The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: Purchased $350,000 of common stock now held in treasury. Declared cash dividends in the amount of $260,000. Paid the dividends in (b). Issued 100,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Prepare a statement of stockholders' equity, assuming the following opening balances. Net income for the current year was $270,000.

The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: Purchased $350,000 of common stock now held in treasury. Declared cash dividends in the amount of $260,000. Paid the dividends in (b). Issued 100,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Prepare a statement of stockholders' equity, assuming the following opening balances. Net income for the current year was $270,000.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Includes both state and federal taxes. Brief Exercise 15-20 Calculating the Average Common Stockholders Equity and the Return on Stockholders Equity Refer to the information for Somerville Company on the previous pages. Required: Note: Round answers to four decimal places. 1. Calculate the average common stockholders equity. 2. Calculate the return on stockholders equity.
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The annual report for Malibu Beachwear reported the following transactions affecting stockholders’equity:a. Purchased $350,000 of common stock now held in treasury.b. Declared cash dividends in the amount of $260,000.c. Paid the dividends in ( b ).d. Issued 100,000 new shares of $0.10 par value common shares for $2 per share.e. Closed the Dividends account.Required:1. Indicate the effect (increase, decrease, or no effect) of each of these transactions on totalassets, liabilities, and stockholders’ equity.2. Prepare journal entries to record each of these events.3. Prepare a statement of stockholders’ equity, assuming the following opening balances: Common Stock, $12,500; Additional Paid-In Capital, $190,000; Retained Earnings, $150,000; andTreasury Stock, $0. Net income for the current year was $270,000.
Required information [The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: a. Purchased $351,100 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,550. c. Paid the dividends in (b). d. Issued 111,000 new shares of $0.10 par value common shares for $2 per share. e. Closed the Dividends account. 2. Prepare journal entries to record each of these events. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Subject: acounting
The annual report for Malibu Beachwear reported the following transactions affecting stockholders’ equity: Purchased $351,300 of common stock now held in treasury. Declared cash dividends in the amount of $260,650. Paid the dividends in (b). Issued 113,000 new shares of $0.10 par value common shares for $2 per share. Closed the Dividends account. Required: Indicate the effect (+ for increase, − for decrease, +/− for increase/decrease) of each of these transactions on total assets, liabilities, and stockholders’ equity. (Leave cell blank if there is no effect.)
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Looking for the Less: Cash dividends declared to find the Retained earnings.. Attached the journal entries as well.
Please help me. Thankyou.
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