Homework Answers
Dividends will not pay treasury stock
| Date | General Journal | Debit | Credit |
| Mar-01 | Retained earnings (or Dividends) (318,800*$1.10) | $ 350,680 | |
| Dividends payable | $ 350,680 | ||
| Sep-01 | Retained earnings (or Dividends) ((318,800-$1,310)*$1.10) | $ 349,239 | |
| Dividends payable | $ 349,239 | ||
| Apr-01 | Dividends payable | $ 350,680 | |
| Cash | $ 350,680 | ||
| Oct-01 | Dividends payable | $ 349,239 | |
| Cash | $ 349,239 |
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part A
part B
closing enteries
part C
T accounts and post the shareholder's equity accounts.
part D
prepare a statement of retained earnings for the year.
part E
prepare the shareholder's equity section of the statement of
financial position at december 31.
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Exercise 15-14
On January 1, 2020, Pina Colada Ltd. (a public company) had the
following shareholders’ equity accounts:
Preferred shares, $5 non–cumulative, unlimited number
authorized, none issued
0
Common shares, unlimited number authorized, 740,000 issued
$
5,920,000
Retained earnings
1,259,000
Accumulated other comprehensive income
150,000
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Jan. 2
Issued 100,000 preferred shares at $100 per share.
Mar. 5
Declared the quarterly cash dividend to preferred shareholders
of record on March 20, payable April 1....
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings, open T accounts and post to the shareholders’ equity
accounts, prepare a statement of retained earnings for the
year.
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Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
Transaction entries:
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part A
part B
closing enteries
part C
T accounts and post the shareholder's equity accounts.
part D
prepare a statement of retained earnings for the year.
part E
prepare the shareholder's equity section of the statement of
financial position at december 31.
Problem 11-4A On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.86 million issued Retained earnings $2,860,000...
Exercise 15-14
On January 1, 2020, Pina Colada Ltd. (a public company) had the
following shareholders’ equity accounts:
Preferred shares, $5 non–cumulative, unlimited number
authorized, none issued
0
Common shares, unlimited number authorized, 740,000 issued
$
5,920,000
Retained earnings
1,259,000
Accumulated other comprehensive income
150,000
The following selected transactions occurred during 2020:
Jan. 2
Issued 100,000 preferred shares at $100 per share.
Mar. 5
Declared the quarterly cash dividend to preferred shareholders
of record on March 20, payable April 1....
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