On January 1, 2022, Pharoah Company had the following stockholders' equity accounts. Common Stock ($20 par value, 58,700 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $37. 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 $14 per share. Issued the shares for the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2023, Determined that net income for the year was $375,000. Mar, 1 Apr. 1 July 1 31 Dec. 1 $1,174,000 196.000 555,000 31
On January 1, 2022, Pharoah Company had the following stockholders' equity accounts. Common Stock ($20 par value, 58,700 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $37. 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 $14 per share. Issued the shares for the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2023, Determined that net income for the year was $375,000. Mar, 1 Apr. 1 July 1 31 Dec. 1 $1,174,000 196.000 555,000 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:On January 1, 2022, Pharoah Company had the following stockholders' equity accounts.
Common Stock ($20 par value, 58,700 shares issued and outstanding)
Paid-in Capital in Excess of Par-Common Stock
Retained Earnings
During the year, the following transactions occurred.
Feb. 1
Mar. 1
Apr. 1
July 1
31
Dec. 1
31
$1,174,000
196,000
555,000
Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.
Paid the dividend declared in February.
Announced a 2-for-1 stock split. Prior to the split, the market price per share was $37.
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 $14 per share.
Issued the shares for the stock dividend.
Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2023,
Determined that net income for the year was $375,000.

Transcribed Image Text:Stockholders' Equity
Paid-in Capital
Capital Stock
Common Stock
Additional Pald-in Capital
Paid-in Capital in Excess of Par-Common Stock
Total Paid-in Capital
Balance Sheet (Partial)
December 31, 2022
Retained Earnings
Total Stockholders' Equity
*** 31-
117400
11
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