Austin Company reports the following components of stockholders' equity on January 1.Common stock-$10 par value, 110,000 shares authorized,40,000 shares issued and outstandingPaid-in capital in excess of par value, common stockRetained earnings$ 400,00060,000330,000$ 790,000Total stockholders' equityDuring the year, the following transactions affected its stockholders' equity accounts.Jan.2 Purchased 4,000 shares of its own stock at $23 cash per share.5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders ofrecord.28 Paid the dividend declared on January 5.6 Sold 1,500 of its treasury shares at $27 cash per share.22 Sold 2,500 of its treasury shares at $20 cash per share.5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders ofJan.Feb.JulyAug.Sept.Oct.Dec.record.28 Paid the dividend declared on. September 5.31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings.StockholdersImpact onEquityGeneralStatement ofGeneralJournalRequirementTrial BalanceEquityLedgerREDuring the year, the following transactions affected its stockholders'journal entry is required, select "No journal entry required" in the first input box.equity accounts. Prepare the necessary journal entries. If noVlew transactlon listJournal entry worksheet1 26 7<.48< Prev.2 of 2Next GeneralJournalGeneralStatement ofStockholdersImpact onEquityRequirementTrial BalanceLedgerREEquityDuring the year, the following transactions affected its stockholders'journal entry is required, select "No journal entry required" in the first input box.equity accounts. Prepare the necessary journal entries. If noView transaction listJournal entry worksheet13478Purchased 4,000 shares of its own stock at $23 cash per share.Note: Enter debits before credits.DebitCreditDateAccount TitleJan 02View general JournalRecord entryClear entry

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Austin Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock $ 400,000 60,000 330,000 $ 790,000 Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. 2 Purchased 4,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of Feb. July Aug. record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Sept. record. 28 Paid the dividend declared on. September 5. 31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec.

Austin Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock $ 400,000 60,000 330,000 $ 790,000 Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. 2 Purchased 4,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of Feb. July Aug. record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Sept. record. 28 Paid the dividend declared on. September 5. 31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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