Homework Answers
Journal entries:
| Date | Account title and explanation | Debit | Credit |
| July 1 | Dividends [160,000 x $0.60] | $96,000 | |
| Dividends payable-common | $96,000 | ||
| [To record declaration of cash dividends] | |||
| Aug.1 | Retained earnings | $25,000 | |
| Accumulated depreciation-equipment | $25,000 | ||
| [To record understatement of depreciation expense in 2016] | |||
| Sept.1 | Dividends payable-common | $96,000 | |
| Cash | $96,000 | ||
| [To record payment of cash dividends] | |||
| Dec.1 | Retained earnings [4,000 x $18] | $72,000 | |
| Common stock dividend distributable | $72,000 | ||
| [To record declaration of stock dividends] | |||
| Dec.15 | Dividends [$600,000 x 6%] | $36,000 | |
| Dividends payable-preferred | $36,000 | ||
| [To record declaration of cash dividends] | |||
| Dec.31 | Income summary (net income) | $355,000 | |
| Retained earnings | $355,000 | ||
| [To close income summary account] | |||
| Dec.31 | Retained earnings | $132,000 | |
| Dividends [96,000+36,000] | $132,000 | ||
| [To close dividends account] | |||
Note: Restrictions on retained earnings are usually reported in the notes to the financial statements. No entry for restriction.
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✓ P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows....
P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred...
P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred Stock, 6%, $50 par $600,000 Common Stock, $5 par 800,000 Paid-in Capital in Excess of Par-Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 300,000 Retained Earnings 800,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Declared a $0.60 cash dividend per share on common stock. Aug. 1 Discovered $25,000...
Problem 14-2A (Part Level Submission) The stockholders' equity accounts of Karp Company at January 1, 2017,...
Problem 14-2A (Part Level Submission) The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows: Preferred Stock, 696, $50 par Common Stock, $5 par Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $590,000 805,000 198,500 310,500 844,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Aug. 1 Sept. 1 Dec. 1 15 31 31 Declared...
Chapter 14 –Corporation: Dividends On-line Homework The stockholders’ equity accounts of Karp Company at January 1,...
Chapter 14 –Corporation: Dividends On-line Homework The stockholders’ equity accounts of Karp Company at January 1, 2017, are as follows: Preferred Stock, 6%, $100 par $600,000 Common Stock, $5 par 500,000 Paid-in Capital in Excess of Par—Preferred Stock 190,000 Paid-in Capital in Excess of Par—Common Stock 297,500 Retained Earnings 800,000 Treasury Stock (10,000 shares) 100,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Declared a $1 cash...
The stockholders' equity section of Karp Company at January 1, 2018 follows: Preferred Stock, 6%, $50...
The stockholders' equity section of Karp Company at January 1, 2018 follows: Preferred Stock, 6%, $50 par, 12,000 shares Common Stock, $5 par, 160,000 shares Paid in Capital in excess of Par-Preferred Paid in Capitalin excess of Par Common Retained Earnings $600,000 $800,000 $200,000 $300,000 $800,000 During 2018, the company had the following transactions and events: 15-Jun Issued 10,000 shares of preferred stock at $70. 1-Jul Declared $70,000 of cash dividends to shareholders. 1-Sep Paid the cash dividend declared on...
Journal entry thats only info. i have. The stockholders' equity section of Karp Company at January...
Journal entry
thats only info. i have.
The stockholders' equity section of Karp Company at January 1, 2018 follows: Preferred Stock, 6%, $50 par, 12,000 shares Common Stock, $5 par, 160,000 shares Paid in Capital in excess of Par-Preferred Paid in Capital in excess of Par-Common Retained Earnings $600,000 $800,000 $200,000 $300,000 $800,000 During 2018, the company had the following transactions and events: 15-Jun Issued 10,000 shares of preferred stock at $70. 1-Jul Declared $70,000 of cash dividends to shareholders....
(c) Prepare a stockholders' equity section at December 31 P14-2B The stockholders' equity accounts of Motz...
(c) Prepare a stockholders' equity section at December 31 P14-2B The stockholders' equity accounts of Motz Inc., at January 1, 2012, are as follows. Preferred Stock, $100 par, 7% $600,000 Common Stock, $10 par 900,000 Paid-in Capital in Excess of Par-Preferred Stock 100,000 Paid-in Capital in Excess of Par-Common Stock 200,000 Retained Earnings 500,000 There were no dividends in arrears on preferred stock. During 2012, the company had the following transactions and events. Declared a $0.50 cash dividend on common...
??? P11-2A The stockholders' equity accounts of Cyrus Corporation on January 1, 2017, were as follows....
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P11-2A The stockholders' equity accounts of Cyrus Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) 300,000 1,000,000 15,000 480,000 688,000 40,000 the corporation had the following transactions and events pertaining to its During 2017, stockholders' equity. Feb. 1 Issued...
