Choctaw Co. completed the following transactions in 2016, the first year of operation: 1. Issued 33,000 shares of $10 par common stock for $10 per share. 2. Issued 4,300 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,300 shares of common stock as treasury stock for $12 per share. 4. Declared a $3,300 cash dividend on preferred stock. 5. Sold 1,000 shares of treasury stock for $14 per share. 6. Paid $3,300 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $104,000 and incurred cash expenses of $54,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,300 of retained earnings.
Choctaw Co. completed the following transactions in 2016, the first year of operation: 1. Issued 33,000 shares of $10 par common stock for $10 per share. 2. Issued 4,300 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,300 shares of common stock as treasury stock for $12 per share. 4. Declared a $3,300 cash dividend on preferred stock. 5. Sold 1,000 shares of treasury stock for $14 per share. 6. Paid $3,300 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $104,000 and incurred cash expenses of $54,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,300 of retained earnings.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Choctaw Co. completed the following transactions in 2016, the first year of operation:
1. Issued 33,000 shares of $10 par common stock for $10 per share.
2. Issued 4,300 shares of $20 stated value
3. Purchased 2,300 shares of common stock as
4. Declared a $3,300 cash dividend on preferred stock.
5. Sold 1,000 shares of treasury stock for $14 per share.
6. Paid $3,300 cash for the preferred dividend declared in Event 4.
7. Earned cash revenues of $104,000 and incurred cash expenses of $54,000.
8. Closed revenue, expense, and dividend accounts to the
9. Appropriated $9,300 of retained earnings.
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