Dunder Mifflin Dunder Mifflin reported stockholders' equity on December 31 of the prior year as follows: Common stock, $1 par value, 1,000,000 shares authorized, 350,000 shares issued......... Paid-in capital in excess of par, common stock... Retained earnings....... Feb. 15 March 9 The following selected transactions occurred during the current year: May 1 June 1 Sept. 1 Dec. 31 $350,000 Distributed the stock dividend. 1,000,000 3,000,000 The board of directors declared a 5% stock dividend to stockholders of record on March 1, payable March 20. The stock was selling for $4 per share. Paid the cash dividend. A cash dividend of $.50 per share was declared by the board of directors to stockholders of record on May 20, payable June 1. The board decided to split the stock 4-for-1, effective on September 1. Earned a net income of $180,000 for the current year. Prepare the general journal entries to reflect the above transactions. If no entry is required type the date and then type No Entry.
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- Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Issued 15,000 shares of 20 par common stock at 30, receiving cash. B. Issued 4,000 shares of 80 par preferred 5% stock at 100, receiving cash. C. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. E. Paid the cash dividends declared in (D). F. Purchased 8,000 shares of treasury common stock at 33 per share. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. H. Paid the cash dividends to the preferred stockholders. I. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). J. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8. B. Prepare a retained earnings statement for the year ended December 31, 20Y8. C. Prepare a balance sheet in report form as of December 31, 20Y8.Stockholders' Equity section of balance sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Prepare the Stockholders Equity section of the balance sheet as of June 30. Eighty thousand shares of common stock are authorized, and 9,000 shares have been reacquired.
- The equity sections for Layfette Group at the beginning of the year (January1) and end of they year ( December 31) follow Stockholders Equity Jan.1 Common stock - 10$ par value 130,000 shares authorized, 50,000 shares issued and outstanding.........................................................................................................500,000$ Paid-in-Capital inexcessof par value,commonstock...............................75,000$ Retained Earnings................................................................................................410,000 Total Stockholder Equity...................................................................................985,000 Stock Holder equity Dec.31 Common Stock -10$ par value 130,000 shares authorized 54,650 shares issued and outstanding.......................................................................................546,500 Paid-in-capital in excess of par value, commonstock.............................130,000 Retained earnings…Please help meStatement of Stockholders' Equity The stockholders' equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 20Y9, are as follows. COMMON STOCK Jan. 1 Balance 1,300,000 Apr. 14 Issued 11,400 570,000 shares Dec. 31 Balance 1,870,000 PAID-IN CAPITAL IN EXCESS OF PAR Jan. 1 Balance 208,000 Apr. 14 Issued 11,400 136,800 shares Dec. 31 Balance 344,800 TREASURY STOCK Aug. 7 Purchased 1,900 shares 91,200 RETAINED EARNINGS Mar. 31 Dividend 33,000 Jan. 1 Balance 2,260,000 June. 30 Dividend 33,000 Dec. 31 Closing Sept. 30 Dividend 33,000 (Net income) 339,000 Dec. 31 Dividend 33,000 Dec. 31 Balance 2,467,000 Prepare a statement of stockholders' equity for the year ended December 31, 20Y9. If an amount box does not require an entry I-Cards Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y9
