Homework Answers
| Journal entry for stock dividend declared | ||||
| Date | Accounts and Explanation | Debit | Credit | |
| 6-Feb | Retained earnings (25000*15%*29) | $108,750 | ||
| Common stock distributable (25000*15*15%) | $56,250 | |||
| Paid in capital - excess of par (108750-56250) | $52,500 | |||
| (To record common stock dividend declared) | ||||
| Journal entry to record stock dividend distributed | ||||
| Date | Accounts and Explanation | Debit | Credit | |
| 15-Feb | Common stock distributable | $337,500 | ||
| Common stock | $337,500 | |||
| (To record common stock distributed) | ||||
| Journal entry to record treasury shares purchased | ||||
| Date | Accounts and Explanation | Debit | Credit | |
| 29-Jul | Treasury shares (1700*29) | 49300 | ||
| Cash | 49300 | |||
| (To record treasury shares purchased) | ||||
| Journal entry to record cash dividend declared | ||||
| Date | Accounts and Explanation | Debit | Credit | |
| 27-Nov | Retained earnings | $2,705 | ||
| Dividend payable - Common | $2,705 | |||
| (To record cash dividend declared) | ||||
| ((25000*1.15)-1700)*0.10 | ||||
| Retained earnings statement shows the changes in retained earnings during the year | ||||
| Heitman Management consulting Inc | ||||
| Statement of Retained earnings | ||||
| Year ended December 31, 2018 | ||||
| Retained earnings, January 1 2018 | $163,000 | |||
| Net income | $84,000 | |||
| $247,000 | ||||
| Stock dividend | -$108,750 | |||
| Cash dividend | -$2,705 | |||
| Retained earnings, December 31 2018 | $135,545 | |||
| Stockholder's equity section showing equity balance for each account is shown below | ||||
| Heitman Management consulting Inc | ||||
| Balance sheet (Partial) | ||||
| December 31, 2018 | ||||
| Stockholder's equity | ||||
| Paid-in capital: | ||||
| Common stock-$15 par value; 150,000 shares authorized, | ||||
| 28,750 shares issued, 27,050 shares outstanding | $431,250 | ((25000*1.15)*15 | ||
| Paid in capital in excess of par - common | $442,500 | (390000+52500) | ||
| Total paid-in capital | $873,750 | |||
| Retained earnings | $135,545 | |||
| Treasury stock - Common; 1700 shares at cost | -$49,300 | |||
| Total stockholder's equity | $1,833,745 | |||
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11 of 13 (0 complete) - X following stockhold Data Table Stockholders' Equity Paid-In Capital: Common...
The balance sheet of MacMillan Management Consulting, Inc. at December 31, 2017, reported the followingstockholders' equity...
The balance sheet of MacMillan Management Consulting, Inc. at
December 31, 2017, reported the followingstockholders'
equity
During 2018, MacMillan completed the following selected
transactions:
1.
Record the transactions in the general journal.
2.
Prepare a retained earnings statement for the year ended
December 31, 2018. Assume MacMillan's net income for the year was
$88,000.
3.
Prepare the stockholders' equity section of the balance sheet
at December31, 2018.
Feb.
6
Declared a 15% stock dividend on common stock. The market value...
Learning Objectives 3, 4, 6 P13-44A Journalizing dividend and treasury stock transactions, preparing a statement of...
Learning Objectives 3, 4, 6 P13-44A Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings, and preparing stockholders' equity The balance sheet of Goldstein Management Consulting, Inc. at December 31, 2017, reported the following stockholders' equity: 2. Retained Earnings Dec. 31, 2018 $126,550 Stockholders' Equity Paid-in Capital: Common Stock-$10 Par Value; 350,000 shares authorized, 32,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-in Capital Retained Earnings Total Stockholders' Equity $ 320,000 330,000 650,000...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2017. 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, 50,000 shares issued and outstanding $ 750,000 Paid-in capital in excess of par value, common stock 80,000 Retained earnings 400,000 Total stockholders' equity $ 1,230,000 In year 2018, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 6,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $2 per share cash dividend...
