Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 100 shares of preferred stock and 2,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 June 30 Issue 2,900 additional shares of common stock for $11 per share. Issue 200 additional shares of preferred stock for $39 per share.. Declare a cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. August 1 Purchase 200 shares of common treasury stock for $8 per share.. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $10 per share.. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000; Common Stock, $2,900; Additional Paid-in Capital, $19,400; and Retained Earnings, $11,400. Net Income for the year ended December 31, 2024, Is $7,600. Required: 1. Record each of these transactions. 2. Select whether each of the following transactions Increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 4 View transaction list
Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 100 shares of preferred stock and 2,900 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 June 30 Issue 2,900 additional shares of common stock for $11 per share. Issue 200 additional shares of preferred stock for $39 per share.. Declare a cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. August 1 Purchase 200 shares of common treasury stock for $8 per share.. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $10 per share.. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000; Common Stock, $2,900; Additional Paid-in Capital, $19,400; and Retained Earnings, $11,400. Net Income for the year ended December 31, 2024, Is $7,600. Required: 1. Record each of these transactions. 2. Select whether each of the following transactions Increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 4 View transaction list
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Transcribed Image Text:1
Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 100
shares of preferred stock and 2,900 shares of common stock have been issued. The following transactions affect stockholders' equity
during 2024:
eBook
March 1
Issue 2,900 additional shares of common stock for $11 per share.
Issue 200 additional shares of preferred stock for $39 per share.
April 1
June 1
Declare a cash dividend on both common and preferred stock of $0.30 per share to all stockholders of record on June 15.
Pay the cash dividends declared on June 1.
June 30
August 1
Purchase 200 shares of common treasury stock for $8 per share.
October 1 Reissue 100 shares of treasury stock purchased on August 1 for $10 per share..
Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000;
Common Stock, $2,900; Additional Paid-In Capital, $19,400; and Retained Earnings, $11,400. Net Income for the year ended December
31, 2024, Is $7,600.
Required:
1. Record each of these transactions.
2. Select whether each of the following transactions Increases (+) or decreases (-) total assets, total liabilities, and total stockholders'
equity.
Complete this question by entering your answers in the tabs below.
Mc
Graw
Hill
Tyne here to a
Required 1
Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the
first account field.)
W
Required 2
View transaction list
Journal entry worksheet
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1
2
3
Note: Enter debits before credits.
Date
March 01, 2024
4
5
Record the issuance of 2,900 additional shares of common stock for $11 per
share.
6
General Journal
Debit
Credit
>
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