1)Madrid Corporation has 17,000 shares of $70 par common stock outstanding. On June 8, Madrid Corporation...
1)Madrid Corporation has 17,000 shares of $70 par common stock outstanding. On June 8, Madrid Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $81 per share on June 8.
Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
| Jun. 8 | |||
| Jul. 13 | |||
| Aug. 12 | |||
2)Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 100,000 shares of common stock authorized, and 1,000 shares have been reacquired.
| Common Stock, $50 par | $3,000,000 | |
| Paid-In Capital from Sale of Treasury Stock | 120,000 | |
| Paid-In Capital in Excess of Par—Common Stock | 1,200,000 | |
| Retained Earnings | 1,740,000 | |
| Treasury Stock | 82,000 | |
| Stockholders' Equity | ||
| Paid-In Capital: | ||
| $ | ||
| $ | ||
| Total Paid-in Capital | $ | |
| Total | $ | |
| Total Stockholders' Equity | $ | |
3)Financial statement data for the years ended December 31 for Dovetail Corporation follow:
| 20Y3 | 20Y2 | |||
| Net income | $1,095,000 | $898,250 | ||
| Preferred dividends | $167,000 | $167,000 | ||
| Average number of common shares outstanding | 80,000 | shares | 65,000 | shares |
a. Determine the earnings per share for 20Y3 and 20Y2. Round your answers to two decimal places.
| 20Y3 | $ per share |
| 20Y2 | $ per share |
b. Does the change in the earnings per share from 20Y2 to 20Y3 indicate a favorable or an unfavorable trend?
4)Honey Mill Cameras Inc. reported the following results for the year ending October 31, 20Y9:
| Retained earnings, November 1, 20Y8 | $782,000 |
| Net income | 289,300 |
| Cash dividends declared | 27,000 |
| Stock dividends declared | 69,000 |
Prepare a retained earnings statement for the fiscal year ended October 31, 20Y9.
| Honey Mill Cameras Inc. | ||
| Retained Earnings Statement | ||
| For the Year Ended October 31, 20Y9 | ||
| $ | ||
| $ | ||
| $ | ||
Homework Answers
Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank.
| Jun. 8 | Retained earnings (17000*5%*81) | 68850 | |
| Common Stock dividend distributable | 59500 | ||
| Paid in capital in excess of par-Common Stock | 9350 | ||
| Jul. 13 | No Journal entry | ||
| Aug. 12 | Common Stock dividend distributable | 59500 | |
| Common Stock | 59500 |
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following accounts were included in stockholders’ equity.
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During 2022, the following transactions and events
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Issued 45,500 shares of $1 par
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2.
Issued 60,500 shares of common
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Purchased 23,700 shares of common
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