Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$15 par value, 100,000 shares authorized, 50,000 shares issued and outstanding |
$ | 750,000 |
Paid-in capital in excess of par value, common stock | 60,000 | |
Retained earnings | 430,000 | |
Total stockholders' equity | $ | 1,240,000 |
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan. | 1 | Purchased 5,500 shares of its own stock at $15 cash per share. | ||
Jan. | 5 | Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record. | ||
Feb. | 28 | Paid the dividend declared on January 5. | ||
July | 6 | Sold 2,063 of its treasury shares at $19 cash per share. | ||
Aug. | 22 | Sold 3,437 of its treasury shares at $12 cash per share. | ||
Sept. | 5 | Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. | ||
Oct. | 28 | Paid the dividend declared on September 5. | ||
Dec. | 31 | Closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings. |
Required:
1. Prepare journal entries to record each of these
transactions for 2017.
2. Prepare a statement of retained earnings for
the year ended December 31, 2017.
3. Prepare the stockholders' equity section of the
company’s balance sheet as of December 31, 2017.
1)
Date | General Journal | Debit | Credit |
Jan-01 | Treasury stock,common | 82,500.00 | |
Cash | 82,500.00 | ||
Jan-05 | Retained Earnings | 267,000.00 | |
Cash | 267,000.00 | ||
Feb-28 | Common Dividend Payable | 267,000.00 | |
Cash | 267,000.00 | ||
Jul-06 | Cash | 39,197.00 | |
Paid in Capital, Treasury Stock | 8,252.00 | ||
Treasury stock,common | 30,945.00 | ||
Aug-22 | Cash | 41,244.00 | |
Paid in Capital, Treasury Stock | 8,252.00 | ||
Retained Earnings | 2,059.00 | ||
Treasury Stock, Common | 51,555.00 | ||
Sep-05 | Retained Earnings | 300,000.00 | |
Common Dividend Payable | 300,000.00 | ||
Oct-28 | Common Dividend Payable | 300,000.00 | |
Cash | 300,000.00 | ||
Dec-31 | Income Summary | 368,000.00 | |
Retained Earnings | 368,000.00 |
2)
KOHLER CORPORATION | |
Statement of Retained Earnings | |
For Year Ended December 31,2017 | |
Retained Earnings Dec,31,2016 | 430,000.00 |
Add: Net Income | 368,000.00 |
798,000.00 | |
Less: Cash Dividends Declared | 567,000.00 |
Less: Treasury Stock Reissuances | 2,059.00 |
Retained Earnings Dec,31,2017 | 228,941.00 |
3)
KOHLER CORPORATION | |
Stockholders Equity Section of the Balance Sheet | |
December 31,2017 | |
Common Stock -15 Par Value | 750,000.00 |
Paid in Capital in Excess of Par Value, Common Stock | 60,000.00 |
Total Contributed Capital | 810,000.00 |
Retained Earnings | 228,941.00 |
Total Stockholders Equity | 1,038,941.00 |
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$15 par...
Kohler Corporation reports the following components of stockholders' equity on December 31, 2017 Common stock-$15 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 675, eee 70, eee 370 eee $1,115, eee In year 2018, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a 54 per...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$10 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $600,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 400,000 Total stockholders' equity $1,060,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $ 1,200,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 430,000 Total stockholders' equity $ 1,710,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $6 per share cash dividend...
Kohler Corporation reports the following components of stockholders' equity on December 31, 2017 Common stock-$15 par value, 100, 200 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 675, eee 7e, eee 37e eee $1,115, eee In year 2018, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,5ee shares of its own stock at $25 cash per share. Jan. 5 Directors declared a 54...
Kohler Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$20 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 900,000 60,000 400,000 $1,360,000 Total stockholders' equity In year 2017, the following transactions affected its stockholders' equity accounts. 1 Purchased 5,500 shares of its own stock at $15 cash per share. 5 Directors declared a $4 per share cash dividend payable on February...
Kohler Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$15 par value, 188,800 shares authorized, 50, eee shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 750,000 70, eee 438,888 $1,250,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 6,800 shares of its own stock at $2e cash per share. Jan. 5 Directors declared a $6 per share cash...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par value, 100,000 shares authorized, 60,000 shares issued and outstanding $ 1,200,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 430,000 Total stockholders' equity $ 1,710,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 5,500 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $6 per share cash dividend...
Kohler Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$15 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600.000 80,000 370,000 $1,050,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 6,000 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $ 825,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 400,000 Total stockholders' equity $ 1,295,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 5,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $ 1,100,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 430,000 Total stockholders' equity $ 1,600,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...