3 Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year.Common stock-$25 par value, 50,000 shares authorized, 33,000 sharesissued and outstandingPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equityDuring the current year, the following transactions affected its stockholders' equity accounts.January 2 Purchased 3,300 shares of its own stock at $25 cash per share.January 7February 28July 9August 27September 9Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders ofrecord.Paid the dividend declared on January 7.Sold 1,320 of its treasury shares at $30 cash per share.Sold 1,650 of its treasury shares at $21 cash per share.Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders ofrecord.October 22 Paid the dividend declared on September 9.December 31 Closed the $55,000 credit balance (from net income) in the Income Summary account to Retained Earnings.Required:1. Prepare journal entries to record each of these transactions.2. Prepare a statement of retained earnings for the current year ended December 31.3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare journal entries to record each of these transactions.View transaction listJournal entry worksheet1Required 32DateJanuary 02Note: Enter debits before credits.345General Journal6Record the purchase of 3,300 shares of its own common stock for $25 cashper share.$ 825,00066,000350,000$ 1,241,00078DebitCredit

Retained Earnings -After deducting dividends and other distributions to investors, retained…

ex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 50,000 shares authorized, 33,000 shares issued and outstanding $ 825,000 66,000 350,000 $ 1,241,000 Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity uring the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,300 shares of its own stock at $25 cash per share. January 7 ebruary 28 Paid the dividend declared on January 7. July 9 Sold 1,320 of its treasury shares at $30 cash per share. Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stoc record.

ex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 50,000 shares authorized, 33,000 shares issued and outstanding $ 825,000 66,000 350,000 $ 1,241,000 Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity uring the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,300 shares of its own stock at $25 cash per share. January 7 ebruary 28 Paid the dividend declared on January 7. July 9 Sold 1,320 of its treasury shares at $30 cash per share. Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stoc record.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Trying to find answer a through e
3) What are the functions of FASB, GASB and FASAB? Explain
Q4. What is the meaning of: b. n/eom:
What is MM Proposition II?
4. What is Multicollinearity? a. What are the consequences of multicollinearity?
What does the IAS 2 explains?
But why? for number 3
pls answer no. 4 and 5
6 The main difference between US GAAP and IFRS is?
Define Rule of 78