Answered: Beijing Company's third quarte Common…

Beijing Company's third quarte Common stock, $12 par value Paid-in capital in excess of par value, common stoc. Betained earnings

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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Question

Ee 78.at September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported

At September 30, the end of Beijing Company's third quarter, the following stockholders' equity accounts are reported.
$360,000
80,000
320,000
Common stock, $12 par value
Paid-in capital in excess of par value, common stock
Retained earnings
In the fourth quarter, the following entries related to its equity are recorded.
General Journal
Date
Oct. 2
Oct. 25 Common Dividend Payable
Cash
Retained Earnings
Common Dividend Payable
Oct. 31 Retained Earnings
Nov. 5
Dec. 31
Common Stock Dividend Distributable
Paid-In Capital in Excess of Par Value, Common Stock
Common Stock Dividend Distributable
Common Stock, $12 Par Value
Dec. 1 Memo-Change the title of the common stock
account to reflect the new par value of $4.
Income Summary
Retained Earnings
Debit
50,000
50,000
99,000
48,000
220,000
Credit
50,000
50,000
48,000
51,000
48,000
220,000

Required:
2. Complete the following table showing the equity account balances at each indicated date.
Common stock
Common stock dividend distributable
Paid-in capital in excess of par, common stock
Retained earnings
Total equity
$
$
$
$
Sep. 30
Beg. Bal.
Oct. 2 Oct. 25 Oct. 31
360,000 $360,000 $360,000 $360,000
Nov. 5
80,000
320,000
760,000 $360,000 $360,000 $300,000 $
0 $
Dec. 1
0 $
Dec.31
0

Definition Definition Assets available to stockholders after a company's liabilities are paid off. Stockholders’ equity is also sometimes referred to as owner's equity. A stockholders’ equity or book value generally includes common stock, preferred stock, and retained earnings and is an indicator of a company's financial strength.

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