Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 125 shares of preferred stock and 2,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 June 30 Issue 2,700 additional shares of common stock for $13 per share. Issue 175 additional shares of preferred stock for $37 per share. Declare a cash dividend on both common and preferred stock of $0.40 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. August 1 Purchase 175 shares of common treasury stock for $10 per share. October 1 Reissue 125 shares of treasury stock purchased on August 1 for $12 per share. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $2,700; Additional Paid-in Capital, $19,200; and Retained Earnings, $11,200. Net income for the year ended December 31, 2024, is $7,500. 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.) View transaction list Journal entry worksheet
Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 125 shares of preferred stock and 2,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 June 30 Issue 2,700 additional shares of common stock for $13 per share. Issue 175 additional shares of preferred stock for $37 per share. Declare a cash dividend on both common and preferred stock of $0.40 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. August 1 Purchase 175 shares of common treasury stock for $10 per share. October 1 Reissue 125 shares of treasury stock purchased on August 1 for $12 per share. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $2,700; Additional Paid-in Capital, $19,200; and Retained Earnings, $11,200. Net income for the year ended December 31, 2024, is $7,500. 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.) View transaction list Journal entry worksheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
E17.
Transcribed Image Text:Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 125
shares of preferred stock and 2,700 shares of common stock have been issued. The following transactions affect stockholders' equity
during 2024:
Issue 2,700 additional shares of common stock for $13 per share..
Issue 175 additional shares of preferred stock for $37 per share.
Declare a cash dividend on both common and preferred stock of $0.40 per share to all stockholders of record on June 15.
Pay the cash dividends declared on June 1.
June 30
August 1 Purchase 175 shares of common treasury stock for $10 per share.
October 1 Reissue 125 shares of treasury stock purchased on August 1 for $12 per share.
March 1
April 1
June 1
Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250;
Common Stock, $2,700; Additional Paid-in Capital, $19,200; and Retained Earnings, $11,200. Net income for the year ended December
31, 2024, is $7,500.
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.)
View transaction list
Journal entry worksheet
<
Record the issuance of 2,700 additional shares of common stock for $13 per
share.
Note: Enter debits before credits.
6
Date
March 01, 2024
General Journal
Debit
Credit
>
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Select whether each of the following transactions increases (+) or decreases (-) total assets, total liabilities, and total
stockholders' equity. (If none of the categories apply for a particular item, leave the cell blank.)
Transaction
Issue common stock
Issue preferred stock
Declare cash dividends
Pay cash dividends
Purchase treasury stock
Resell treasury stock
Total
Assets
Total
Liabilities
Total
Stockholders'
Equity
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