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P13-41A Journalizing stock issuance and cash dividends and preparing the stockholders' equity section of the balance sheet D-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of 8%, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, D-Mobile completed the following transactions: Issued 19,000 shares of common stock for a building with a market value of $240,000. Oct. 2 Issued 600 shares of preferred stock for $140 per share. 9. Issued 11,000 shares of common stock for cash of $55,000. Declared a $19,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. 10 25 Paid the cash dividend. Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of D-Mobile's balance sheet at October 31, 2018. Assume D-Mobile's net income for the month was $94,000.

P13-41A Journalizing stock issuance and cash dividends and preparing the stockholders' equity section of the balance sheet D-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of 8%, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, D-Mobile completed the following transactions: Issued 19,000 shares of common stock for a building with a market value of $240,000. Oct. 2 Issued 600 shares of preferred stock for $140 per share. 9. Issued 11,000 shares of common stock for cash of $55,000. Declared a $19,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. 10 25 Paid the cash dividend. Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of D-Mobile's balance sheet at October 31, 2018. Assume D-Mobile's net income for the month was $94,000.

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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Question 41.
Stockholders' Equity P13-41A Journalizing stock issuance and cash dividends and preparing the stockholders' equity section of the balance sheet Learning Objectives 2, 4 2. Total Stockholders' Equity D-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of 8%, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, D-Mobile completed the following $454,000 transactions: Issued 19,000 shares of common stock for a building with a market value of $240,000. Oct. 2 6 Issued 600 shares of preferred stock for $140 per share. 9. Issued 11,000 shares of common stock for cash of $55,000. Declared a $19,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. 10 25 Paid the cash dividend. Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of D-Mobile's balance sheet at October 31, 2018. Assume D-Mobile's net income for the month was $94,000. P13-42A Journalizing dividends and treasury stock transactions and preparing the stockholders' equity section of the balance sheet Learning Objectives Deerborn Manufacturing Co. completed the following transactions during 2018: Nov. 8 Treasury Stock 9 Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Jan. 16 Feb. 15 Paid the cash dividends. Jun. 10 Split common stock 2-for-1. Jul. 30 Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Aug. 15 Distributed the stock dividend. Oct. 26 Purchased 1,000 shares of treasury stock at $8 per share. Nov. 8 Sold 500 shares of treasury stock for $10 per share. 20 Sold 200 chares asunı stock for $4 er share
Transcribed Image Text:Stockholders' Equity P13-41A Journalizing stock issuance and cash dividends and preparing the stockholders' equity section of the balance sheet Learning Objectives 2, 4 2. Total Stockholders' Equity D-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of 8%, $50 par value cumulative preferred stock and 160,000 shares of $4 par value common stock. During the first month, D-Mobile completed the following $454,000 transactions: Issued 19,000 shares of common stock for a building with a market value of $240,000. Oct. 2 6 Issued 600 shares of preferred stock for $140 per share. 9. Issued 11,000 shares of common stock for cash of $55,000. Declared a $19,000 cash dividend for stockholders of record on Oct. 20. Use a separate Dividends Payable account for preferred and common stock. 10 25 Paid the cash dividend. Requirements 1. Record the transactions in the general journal. 2. Prepare the stockholders' equity section of D-Mobile's balance sheet at October 31, 2018. Assume D-Mobile's net income for the month was $94,000. P13-42A Journalizing dividends and treasury stock transactions and preparing the stockholders' equity section of the balance sheet Learning Objectives Deerborn Manufacturing Co. completed the following transactions during 2018: Nov. 8 Treasury Stock 9 Declared a cash dividend on the 6%, $103 par noncumulative preferred stock (1,050 shares outstanding). Declared a $0.20 per share dividend on the 100,000 shares of $2 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Jan. 16 Feb. 15 Paid the cash dividends. Jun. 10 Split common stock 2-for-1. Jul. 30 Declared a 30% stock dividend on the common stock. The market value of the common stock was $9 per share. Aug. 15 Distributed the stock dividend. Oct. 26 Purchased 1,000 shares of treasury stock at $8 per share. Nov. 8 Sold 500 shares of treasury stock for $10 per share. 20 Sold 200 chares asunı stock for $4 er share
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