Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings, and preparing stockholders’ equity [30-45 min]
The balance sheet of Goldstein Management Consulting, Inc., at December 31, 2011, reported the following stockholders’ equity:
Paid-in capital: | |
Common stock, $10 par, 200,000 shares authorized,15,000 shares issued ......................... | $ 150,000 |
Paid-in capital in excess of par—common .......................................................................... | 310,000 |
Total paid-in capital ........................................................................................................ | 460,000 |
Retained earnings ................................................................................................................. | 162,000 |
Total stockholders’ equity .................................................................................................... | $ 622,000 |
During 2012, Goldstein completed the following selected transactions: | ||||||||
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Requirements
1. Record the transactions in the general journal.
2. Prepare a retained earnings statement for the year ended December 31, 2012.
3. Prepare the stockholders’ equity section of the balance sheet at December 31, 2012.
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