Homework Answers
1.
|
Date |
Account |
Debit |
Credit |
|
Jan 1 2020 |
Cash (30000 * 10.64) |
$319200 |
|
|
Common Stock |
$319200 |
||
|
(being common shares sold) |
|||
|
Jan 5 |
Cash dividend |
231000 |
|
|
Preferred Dividend Payable (20000*2.10*3 Years) |
126000 |
||
|
Common Stock Dividend Payable (231000-126000) |
105000 |
||
|
(being dividend declared) |
|||
|
Feb 28 |
Preferred Dividend Payable (20000*2.10*3 Years) |
126000 |
|
|
Common Stock Dividend Payable (231000-126000) |
105000 |
||
|
Cash |
$ 231,000 |
||
|
(being dividend paid) |
|||
|
Jul 1 |
Cash |
156800 |
|
|
Preferred Shares |
156800 |
||
|
(being preferred shares sold) 156800/22.40=7000 Shares |
|||
|
Dec 31 |
Retained Earnings |
231000 |
|
|
Cash Dividends |
231000 |
||
|
(being dividend account closed) |
|||
|
Dec 31 2020 |
Income Summary |
576800 |
|
|
Retained Earning |
576800 |
||
|
(being income account closed) |
|||
|
Sep 5 2021 |
Cash Dividends |
203700 |
|
|
Preferred Dividend Payable (20000+7000)*2.10) |
56700 |
||
|
Common Stock Dividend Payable (75000+30000)*1.40 |
147000 |
||
|
(being dividend declared) |
|||
|
Oct 28 |
Preferred Dividend Payable |
56700 |
|
|
Common Stock Dividend Payable |
147000 |
||
|
Cash |
203700 |
||
|
(being dividend paid) |
|||
|
Dec 31 |
Retained Earnings |
203700 |
|
|
Cash Dividends |
203700 |
||
|
(being dividend account closed) |
|||
|
Dec 31 2021 |
Income Summary |
543200 |
|
|
Retained Earning |
543200 |
||
|
(being income account closed) |
.
2.
|
Statement of change in equity Dec 31 2021 |
||||
|
. |
Preferred Shares |
Common Shares |
Retained Earning |
Total Equity |
|
Balance January 1, 2021 |
$548800 |
$1054200 |
$723800 |
$2326800 |
|
Issuance of Shares |
- |
- |
- |
|
|
Net Income |
543200 |
543200 |
||
|
Dividends |
-203700 |
-203700 |
||
|
Ending Balance Dec 31, 2021 |
$548800 |
$1054200 |
$1063300 |
$2666300 |
.
Working to find equity balance at end of 2020
|
Statement of change in equity Dec 31 2020 |
||||
|
Preferred Shares |
Common Shares |
Retained Earning |
Total Equity |
|
|
Balance January 1 |
$392000 |
$735000 |
$378000 |
$1505000 |
|
Issuance of Shares |
156800 |
319200 |
476000 |
|
|
Net Income |
576800 |
576800 |
||
|
Dividends |
-231000 |
-231000 |
||
|
Total |
$548800 |
$1054200 |
$723800 |
$2326800 |
..
3.
|
Tactex Controls Inc. Equity Section of the balance sheet December 31, 2021 |
|
|
Contributed Capital: |
|
|
Preferred shares, $2.10 cumulative, unlimited shares authorized,27000 shares issued and outstanding |
$548800 |
|
Common shares, unlimited shares authorized,105000 shares issued and outstanding |
$1054200 |
|
Total Contributed Capital |
$1643000 |
|
Retained Earning |
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