Problem 11-2A The stockholders' equity accounts of Concord Corporation on January 1, 2017, were as follows....
Problem 11-2A The stockholders' equity accounts of Concord Corporation on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,750 shares authorized) $285,000 Common Stock ($4 stated value, 311,000 shares authorized) 1,036,666 Paid-in Capital in Excess of Par Value-Preferred Stock 14,250 Pald-in Capital in Excess of Stated Value-Common Stock 497,600 Retained Earnings 705,000 Treasury Stock (4,750 common shares) 38,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar....
The stockholders' equity accounts of Riverbed Corp on January 1, 2017, were as follows. Preferred Stock...
The stockholders' equity accounts of Riverbed Corp on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,350 shares authorized) $261,000 Common Stock ($5 stated value, 291,000 shares authorized) 1,212,500 Paid-in Capital in Excess of Par Value-Preferred Stock 13,050 Paid-in Capital in Excess of Stated Value-Common Stock 465,600 Retained Earnings 710,000 Treasury Stock (4,350 common shares) 34,800 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,670 shares...
The stockholders' equity accounts of Swifty Corporation on January 1, 2017, were as follows. Preferred Stock...
The stockholders' equity accounts of Swifty Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 11,000 shares authorized) Common Stock ($4 stated value, 660,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $660,000 2,200,000 33,000 1,056,000 1,513,600 88,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 11,000 shares...
P14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred Stock, 6%, $50 par $600,000 Common Stock, $5 par 800,000 Paid-in Capital in Excess of Par-Preferred Stock 200,000 Paid-in Capital in Excess of Par—Common Stock 300,000 Retained Earnings 800,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Declared a $0.60 cash dividend per share on common stock. Aug. 1 Discovered $25,000...
Problem 14-2A (Part Level Submission) The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows: Preferred Stock, 696, $50 par Common Stock, $5 par Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $590,000 805,000 198,500 310,500 844,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Aug. 1 Sept. 1 Dec. 1 15 31 31 Declared...
The stockholders' equity section of Karp Company at January 1, 2018 follows: Preferred Stock, 6%, $50 par, 12,000 shares Common Stock, $5 par, 160,000 shares Paid in Capital in excess of Par-Preferred Paid in Capitalin excess of Par Common Retained Earnings $600,000 $800,000 $200,000 $300,000 $800,000 During 2018, the company had the following transactions and events: 15-Jun Issued 10,000 shares of preferred stock at $70. 1-Jul Declared $70,000 of cash dividends to shareholders. 1-Sep Paid the cash dividend declared on...
Journal entry
thats only info. i have.
The stockholders' equity section of Karp Company at January 1, 2018 follows: Preferred Stock, 6%, $50 par, 12,000 shares Common Stock, $5 par, 160,000 shares Paid in Capital in excess of Par-Preferred Paid in Capital in excess of Par-Common Retained Earnings $600,000 $800,000 $200,000 $300,000 $800,000 During 2018, the company had the following transactions and events: 15-Jun Issued 10,000 shares of preferred stock at $70. 1-Jul Declared $70,000 of cash dividends to shareholders....
(c) Prepare a stockholders' equity section at December 31 P14-2B The stockholders' equity accounts of Motz Inc., at January 1, 2012, are as follows. Preferred Stock, $100 par, 7% $600,000 Common Stock, $10 par 900,000 Paid-in Capital in Excess of Par-Preferred Stock 100,000 Paid-in Capital in Excess of Par-Common Stock 200,000 Retained Earnings 500,000 There were no dividends in arrears on preferred stock. During 2012, the company had the following transactions and events. Declared a $0.50 cash dividend on common...
???
P11-2A The stockholders' equity accounts of Cyrus Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) 300,000 1,000,000 15,000 480,000 688,000 40,000 the corporation had the following transactions and events pertaining to its During 2017, stockholders' equity. Feb. 1 Issued...
Problem 11-2A The stockholders' equity accounts of Concord Corporation on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,750 shares authorized) $285,000 Common Stock ($4 stated value, 311,000 shares authorized) 1,036,666 Paid-in Capital in Excess of Par Value-Preferred Stock 14,250 Pald-in Capital in Excess of Stated Value-Common Stock 497,600 Retained Earnings 705,000 Treasury Stock (4,750 common shares) 38,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar....
The stockholders' equity accounts of Riverbed Corp on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,350 shares authorized) $261,000 Common Stock ($5 stated value, 291,000 shares authorized) 1,212,500 Paid-in Capital in Excess of Par Value-Preferred Stock 13,050 Paid-in Capital in Excess of Stated Value-Common Stock 465,600 Retained Earnings 710,000 Treasury Stock (4,350 common shares) 34,800 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,670 shares...
The stockholders' equity accounts of Swifty Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 11,000 shares authorized) Common Stock ($4 stated value, 660,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $660,000 2,200,000 33,000 1,056,000 1,513,600 88,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 11,000 shares...
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