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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare the
Post to the T account .
Transcribed Image Text:Comman Stack
Paid in Capital in Excess of Par-Commen ack
Expat
Date
Red Earnings
Cute
Cash Dividends
Date
Mack Dividend
Date
CLUDOBLES
Tabess
Date
CH
din
Explanation Ref.
Explanation f
Commen Stack Divid
Explanation
Dat
I
Dub
Debi
G
Cr
Cred
Grad
C
Balance
Belec
Balanc
100
Balance
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)
Paid-in Capital in Excess of Par-Common Stock
Retained Earnings
During the year, the following transactions occurred.
Jan, 15
Feb. 15
Apr. 15
May 15
July 1
Dec. 1
Dec. 31
$1,004,400
184,000
533,000
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.
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