Explain how you solved 2019 Dec.31st
![Required information [The following information applies to the questions displayed below.] Sun Corporation received a charter](http://img.homeworklib.com/questions/ce16cab0-7062-11ea-9a79-7796e6dfd5b4.png?x-oss-process=image/resize,w_560)
Homework Answers
Answer:
| Sun Corporation | ||||||||||||||||
| Accounting Equation | ||||||||||||||||
| Event | Assets | = | Liabilities | Stockholders' Equity | ||||||||||||
| Cash | = |
Dividends Payable |
+ |
Preferred Stock |
+ |
Common Stock |
+ |
Paid-in Capital in Excess of Preferred Stock |
+ |
Paid-in Capital in Excess of Common Stock |
- |
Treasury Stock |
+ |
Retained Earnings |
Account titles for Retained earnings |
|
| 2018 | = | + | + | + | + | - | + | |||||||||
| Jan.5 | $102,900 | = | + | + | $73,500 | + | + | $29,400 | - | + | ||||||
| Jan.12 | $256,500 | = | + | $237,500 | + | + | $19,000 | + | - | + | ||||||
| Apr.5 | $176,400 | = | + | + | $98,000 | + | + | $78,400 | - | + | ||||||
| Dec.31 | $304,700 | = | + | + | + | + | - | + | $304,700 | Revenues | ||||||
| Dec.31 | ($237,500) | = | + | + | + | + | - | + | ($237,500) | Operating Expenses | ||||||
| Dec.31 | = | $14,250 | + | + | + | + | - | + | ($14,250) | Dividends | ||||||
| Bal. | $603,000 | = | $14,250 | + | $237,500 | + | $171,500 | + | $19,000 | + | $107,800 | - | $0 | + | $52,950 | |
| 2019 | ||||||||||||||||
| Feb.15 | ($14,250) | = | ($14,250) | + | + | + | + | - | + | |||||||
| Mar.3 | $413,250 | = | + | $356,250 | + | + | $57,000 | + | - | + | ||||||
| May 5 | ($4,500) | = | + | + | + | + | - | $4,500 | + | |||||||
| Dec.31 | $254,700 | = | + | + | + | + | - | + | $254,700 | Revenues | ||||||
| Dec.31 | ($176,500) | = | + | + | + | + | - | + | ($176,500) | Operating expenses | ||||||
| Dec.31 | = | $52,550 | + | + | + | + | - | + | ($52,550) | Dividends | ||||||
| Bal. | $1,075,700 | = | $52,550 | + | $593,750 | + | $171,500 | + | $76,000 | + | $107,800 | - | $4,500 | + | $78,600 | |
Calculations:
Dec.31, 2018:
Dividends on preferred stock = $237,500 x 6% = $14,250
Dec.31,2018:
Outstanding common shares as of Dec 31,2018 = 14,700+19,600-450 treasury = 33,850
| Common dividends [33,850 x $0.50] | $16,925 |
| Preferred dividends [$593,750 x 6%] | $35,625 |
| Total dividends | $52,550 |
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