Answer
Date |
Accounts title |
Debit |
Credit |
Working |
Feb-01 |
Cash |
$ 30,000 |
||
Common Stock |
$ 20,000 |
[5000 shares x $ 4] |
||
Paid in Capital in excess of Stated value - Common Stock |
$ 10,000 |
|||
(Common Stock issued) |
||||
Mar-20 |
Treasury Stock |
$ 7,000 |
[1000 shares x 7] |
|
Cash |
$ 7,000 |
[1000 shares x 7] |
||
(Treasury Stock purchased) |
||||
Oct-01 |
Dividend [Cash Dividend] |
$ 24,000 |
[$300000 x 8%] |
|
Dividends payable |
$ 24,000 |
[$300000 x 8%] |
||
(Dividend declared] |
||||
Nov-01 |
Dividends payable |
$ 24,000 |
||
Cash |
$ 24,000 |
|||
(Dividend paid) |
||||
Dec-01 |
Dividend [Cash Dividend] |
$ 146,400 |
[(250000 shares - 5000 shares - 1000 shares) x $ 0.60] |
|
Dividends payable |
$ 146,400 |
|||
(Dividend declared to common stockholders] |
||||
Dec-31 |
Income Summary |
$ 276,100 |
||
Retained Earnings |
$ 276,100 |
|||
(Net Income closed) |
||||
Dec-31 |
Retained earnings |
$ 170,400 |
[146400 + 24000] |
|
Dividends [Cash Dividend] |
$ 170,400 |
[on Oct 1 and Dec 1] |
||
(Dividend closed) |
||||
Dec-31 |
Dividends payable |
$ 146,400 |
||
Cash |
$ 146,400 |
|||
(Dividend paid) |
The stockholders' equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock...
The stockholders' equity accounts of Novak Corp. on January 1, 2017, were as follows. Preferred Stock ( 6%-$ 100 par noncumulative, 5,000 shares authorized) Common Stock ($ 4 stated value, 340,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) $ 300,000 1,133,333 15,000 544,000 692,000 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1...
The stockholders’ equity accounts of Cyrus Corporation on
January 1, 2017, were as follows.
Preferred Stock (7%, $100 par noncumulative, 5,000 shares
authorized)
$300,000
Common Stock ($4 stated value, 300,000 shares authorized)
1,000,000
Paid-in Capital in Excess of Par Value—Preferred Stock
15,000
Paid-in Capital in Excess of Stated Value—Common Stock
480,000
Retained Earnings
688,000
Treasury Stock (5,000 common shares)
40,000
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 5,000 shares...
The stockholders’ equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) $240,000 Common Stock ($5 stated value, 326,000 shares authorized) 1,358,333 Paid-in Capital in Excess of Par Value—Preferred Stock 12,000 Paid-in Capital in Excess of Stated Value—Common Stock 521,600 Retained Earnings 711,000 Treasury Stock (4,000 common shares) 32,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,620 shares...
The stockholders' equity accounts of Swifty Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 11,000 shares authorized) Common Stock ($4 stated value, 660,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) $660,000 2,200,000 33,000 1,056,000 1,513,600 88,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 11,000 shares...
The stockholders’ equity accounts of Novak Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value—Preferred Stock 15,000 Paid-in Capital in Excess of Stated Value—Common Stock 480,000 Retained Earnings 692,000 Treasury Stock (5,000 common shares) 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 5,000 shares...
The stockholders' equity accounts of Culver Corporation on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,850 shares authorized) Common Stock ($3 stated value, 316,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,850 common shares) $291,000 790,000 14,550 505,600 694,500 38,800 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,700 shares...
The stockholders' equity accounts of Culver Corporation on lanuary 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,850 shares authorized) Common Stock ($3 stated value, 316,000 shares authorized) Paid-in Capital in Excess of Par Value ---Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,850 common shares) $291,000 790,000 14,550 505,600 694,500 38,800 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,700...
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P11-2A The stockholders' equity accounts of Cyrus Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) 300,000 1,000,000 15,000 480,000 688,000 40,000 the corporation had the following transactions and events pertaining to its During 2017, stockholders' equity. Feb. 1 Issued...
The stockholders’ equity accounts of Marigold Corp. on January
1, 2017, were as follows.
Preferred Stock (8%, $100 par noncumulative, 4,700 shares
authorized)
$282,000
Common Stock ($4 stated value, 325,000 shares authorized)
1,083,333
Paid-in Capital in Excess of Par Value—Preferred Stock
14,100
Paid-in Capital in Excess of Stated Value—Common Stock
520,000
Retained Earnings
701,000
Treasury Stock (4,700 common shares)
37,600
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 5,150 shares...
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