General Journal | ||||||
Date | Account/Explanation | LF | Debit | Credit | ||
Sep-19 | Retained Earnings Account | Dr | 25,000 | |||
To | Dividend Payable Account | 25,000 | ||||
(Being share dividiend declared @ 5%) | ||||||
Oct-07 | No entry required. | |||||
Nov-09 | Dividend Payable Account | Dr | 25,000 | |||
To | Common Stock | 25,000 | ||||
(Being share dividend declared settled by issue of | ||||||
equity shares) | ||||||
Dec-31 | No entry reqired. Already Closed in the previous entry | |||||
Dec-31 | Income Summary | Dr | 160,000 | |||
To | Retained Earnings Account | 160,000 | ||||
(Being credit balance in income summary transferred | ||||||
to retained earnings) | ||||||
Stake Technology Inc. | |||
Statement of Changes in Equity | |||
December 31, 2015 | |||
Particulars | Common Shares | Retained Earnings | Total Equity |
Opening Balance | 500,000 | 295,000 | 795,000 |
Less: Dividend Declared | - | (25,000) | (25,000) |
Add: Share Dividend issued | 25,000 | - | 25,000 |
Add: Net Income transferred | - | 160,000 | 160,000 |
Closing Balance | 525,000 | 430,000 | 955,000 |
Calculation of number of shares outstadning at the end | |||
Number of Common shares - Opening | 50,000 | ||
Add: Number of shares issued in Stock split | 100,000 | ||
[(50,000 x 3/1)-50,000] | |||
Number of shares after stock split | 150,000 | ||
Add: Number of shares issued as share dividend | 7,500 | ||
(25,000/10) x 3/1 | |||
Number of Common shares - Closing | 157,500 | ||
Stake Technology Inc. | |||
Statement of Changes in Equity | |||
December 31, 2015 | |||
Particulars | Amount | ||
Contributed Capital | |||
Common shares, unlimited shares authorised: | |||
157,500 shares issued and outstanding: | 525,000 | ||
Retained Earnings | 430,000 | ||
Total equity | 955,000 | ||
Stake Technology Inc. had the following balances in its equity accounts at December 31, 2014. Common...
Mady Entertainment Inc. showed the following equity account
balances on the December 31, 2019, balance sheet:
Common shares, unlimited authorized shares, 550,000 shares
issued and outstanding
$
3,850,000
Retained earnings
2,580,000
During 2020, the following selected transactions occurred:
Apr.
1
Repurchased and retired 150,000 common shares at $7.60 per
share; this is the first retirement recorded by Mady.
June
1
Declared a 2:1 share split to shareholders of record on June
12, distributable June 30.
Dec.
1
Declared a 10%...
Mady Entertainment Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 510,000 shares issued and outstanding Retained earnings $3,570,000 2,780,000 During 2020, the following selected transactions occurred: Apr. 1 Repurchased and retired 142,eee common shares at $7.40 per share; this is the first retirement recorded by Mady. June 1 Declared a 2:1 share split to shareholders of record on June 12, distributable June 30. Dec. 1 Declared a 10% share...
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding$369,000Retained earnings217,000Total equity$586,000In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan.5The directors declared a $3.30 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record.Feb.28Paid the dividend declared on January 5.July6Sold 800 common shares at $38.50 per share.Aug.22Sold 1,300 common shares at $27.30 per share.Sept.5The...
8. Slate Corporation had the following balances in its stockholders' equity accounts at December 31, 2015: $200,000 Common Stock, $10 par, 500,000 shares authorized, 20,000 shares issued Paid-in Capital in Excess of Par Value, Common Retained Earnings Treasury Stock, 1.000 shares Total stockholders' equity 250,000 500,000 (20,000) $930,000 The following transactions occurred during 2016: February 3 Sold and issued 2,000 shares of common stock for $22 per share. May 10 Declared a $0.50 per share dividend on common stock October...
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2017 Common shares, unlimited shares authorized 20,900 shares issued and outstanding Retained earnings $377,000 225,000 Total equity $602,000 In 2018, Umi had the following transactions affecting shareholders and the equity accounts Jan. 5 The directors declared a $4.10 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record Feb. 28 Paid the dividend declared on January 5 July...
AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet: Common shares, unlimited authorized shares, 820,000 shares issued and outstanding$6,478,000Retained earnings2,123,600During 2020, the following selected transactions occurred: Feb.10Repurchased and retired 159,000 common shares at $10.00 per share; this is the first retirement recorded by AIM.May15Declared a 2:1 share split to shareholders of record on June 1, distributable June 15.Dec.1Declared a 10% share dividend to shareholders of record on December 10, distributable December 20. The market prices of...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2017. 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 80,000 Retained earnings 460,000 Total stockholders' equity $ 1,640,000 In year 2018, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...
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...
Kohler Corporation reports the following components of
stockholders’ equity at December 31, 2018.
Common stock—$20 par value, 100,000 shares authorized,
50,000 shares issued and outstanding
$
1,000,000
Paid-in capital in excess of par value, common stock
60,000
Retained earnings
430,000
Total stockholders' equity
$
1,490,000
During 2019, the following transactions affected its stockholders’
equity accounts.
Jan.
2
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 January 1, 2018, Fascom had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 242,000 shares issued Paid-in capital - excess of par, common Paid-in capital - excess of par, preferred Preferred stock, $100 par, 19,000 shares outstanding Retained earnings Treasury stock, at cost, 4,200 shares 242,000 484,000 190,000 1,900,000 3,800,000 21,000 During 2018, Fascom Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown Company...