 | |
Additional Paid in Capital A/c Dr | $7,000.00 | ||
Retained Earnings Dr (Balancing figure) | $1,750.00 | ||
To Treasury Stock (1750*$25) | $43,750.00 | ||
(Being 2812 shares of treasury stock sold at $22 per share) | |||
9-Sep | Retained Earnings Dr | $69,300.00 | |
To Dividend payable [(35000 - 350)*2] | $69,300.00 | ||
(Being dividend declared) | |||
22-Oct | Dividend Payable Dr | $69,300.00 | |
To Cash | $69,300.00 | ||
(Being dividend paid) | |||
31-Dec | Income summary Dr | $57,000.00 | |
To Retained Earnings | $57,000.00 | ||
(Being income transferred to retained earnings) |
Solution 2:
Alexander Corporation - Statement of Retained Earnings on 31.12.2017 | |
Particulars | Amount |
Opening balance | $357,000.00 |
Add: Income for 2018 | $57,000.00 |
$414,000.00 | |
Less: Dividend Paid ($47,250 + $69,300) | $116,550.00 |
Less: Loss on sale of treasury stock | $1,750.00 |
Ending balance of Retained Earnings | $295,700.00 |
Solution 3:
Stockholder Equity Section of Balance sheet | |
Alexander Corporation at December 31, 2017 | |
Particulars | Amount |
Stockholders Equity: | |
Common
stock—$25 par value, 60,000 shares authorized, 35,000 shares issued and outstanding |
$875,000.00 |
Paid-in capital in excess of par value, common stock | $70,000.00 |
Total contributed Capital | $945,000.00 |
Retained Earnings | $295,700.00 |
Treasury stock (350*$25) | -$8,750.00 |
Total Stockholder's Equity | $1,231,950.00 |
Exercise 11-18 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander...
Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 50,000 shares authorized, 33,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 825,000 66,000 350,000 $1,241,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 3,300 shares of its own stock at...
Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31, 2018 Common stock-$15 par value, 100,000 shares authorized 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 750,000 80,000 400,00 $1.230,000 During 2019, the following transactions affected its stockholders' equity accounts Jan. Jan. Feb. July Aug. Sept. Oct. Dec. 2. Purchased 6,000...
Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 60,000 shares authorized, 37,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 925,000 74,000 364,000 $1,363,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug Sept. 2 Purchased 3,700 shares...
Exercise 13-18 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$25 par value, 50,000 shares authorized, Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 750,000 50,000 340,000 $1,140,000 n year 2017, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 3,000 shares of its own stock at $25 cash per share. Jan....
Exercise 13-18 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity on December 31, 2016: 14.32 points e ook Common stock-$25 par value, 50,000 shares authorised, 30,000 shares issued and outstanding Paid-in capital in excess of par valve, conton bok Retained earnings Total stockholders' equity $750,000 50,000 340,000 $1,140,000 Hint Print In year 2017, the following transactions affected its stockholders' equity accounts. References 2 Purchased 3,000 shares...
Check my wo Exercise 11-18 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity on December 31, 2016 points Common stock-$25 par value, 60,000 shares authorized, 36,000 shares issued and outstanding Paid in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 900,000 22. 361,000 $1.333.000 eBook In year 2017, the following transactions affected its stockholders' equity accounts Jan. 2 Purchased 3,000...
Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 60,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,000,000 80,000 375,000 $1,455,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. 2 Purchased 4,000 shares of...
Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 60,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,000,000 80,000 375,000 $1,455,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,000 shares of its own stock at $25...
Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$25 par value, 50,000 shares authorized, 33,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 825,000 66,000 350,000 $1,241,000 Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 3,300 shares of its own stock at $25...
Problem 13-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 400,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 270,000 Total stockholders' equity $ 730,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,000 shares of its own stock...