Upperchurch Company reports the following components of stockholders' equity on January 1.Common stock-$10 par value, 130,000 shares authorized,50,ee0 shares issued and outstandingPaid-in capital in excess of par value, common stockRetained earnings$ 5e0, 00e75,000410,000Total stockholders' equity$ 985,000During the year, the following transactions affected its stockholders' equity accounts.2 Purchased 5,000 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 record.28 Paid the dividend declared on January 5.6 Sold 1,90e of its treasury shares at $27 cash per share.22 Sold 3,100 of its treasury shares at $20 cash per share.Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.28 Paid the dividend declared on September 5.Jan.Jan.Feb.JulyAug.Oct.Dec. 31 Closed the $214,eee credit balance (from net income) in the Income Summary account to Retained Earnings.GeneralJournalGeneralLedgerStatement of StockholdersREImpact onEquityRequirementTrial BalanceEquityDuring the year, the following transactions affected its stockholders'O equity accounts. Prepare the necessary journal entries. If nojournal entry is required, select "No journal entry required" in the first input box.View transaction listJournal entry worksheet<>13.4 5Purchased 5,000 shares of its own stock at $23 cash per share.Note: Enter debits before credits.DateAccount TitleDebitCreditJan 02Record entryClear entryView general journal GL1101 - Based on Problem 11-2A LO C3, P2, P3Upperchurch Company reports the following components of stockholders' equity on January 1.Common stock-$1e par value, 130,000 shares authorized,5e,000 shares issued and outstandingPaid-in capital in excess of par value, common stockRetained earnings$ 500, 00075,000410,000Total stockholders' equity$ 985,000During the year, the following transactions affected its stockholders' equity accounts.2 Purchased 5,000 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 record.28 Paid the dividend declared on January 5.6 Sold 1,900 of its treasury shares at $27 cash per share.22 Sold 3,100 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 record.28 Paid the dividend declared on September 5.31 Closed the $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings.Jan.Jan.Feb.JulyAug.Sept.Oct.Dec.GeneralJournalGeneralLedgerStatement of StockholdersREImpact onEquityRequirementTrial BalanceEquityPrepare the Statement of Retained Earnings for Upperchurch Corporation for the year ended December 31.UPPERCHURCH CORPORATIONStatement of Retained EarningsFor Year Ended December 31( Trial BalanceStockholders Equity >

Date Account Titles Debit Credit Jan'2 Treasury Stock $ 115,000 Cash $…

Common stock-$10 par value, 130,e00 shares authorized, 50,e00 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ see,000 75, 000 410,000 $ 985,000 Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,eee 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 record. Jan. Jan. Feb. 28 Paid the dividend declared on January 5. 6 Sold 1,90e of its treasury shares at $27 cash per share. July 22 Sold 3,1ee of its treasury shares at $20 cash per share. Aug. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $214,eee credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. General Journal Statement of Stockholders Equity General Impact on Equity Requirement Ledger Trial Balance RE

Common stock-$10 par value, 130,e00 shares authorized, 50,e00 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ see,000 75, 000 410,000 $ 985,000 Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,eee 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 record. Jan. Jan. Feb. 28 Paid the dividend declared on January 5. 6 Sold 1,90e of its treasury shares at $27 cash per share. July 22 Sold 3,1ee of its treasury shares at $20 cash per share. Aug. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $214,eee credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. General Journal Statement of Stockholders Equity General Impact on Equity Requirement Ledger Trial Balance RE

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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The following Information pertains to JAE Corporation at January 1, Year 1. Common stock, $10 par, 20,000 shares authorized, 2,000 shares issued and outstanding Paid-in capital in excess of par, common stock Retained earnings JAE Corporation completed the following transactions during Year 1: 1. Issued 3,000 shares of $10 par common stock for $25 per share. 2. Repurchased 500 shares of its own common stock for $26 per share. Required Prepare the stockholders' equity section of the balance sheet reflecting these transactions. Complete this question by entering your answers in the tabs below. Req D $20,000 15,000 82,000 Prepare the stockholders' equity section of the balance sheet reflecting these transactions. (Amounts be indicated with minus sign.) Stockholders' equity Common stock Total paid-in capital Retained earnings Total stockholders' equity
Stockholders’ Equity: Transactions and Balance Sheet Presentation Beaker Corporation was organized on July 1, with an authorization of 50,000 shares of $5 no-par value preferred stock ($5 is the annual dividend) and 100,000 shares of $10 par value common stock. During July, the following transactions affecting stockholders’ equity occurred: July 1 Issued 31,000 shares of common stock at $21 cash per share. 12 Issued 3,500 shares of common stock in exchange for equipment with a fair market value of $71,000. 15 Issued 5,000 shares of preferred stock for cash at $40 per share. Required a. Prepare journal entries to record the foregoing transactions. General Journal Date Description Debit Credit Jul.01 Paid-in-Capital in Excess of Par Value - Common Stock Issued shares of common stock. Jul.12 Common Stock Issued common stock for equipment. Jul.15…
Common stock-$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$4 par value, 100,000 shares authorized, 47,000 shares issued, 5,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($50,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 July 5 Declared a $0.40 per share cash dividend, date of record April 10. Declared a $0.40 per share cash dividend, date of record July 10. July 31 Declared a 20% stock dividend when the stock's market value was $12 per share. August 14 Issued the stock dividend that was declared on July 31. October 5…
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Common Stock ($20 par value, 57,900 shares issued and outstanding) $1,158,000 Paid-in Capital in Excess of Par—Common Stock 202,000 Retained Earnings 580,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $345,000. Enter the beginning balances, and post the entries to the stockholders’ equity accounts. (Use…