Homework Answers
1.
| Date | General Journal | Debit | Credit |
| Jan. 5 | Cash dividends (20900 x $4.10) | 85690 | |
| Dividend payable | 85690 | ||
| (Declaration of cash dividends) | |||
| Feb. 28 | Dividend payable | 85690 | |
| Cash | 85690 | ||
| (Payment of dividend) | |||
| July 6 | Cash (1200 x $39.30) | 47160 | |
| Common shares | 47160 | ||
| (Issuance of common shares for cash) | |||
| Aug. 22 | Cash (1700 x $28.10) | 47770 | |
| Common shares | 47770 | ||
| (Issuance of common shares for cash) | |||
| Sept. 5 | Cash dividends [(20900 + 1200 + 1700) x $4.10] | 97580 | |
| Dividend payable | 97580 | ||
| (Declaration of cash dividends) | |||
| Oct. 28 | Dividend payable | 97580 | |
| Cash | 97580 | ||
| (Payment of dividend) | |||
| Dec. 31 | Income summary | 348100 | |
| Retained earnings | 348100 | ||
| (Close income summary account) | |||
| Dec. 31 | Retained earnings | 183270 | |
| Cash dividends | 183270 | ||
| (Close cash dividends account) |
2.
| UMI SUSTAINABLE SEAFOOD INC. | |||
| Statement of Changes in Equity | |||
| For Year Ended December 31, 2018 | |||
| Common Shares | Retained Earnings | Total Equity | |
| Balance, January 1 | 377000 | 225000 | 602000 |
| Issuance of common shares | 94930 | 94930 | |
| Net income for the year | 348100 | 348100 | |
| Dividends | -183270 | -183270 | |
| Balance, December 31 | 471930 | 389830 | 861760 |
3.
| UMI SUSTAINABLE SEAFOOD INC. | |
| Equity Statement of the Balance Sheet | |
| December 31, 2018 | |
| Contributed capital: | |
| Common shares, unlimited shares authorized, 23800 shares issued and outstanding | 471930 |
| Earned Capital: | |
| Retained earnings | 389830 |
| Total equity | 861760 |
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Question: Please help! The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts...
Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
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Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
Problem 1 (20pts) Rocklin Corporation reports the following components of stockholders equity o December 31, 2009. Common Stock- $25 par value. 100.000 shares authorized $1,125,000.00 45,000 shares issued and outstanding Paid in Capital in excess of par value, common stock 60,000.00 $ Retained earnings $ 460,000.00 total Stockholder Equity $1,645,000.00 Prepare the journal entries: Purchase 4,500 shares of its own stock at $25 cash per share 1-Jan Directors declare a $3 per share cash dividend payable on Feb 28 to...
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...
The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31, 2020: Paid-in capital: Preferred stock, 8.8%, 95, eee shares at $i par Common stock, 454,500 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,500 common shares Total shareholders' equity $ 95, eee 454,500 1,565,000 2,615, cee 9,445, eee (49,500) $14,125,000 During 2021, several events and transactions affected the retained earnings of Consolidated...
The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2020: $ 83.000 Paid-in capital: Preferred stock, 8.0%, 83,000 shares at $1 par Common stock, 333,300 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 3,300 common shares Total shareholders' equity 333,300 1,455,000 2,505,000 8,345,000 (36,300) $12,685,000 During 2021, several events and transactions affected the retained earnings of Consolidated Paper Required: 1. Prepare...
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