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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%

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            
 

 

Expert Solution
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            
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Dividends
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education