- Statement of Stockholders' Equity The stockholders’ equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 20Y9, are as follows. COMMON STOCK Jan. 1 Balance 1,200,000 Apr. 14 Issued 18,600 shares 558,000 Dec. 31 Balance 1,758,000 PAID-IN CAPITAL IN EXCESS OF PAR Jan. 1 Balance 192,000 Apr. 14 Issued 18,600 shares 130,200 Dec. 31 Balance 322,200 TREASURY STOCK Aug. 7 Purchased 3,100 shares 86,800 RETAINED EARNINGS Mar. 31 Dividend 31,000 Jan. 1 Balance 2,090,000 June. 30 Dividend 31,000 Dec. 31 Closing Sept. 30 Dividend 31,000 (Net income) 314,000 Dec. 31 Dividend 31,000 Dec. 31 Balance 2,280,000 Prepare a statement of stockholders’ equity for the year ended December 31, 20Y9. If an amount box does not require an entry, leave it blank. Also, if an amount reduces Stockholders' Equity, then add "minus" sign. I-Cards Inc.Statement of Stockholders' EquityFor the Year Ended…Stockholders equity section presents the following balances for January 1st: Common Stock, $8 par value (800,000) Shares authorized 500,000 shares issued......................................................................$5,600,000 Paid in Capital in Excess of Par-Common Stock.............................. $650,000 Retained earnings............................................................................. $8,120,000 Treasury stock at cost-Common (50,000 shares at cost)..................$650,000 Make the entry for this date: May 5 - The company declared 3% of common stock dividends. The market rate price is at $15 per share.Statement of Stockholders' Equity The stockholders’ equity T accounts of I-Cards Inc. for the year ended December 31, 20Y9, are as follows. Common Stock Jan. 1 Balance 900,000 Apr. 14 Issued 13,200 shares 396,000 Dec. 31 Balance 1,296,000 Paid-In Capital in Excess of Par Jan. 1 Balance 144,000 Apr. 14 Issued 13,200 shares 92,400 Dec. 31 Balance 236,400 Treasury Stock Aug. 7 Purchased 2,200 shares 61,600 Retained Earnings Mar. 31 Dividend 23,000 Jan. 1 Balance 1,570,000 June. 30 Dividend 23,000 Dec. 31 Closing Sept. 30 Dividend 23,000 (Net income) 236,000 Dec. 31 Dividend 23,000 Dec. 31 Balance 1,714,000 Prepare a statement of stockholders’ equity for the year ended December 31, 20Y9. If an amount is zero or an entry is not required, leave the box blank.
- Statement of Stockholders' Equity The stockholders’ equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 20Y9, are as follows. COMMON STOCK Jan. 1 Balance 1,500,000 Apr. 14 Issued 17,400 shares 696,000 Dec. 31 Balance 2,196,000 PAID-IN CAPITAL IN EXCESS OF PAR Jan. 1 Balance 240,000 Apr. 14 Issued 17,400 shares 139,200 Dec. 31 Balance 379,200 TREASURY STOCK Aug. 7 Purchased 2,900 shares 107,300 RETAINED EARNINGS Mar. 31 Dividend 38,000 Jan. 1 Balance 2,610,000 June. 30 Dividend 38,000 Dec. 31 Closing Sept. 30 Dividend 38,000 (Net income) 392,000 Dec. 31 Dividend 38,000 Dec. 31 Balance 2,850,000 Prepare a statement of stockholders’ equity for the year ended December 31, 20Y9. If an amount is zero or an entry is not required, leave the box blank. Also, if an amount reduces Stockholders' Equity, then add "minus" sign. I-Cards Inc. Statement of Stockholders' Equity For…Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, Year 1, were as follows: 1. Journalize the selected transactions. a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at $33 per share h. Purchased 40,000 shares of Pinkberry Co. stock…A company began the current year with the following balances in its stockholders’ equity accounts. Common stock—$10 par, 500 shares authorized, 200 shares issued and outstanding . $2,000 Paid-in capital in excess of par, common stock . 1,000 Retained earnings 5,000 Total $8,000 All outstanding common stock was issued for $15 per share when the company was created. Prepare journal entries to account for the following transactions during the current year. Jan. 10 The board declared a $0.10 cash dividend per share to shareholders of record on January 28. Feb. 15 Paid the cash dividend declared on January 10. Mar. 31 Declared a 20% stock dividend when the market value of the stock was $18 per share. May 1 Distributed the stock dividend declared on March 31. Dec. 1 Declared a 40% stock dividend when the market value of the stock was $25 per share. Dec. 31 Distributed the stock dividend declared on December 1.