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$15 par...
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. 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 During 2019, the following transactions affected its stockholders’ equity accounts. Jan. 2 Purchased 4,500 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10 par...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10 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 $ 500,000 80,000 400,000 $ 980,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 5,000 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable...
Ontario Company reports the following components of stockholders’ equity on January 1. Common stock—$10 par value,...
Ontario Company reports the following components of
stockholders’ equity on January 1.
Common stock—$10 par value, 110,000 shares authorized,
40,000 shares issued and outstanding
$
400,000
Paid-in capital in excess of par value, common stock
60,000
Retained earnings
330,000
Total stockholders' equity
$
790,000
During the year, the following transactions affected its
stockholders’ equity accounts.
Jan.
2
Purchased 4,000 shares of its own stock at $23 cash per
share.
Jan.
5
Directors declared a $2 per share cash dividend payable...
Kohler Corporation reports the following components of stockholders' equity on December 31, 2017 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, 2017 Common stock-$15 par...
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...
The following elements of stockholders' equity are from the balance sheet of Sanderson Marketing Corp. at...
The following elements of stockholders' equity are from the balance sheet of Sanderson Marketing Corp. at December 31, 2017: (Click on the icon to view the data.) Sanderson paid no preferred dividends in 2017. Read the requirements Requirement 1. Compute the dividends to the preferred and common shareholders for 2018 if total dividends are $150,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2018. (Complete all input boxes. Enter "0" for any...
The following was taken from Stockholders’ Equity section of Lynbrook’s December 31, 2018 balance sheet: Common stock- $...
The following was taken from Stockholders’ Equity section of Lynbrook’s December 31, 2018 balance sheet: Common stock- $10 par value, 200,000 shares authorized 50,000 shares issued and outstanding 500,000 Additional Paid-in Capital 80,000 Retained earnings 350,000 Total stockholders' equity 930,000 In year 2019, 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 $2 per share cash dividend payable on Feb. 28 to...
The balance sheet of MacMillan Management Consulting, Inc. at
December 31, 2017, reported the followingstockholders'
equity
During 2018, MacMillan completed the following selected
transactions:
1.
Record the transactions in the general journal.
2.
Prepare a retained earnings statement for the year ended
December 31, 2018. Assume MacMillan's net income for the year was
$88,000.
3.
Prepare the stockholders' equity section of the balance sheet
at December31, 2018.
Feb.
6
Declared a 15% stock dividend on common stock. The market value...
Learning Objectives 3, 4, 6 P13-44A Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings, and preparing stockholders' equity The balance sheet of Goldstein Management Consulting, Inc. at December 31, 2017, reported the following stockholders' equity: 2. Retained Earnings Dec. 31, 2018 $126,550 Stockholders' Equity Paid-in Capital: Common Stock-$10 Par Value; 350,000 shares authorized, 32,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-in Capital Retained Earnings Total Stockholders' Equity $ 320,000 330,000 650,000...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10 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 $ 500,000 80,000 400,000 $ 980,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 5,000 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable...
Ontario Company reports the following components of
stockholders’ equity on January 1.
Common stock—$10 par value, 110,000 shares authorized,
40,000 shares issued and outstanding
$
400,000
Paid-in capital in excess of par value, common stock
60,000
Retained earnings
330,000
Total stockholders' equity
$
790,000
During the year, the following transactions affected its
stockholders’ equity accounts.
Jan.
2
Purchased 4,000 shares of its own stock at $23 cash per
share.
Jan.
5
Directors declared a $2 per share cash dividend payable...
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, 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...
The following elements of stockholders' equity are from the balance sheet of Sanderson Marketing Corp. at December 31, 2017: (Click on the icon to view the data.) Sanderson paid no preferred dividends in 2017. Read the requirements Requirement 1. Compute the dividends to the preferred and common shareholders for 2018 if total dividends are $150,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2018. (Complete all input boxes. Enter "0" for any...
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