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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: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.
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
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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