TB PR Qu. 10-180 (Algo) Sweet Sixteen has two classes of stock authorized:... 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 2,600 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 Issue 2,600 additional shares of common stock for $14 per share. Issue 200 additional shares of preferred stock for $36 per share. Declare a cash dividend on both common and preferred stock of $0.45 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 $11 per share. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $13 per share. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000; Common Stock, $2,600; Additional Paid-in Capital, $19,100; and Retained Earnings, $11,100. Net income for the year ended December 31, 2024, is $7,450. 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.
TB PR Qu. 10-180 (Algo) Sweet Sixteen has two classes of stock authorized:... 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 2,600 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 Issue 2,600 additional shares of common stock for $14 per share. Issue 200 additional shares of preferred stock for $36 per share. Declare a cash dividend on both common and preferred stock of $0.45 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 $11 per share. October 1 Reissue 100 shares of treasury stock purchased on August 1 for $13 per share. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000; Common Stock, $2,600; Additional Paid-in Capital, $19,100; and Retained Earnings, $11,100. Net income for the year ended December 31, 2024, is $7,450. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:TB PR Qu. 10-180 (Algo) Sweet Sixteen has two classes of stock authorized:...
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 2,600 shares of common stock have been issued. The following transactions affect stockholders' equity
during 2024:
March 1
Issue 2,600 additional shares of common stock for $14 per share.
April 1 Issue 200 additional shares of preferred stock for $36 per share.
June 1
Declare a cash dividend on both common and preferred stock of $0.45 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 $11 per share.
October 1 Reissue 100 shares of treasury stock purchased on August 1 for $13 per share.
Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,000;
Common Stock, $2,600; Additional Paid-in Capital, $19,100; and Retained Earnings, $11,100. Net income for the year ended December
31, 2024, is $7,450.
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.
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