At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported. Common stock, $14 par value $ 360,000 Paid-in capital in excess of par value, common stock 100,000 Retained earnings 320,000 In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit Oct. 2 Retained Earnings 60,000 Common Dividend Payable 60,000 Oct. 25 Common Dividend Payable 60,000 Cash 60,000 Oct. 31 Retained Earnings 91,000 Common Stock Dividend Distributable 44,000 Paid-In Capital in Excess of Par Value, Common Stock 47,000 Nov. 5 Common Stock Dividend Distributable 44,000 Common Stock, $14 Par Value 44,000 Dec. 1 Memo—Change the title of the common stock account to reflect the new par value of $4. Dec. 31 Income Summary 210,000 Retained Earnings 210,000 Required: 2. Complete the following table showing the equity account balances at each indicated date. Sep. 30 Beg. Bal. Oct. 2 Oct. 25 Oct. 31 Nov. 5 Dec. 1 Dec.31 Common stock $360,000 Common stock dividend distributable Paid-in capital in excess of par, common stock $100,000 Retained earnings $320,000 Total equity $780,000
At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported. Common stock, $14 par value $ 360,000 Paid-in capital in excess of par value, common stock 100,000 Retained earnings 320,000 In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit Oct. 2 Retained Earnings 60,000 Common Dividend Payable 60,000 Oct. 25 Common Dividend Payable 60,000 Cash 60,000 Oct. 31 Retained Earnings 91,000 Common Stock Dividend Distributable 44,000 Paid-In Capital in Excess of Par Value, Common Stock 47,000 Nov. 5 Common Stock Dividend Distributable 44,000 Common Stock, $14 Par Value 44,000 Dec. 1 Memo—Change the title of the common stock account to reflect the new par value of $4. Dec. 31 Income Summary 210,000 Retained Earnings 210,000 Required: 2. Complete the following table showing the equity account balances at each indicated date. Sep. 30 Beg. Bal. Oct. 2 Oct. 25 Oct. 31 Nov. 5 Dec. 1 Dec.31 Common stock $360,000 Common stock dividend distributable Paid-in capital in excess of par, common stock $100,000 Retained earnings $320,000 Total equity $780,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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At September 30, the end of Beijing Company’s third quarter, the following
Common stock, $14 par value | $ | 360,000 |
Paid-in capital in excess of par value, common stock | 100,000 | |
320,000 | ||
In the fourth quarter, the following entries related to its equity are recorded.
Date | General Journal | Debit | Credit |
Oct. 2 | Retained Earnings | 60,000 | |
Common Dividend Payable | 60,000 | ||
Oct. 25 | Common Dividend Payable | 60,000 | |
Cash | 60,000 | ||
Oct. 31 | Retained Earnings | 91,000 | |
Common Stock Dividend Distributable | 44,000 | ||
Paid-In Capital in Excess of Par Value, Common Stock | 47,000 | ||
Nov. 5 | Common Stock Dividend Distributable | 44,000 | |
Common Stock, $14 Par Value | 44,000 | ||
Dec. 1 | Memo—Change the title of the common stock | ||
account to reflect the new par value of $4. | |||
Dec. 31 | Income Summary | 210,000 | |
Retained Earnings | 210,000 | ||
Required:
2. Complete the following table showing the equity account balances at each indicated date.
|
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
Sep. 30 Beg. Bal. | Oct. 2 | Oct. 25 | Oct. 31 | Nov. 5 | Dec. 1 | Dec.31 | |
Common stock | $360,000 | 44,000 | |||||
Common stock dividend distributable | 44,000 | -44,000 | |||||
Paid-in capital in excess of par, common stock | $100,000 | 47,000 | |||||
Retained earnings | $320,000 | -60,000 | -91,000 | 210,000 | |||
Total equity | $780,000 |
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