Common stock Paid-in capital Retained earnings During the current year, Con Edison reported net income of $1,383. View transaction list Journal entry worksheet 2. Assume that the only other transaction that affected stockholders' equity during the current year was a single stock issuance for cash. Recreate the journal entry reflecting the stock issuance (in millions). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers n millions (i.e., 10,000,000 should be entered as 10). 1 Current Year $ 38 8,554 11,500 Record the entry for stock issuance. Note: Enter debits before credits. Transaction 1 Record entry Prior Year $ 35 General Journal Clear entry 7,667 11,088 Debit Credit View general journal
Common stock Paid-in capital Retained earnings During the current year, Con Edison reported net income of $1,383. View transaction list Journal entry worksheet 2. Assume that the only other transaction that affected stockholders' equity during the current year was a single stock issuance for cash. Recreate the journal entry reflecting the stock issuance (in millions). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers n millions (i.e., 10,000,000 should be entered as 10). 1 Current Year $ 38 8,554 11,500 Record the entry for stock issuance. Note: Enter debits before credits. Transaction 1 Record entry Prior Year $ 35 General Journal Clear entry 7,667 11,088 Debit Credit View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[The following information applies to the questions displayed below.]
Consolidated Edison, Incorporated (Con Edison), is a public utility company operating primarily in New York whose annual
revenues exceed $12 billion. It reported the following December 31 simplified balances in its statement of stockholders'
equity (dollars in millions):
Current
Year
$ 38
8,554
11,500
Prior Year
$ 35
7,667
11,088
Common stock
Paid-in capital
Retained earnings
During the current year, Con Edison reported net income of $1,383.
Dividends
Required:
1. How much did Con Edison declare in dividends for the year?
Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F85c9ca01-c89b-4ba0-a662-ad9b74ae8ec3%2F4ff7201b-af6d-4397-83cb-41927ac815ba%2Fxz0xrwj_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Consolidated Edison, Incorporated (Con Edison), is a public utility company operating primarily in New York whose annual
revenues exceed $12 billion. It reported the following December 31 simplified balances in its statement of stockholders'
equity (dollars in millions):
Current
Year
$ 38
8,554
11,500
Prior Year
$ 35
7,667
11,088
Common stock
Paid-in capital
Retained earnings
During the current year, Con Edison reported net income of $1,383.
Dividends
Required:
1. How much did Con Edison declare in dividends for the year?
Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).
Transcribed Image Text:Common stock
Paid-in capital
Retained earnings
During the current year, Con Edison reported net income of $1,383.
View transaction list
Journal entry worksheet
2. Assume that the only other transaction that affected stockholders' equity during the current year was a single stock issuance for
cash. Recreate the journal entry reflecting the stock issuance (in millions).
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers
n millions (i.e., 10,000,000 should be entered as 10).
1
Current
Year
$ 38
8,554
11,500
Record the entry for stock issuance.
Note: Enter debits before credits.
Transaction
1
Record entry
Prior Year
$ 35
General Journal
Clear entry
7,667
11,088
Debit
Credit
View general journal
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