Authorized ordinary share Unissued ordinary share Subscribed ordinary share Subscription receivable Premium on ordinary share Retained earnings – unappropriated Retained earnings – appropriated Revaluation surplus Treasury shares, at cost 3,800,000 900,000 550,000 650,000 200,000 400,000 220,000 350,000 200,000

Authorized ordinary share Unissued ordinary share Subscribed ordinary share Subscription receivable Premium on ordinary share Retained earnings – unappropriated Retained earnings – appropriated Revaluation surplus Treasury shares, at cost 3,800,000 900,000 550,000 650,000 200,000 400,000 220,000 350,000 200,000

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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Waterway Company has the following stockholders' equity accounts at December 31, 2020. Common Stock ($100 par value, authorized 8,700 shares) $502,800 Retained Earnings 277,400
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Please create the Retained earnings transactions table and add separately how it is shown in the journal 4.The owners are desirous of comparing serval financial transactions and possible outcomes to assist in guiding their decision-making process. They assume that the company will be formed on January 1, 2020. In addition, E&B Comic Bookstore Company’s charter will authorize 1,200,000 shares of common stock (to be divided into two classes (700,000 shares class A -voting rights and 500,000 shares class B -nonvoting rights) and 400,000, $X par value (see info below), 5% cumulative preferred stock. They have asked each student from your accounting course to prepare the company’s journal entries and statement of owner’s equity based on the following information. Prepare the journal entries with narrations to record the following: • The issuances of stock. • Close out net income to retained earnings. • Dividend declared. • Close out dividend to retained earnings a. Issued _50%…
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