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On January 1, 2022, Pharoah Company had the following stockholders' equity accounts. Common Stock ($12 par value, 83,700 shares issued and outstanding) $1,004,400 Paid-in Capital in Excess of Par-Common Stock 184,000 Retained Earnings 533,000 During the year, the following transactions occurred. Jan, 15 Feb. 15. Apr. 15 May 15 July 1 Dec. 1 Dec. 31 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $6.) Declared a $0,40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $220,000.

On January 1, 2022, Pharoah Company had the following stockholders' equity accounts. Common Stock ($12 par value, 83,700 shares issued and outstanding) $1,004,400 Paid-in Capital in Excess of Par-Common Stock 184,000 Retained Earnings 533,000 During the year, the following transactions occurred. Jan, 15 Feb. 15. Apr. 15 May 15 July 1 Dec. 1 Dec. 31 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $6.) Declared a $0,40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $220,000.

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 ($12 par value, 83,700 shares issued and outstanding) $1,004,400 Paid-in Capital in Excess of Par-Common Stock 184,000 Retained Earnings During the year, the following transactions occurred. Jan, 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 Dec. 31 533,000 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Pald the dividend declared in January. Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $6.) Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $220,000.
Transcribed Image Text:On January 1, 2022, Pharoah Company had the following stockholders' equity accounts. Common Stock ($12 par value, 83,700 shares issued and outstanding) $1,004,400 Paid-in Capital in Excess of Par-Common Stock 184,000 Retained Earnings During the year, the following transactions occurred. Jan, 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 Dec. 31 533,000 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Pald the dividend declared in January. Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $6.) Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $220,000.
Enter the beginning balances, and post the entries to the stockholders' equity accounts (Use T-accounts) (Note:Open addit stockholders equity accounts as needed) Past entries in the under fand in the previous port. Sect the dat closing balances even in case of an # # : # # 0 # 4 # : # # # # # # eTextbook and Media List of Accounts Stockholders Equity Paid in Capital Capital Stock Common Stock Common Stock Additional Pald-in Capital December 31, 2020 Textbook and Media List of Accounts $ Paid-in Capital in Excess of Par Value-Common Cash Dividends Retained Earnings Total Stockholders Equity Stock Dividends # 8 : Common Stock Dividends Distributable # Paid in Capital in Excess of Stated Value-Cone Total Paid in Capital # # # Prepare a stockholders' equity section at December 31. Enter account name only and do not provide descriptive information Pharoah Company Balance Sheet (Partial) # 1 :
Transcribed Image Text:Enter the beginning balances, and post the entries to the stockholders' equity accounts (Use T-accounts) (Note:Open addit stockholders equity accounts as needed) Past entries in the under fand in the previous port. Sect the dat closing balances even in case of an # # : # # 0 # 4 # : # # # # # # eTextbook and Media List of Accounts Stockholders Equity Paid in Capital Capital Stock Common Stock Common Stock Additional Pald-in Capital December 31, 2020 Textbook and Media List of Accounts $ Paid-in Capital in Excess of Par Value-Common Cash Dividends Retained Earnings Total Stockholders Equity Stock Dividends # 8 : Common Stock Dividends Distributable # Paid in Capital in Excess of Stated Value-Cone Total Paid in Capital # # # Prepare a stockholders' equity section at December 31. Enter account name only and do not provide descriptive information Pharoah Company Balance Sheet (Partial) # 1 :
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