On January 1, 20--, MacMillan Company's retained earnings accounts had the following balances: Appropriated for warehouse $ 80,000 Unappropriated retained earnings 600,000 $ 680,000 During the year ended December 31, 20--, MacMillan completed the following selected transactions: Mar. 16 MacMillan’s board of directors appropriated $75,000 for acquisition of new computers. Nov. 5 Purchased a new warehouse for $80,000, paying cash for the total amount. 5 The board of directors returned the amount of retained earnings set aside for the warehouse to unappropriated retained earnings. 12 Declared a cash dividend of $0.65 per share on common stock to shareholders of record on December 8, payable on December 19. Currently, 30,000 shares of common stock are outstanding. Dec. 19 Paid the cash dividends.
On January 1, 20--, MacMillan Company's retained earnings accounts had the following balances: Appropriated for warehouse $ 80,000 Unappropriated retained earnings 600,000 $ 680,000 During the year ended December 31, 20--, MacMillan completed the following selected transactions: Mar. 16 MacMillan’s board of directors appropriated $75,000 for acquisition of new computers. Nov. 5 Purchased a new warehouse for $80,000, paying cash for the total amount. 5 The board of directors returned the amount of retained earnings set aside for the warehouse to unappropriated retained earnings. 12 Declared a cash dividend of $0.65 per share on common stock to shareholders of record on December 8, payable on December 19. Currently, 30,000 shares of common stock are outstanding. Dec. 19 Paid the cash dividends.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
On January 1, 20--, MacMillan Company's retained earnings accounts had the following balances:
Appropriated for warehouse $ 80,000
Unappropriated retained earnings 600,000
$ 680,000
During the year ended December 31, 20--, MacMillan completed the following selected transactions:
Mar. 16 MacMillan’s board of directors appropriated $75,000 for acquisition of new computers.
Nov. 5 Purchased a new warehouse for $80,000, paying cash for the total amount.
5 The board of directors returned the amount of retained earnings set aside for the warehouse to unappropriated retained earnings.
12 Declared a cash dividend of $0.65 per share on common stock to shareholders of record on December 8, payable on December 19. Currently, 30,000 shares of common stock are outstanding.
Dec. 19 Paid the cash dividends.
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