Homework Answers
Common Stock
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan 1 | Balance | $1612000 | |||
| July 31 | 241800 | (1612000+241800)= 1853800 | |||
Common Stock Dividends Distributable
| Date | Explanation | Ref. | Debit | Credit | Balance |
| July 1 | 241800 | $241800 | |||
| July 31 | 241800 | - | |||
Paid in capital in excess of Par-Common Stock
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan 1 | Balance | $203000 | |||
| July 1 | 18600 | (203000+18600)= 221600 | |||
Retained Earnings
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jan 1 | Balance | $569000 | |||
| Dec 31 | Net income | 327000 | (569000+327000)= 896000 | ||
| Dec 31 | Stock dividend | 260400 | (896000-260400)= 635600 | ||
| Dec 31 | Cash dividend | 209560 | (635600-209560)= 426040 | ||
Cash Dividends
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Feb 1 | 124000 | $124000 | |||
| Dec 1 | 85560 | (124000+85560)= 209560 | |||
| Dec 31 | 209560 | - | |||
Stock Dividends
| Date | Explanation | Ref. | Debit | Credit | Balance |
| Jul 1 | 260400 | $260400 | |||
| Dec 31 | 260400 | - | |||
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Problem 14-01A a-c (Part Level Submission) (Video)
On January 1, 2020, Sandhill Corporation had the following
stockholders’ equity accounts.
Common Stock ($20 par value, 63,500 shares issued and
outstanding)
$1,270,000
Paid-in Capital in Excess of Par—Common Stock
197,000
Retained Earnings
564,000
During the year, the following transactions occurred.
Feb. 1
Declared a $2 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
Apr. 1
Announced a 2-for-1...
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Problem 14-01A a-c (Part Level Submission) (Video)
On January 1, 2020, Sandhill Corporation had the following
stockholders’ equity accounts.
Common Stock ($20 par value, 63,500 shares issued and
outstanding)
$1,270,000
Paid-in Capital in Excess of Par—Common Stock
197,000
Retained Earnings
564,000
During the year, the following transactions occurred.
Feb. 1
Declared a $2 cash dividend per share to stockholders of record
on February 15, payable March 1.
Mar. 1
Paid the dividend declared in February.
Apr. 1
Announced a 2-for-1...
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