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Common Stock ($14 par value, 80,700 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 $1,129,800 205,000 563,000 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $7.) Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023.

Common Stock ($14 par value, 80,700 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 $1,129,800 205,000 563,000 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $7.) Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023.

FINANCIAL ACCOUNTING
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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Oo.45.

Subject  :- Account 

Current Attempt in Progress On January 1, 2022, Windsor, Inc. had the following stockholders' equity accounts. Common Stock ($14 par value, 80,700 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 Dec. 31 (a) Date Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $7.) I $1,129,800 Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $290,000. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation 205,000 (To close cash dividends) 563,000 (To close stock dividends) (To close net income) Debit Credit
Transcribed Image Text:Current Attempt in Progress On January 1, 2022, Windsor, Inc. had the following stockholders' equity accounts. Common Stock ($14 par value, 80,700 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 Dec. 31 (a) Date Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $7.) I $1,129,800 Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $290,000. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation 205,000 (To close cash dividends) 563,000 (To close stock dividends) (To close net income) Debit Credit
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