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Workings | ||||
Common Stock | Number | Par Value | Amount $ | Note |
Opening Balance | 450,000.00 | 2.00 | 900,000.00 | A |
Issued on March 1 | 200,000.00 | 2.00 | 400,000.00 | B |
Total on July 1 | 650,000.00 | 1,300,000.00 | C=A+B | |
Stock dividend at 10% | 65,000.00 | 2.00 | 130,000.00 | D=C*10% |
Closing on Dec 31 | 715,000.00 | 1,430,000.00 | E=C+D | |
Additional paid in capital | Number | Value | Amount $ | Note |
Opening Balance | 120,000.00 | F | ||
Issued on March 1 (8-2) | 200,000.00 | 6.00 | 1,200,000.00 | G |
Stock dividend at 10% (7-2) | 65,000.00 | 5.00 | 325,000.00 | See D |
Closing on Dec 31 | 1,525,000.00 | H=F+G+D | ||
Cash Dividend Payable | Amount $ | |||
Closing number of shares on Sep 30 | 715,000.00 | See E | ||
Dividend per share | 0.50 | I | ||
Dividend Payable | 357,500.00 | J=E*I | ||
Treasury Shares | Number | Amount $ | ||
Opening Balance | 8,000.00 | 48,000.00 | ||
Add: Bought during the year | 6,000.00 | 45,000.00 | ||
Closing on Dec 31 | 14,000.00 | 93,000.00 | K |
Camp Corporation | ||||
Answer a | Journal Entry | |||
Date | Account | Debit $ | Credit $ | |
1-Mar | Cash | 1,600,000.00 | ||
Common Stock | 400,000.00 | See Note A | ||
Additional paid in capital | 1,200,000.00 | See Note G | ||
1-Jul | Retained Earnings | 455,000.00 | ||
Common Stock | 130,000.00 | See Note D of Common Stock | ||
Additional paid in capital | 325,000.00 | See Note D of Additional paid in capital | ||
15-Aug | Retained Earnings | 357,500.00 | See Note J | |
Dividend Payable | 357,500.00 | See Note J | ||
1-Oct | Treasury Stock | 45,000.00 | ||
Cash | 45,000.00 |
Answer b | |||||
Retained Earnings Account | |||||
Date | Account | Debit $ | Date | Account | Credit $ |
1-Jul | Common Stock | 130,000.00 | 1-Jan | Opening Balance | 2,225,000.00 |
1-Jul | Additional paid in capital | 325,000.00 | 31-Dec | Net Income | 520,000.00 |
15-Aug | Dividend Payable | 357,500.00 | |||
31-Dec | Closing Balance | 1,932,500.00 | |||
2,745,000.00 | |||||
1-Jan | Opening Balance | 1,932,500.00 |
Answer c | ||
Stockholder's Equity | ||
Paid-In Capital: | Amount $ | Amount $ |
Common Stock, $ 2 par | ||
715,000 shares issued | 1,430,000.00 | |
Additional paid in capital | 1,525,000.00 | 2,955,000.00 |
Total Paid-In Capital | 2,955,000.00 | |
Retained Earnings | 1,932,500.00 | |
Total | 4,887,500.00 | |
Less: Treasury Stock-Common | ||
(14,000 shares) | 93,000.00 | |
Total Stockholder's Equity | 4,794,500.00 |
Answer d | ||
Earnings Per share | Amount $ | |
Net Income | 520,000.00 | |
Number of shares outstanding on Dec 31 | 715,000.00 | |
Earnings Per share | 0.73 | |
PRUULI LO2, 3.5 36. Recording and Reporting Equity Camp Corporation had the following balances in its...
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