Homework Help is Here – Start Your Trial Now!
Business
Accounting
Problem 11-2A (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$10 par value, 100,000 shares authorized, s0,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $20 cash per share. January 5 February 28 July 6 August 22 September 5 October 28 December 31 Required: $ 500,000 70,000 400,000 $ 970,000 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,500 of its treasury shares at $24 cash per share. Sold 2,500 of its treasury shares at $16 cash per share. Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the current year ended December 31. Note: Amounts to be deducted should be indicated by a minus sign. KOHLER CORPORATION Statement of Retained Earnings For Current Year Ended December 31 Next

Problem 11-2A (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$10 par value, 100,000 shares authorized, s0,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $20 cash per share. January 5 February 28 July 6 August 22 September 5 October 28 December 31 Required: $ 500,000 70,000 400,000 $ 970,000 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,500 of its treasury shares at $24 cash per share. Sold 2,500 of its treasury shares at $16 cash per share. Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the current year ended December 31. Note: Amounts to be deducted should be indicated by a minus sign. KOHLER CORPORATION Statement of Retained Earnings For Current Year Ended December 31 Next

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.5.2MBA
See similar textbooks
icon
Related questions
Question
Problem 11-2A (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$10 par value, 100,000 shares authorized, s0,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $20 cash per share. January 5 February 28 July 6 August 22 September 5 October 28 December 31 Required: $ 500,000 70,000 400,000 $ 970,000 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,500 of its treasury shares at $24 cash per share. Sold 2,500 of its treasury shares at $16 cash per share. Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the current year ended December 31. Note: Amounts to be deducted should be indicated by a minus sign. KOHLER CORPORATION Statement of Retained Earnings For Current Year Ended December 31 Next
Transcribed Image Text:Problem 11-2A (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$10 par value, 100,000 shares authorized, s0,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $20 cash per share. January 5 February 28 July 6 August 22 September 5 October 28 December 31 Required: $ 500,000 70,000 400,000 $ 970,000 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,500 of its treasury shares at $24 cash per share. Sold 2,500 of its treasury shares at $16 cash per share. Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the current year ended December 31. Note: Amounts to be deducted should be indicated by a minus sign. KOHLER CORPORATION Statement of Retained Earnings For Current Year Ended December 31 Next
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Accounting (Text Only)
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
SEE MORE TEXTBOOKS