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 T-accounts.) (Note: Open additional stockholders’ equity accounts as needed.) Common Stock Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Retained Earnings Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Paid-in Capital in Excess of Par-Common Stock Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Common Stock Dividends Distributable Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Cash Dividends Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Stock Dividends Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount
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 T-accounts.) (Note: Open additional stockholders’ equity accounts as needed.) Common Stock Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Retained Earnings Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Paid-in Capital in Excess of Par-Common Stock Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Common Stock Dividends Distributable Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Cash Dividends Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Stock Dividends Choose a transaction date enter a debit amount Choose a transaction date enter a credit amount Choose a transaction date enter a debit amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| 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 | |
| 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 T-accounts.) (Note: Open additional stockholders’ equity accounts as needed.)
|
Common Stock
|
|||
|---|---|---|---|
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
|
Retained Earnings
|
|||
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
|
Paid-in Capital in Excess of Par-Common Stock
|
|||
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
|
Common Stock Dividends Distributable
|
|||
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
|
Cash Dividends
|
|||
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
|
Stock Dividends
|
|||
| Choose a transaction date | enter a debit amount | Choose a transaction date | enter a credit amount |
| Choose a transaction date | enter a debit amount |
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