The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $100 par noncumulative, 4,950 shares authorized) $297,000 Common Stock ($4 stated value, 321,000 shares authorized) 1,070,000 Paid-in Capital in Excess of Par Value—Preferred Stock 14,850 Paid-in Capital in Excess of Stated Value—Common Stock 513,600 Retained Earnings 686,500 Treasury Stock (4,950 common shares) 39,600 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,950 shares of common stock for $29,700. Mar. 20 Purchased 1,400 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 8% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31 Determined that net income for the year was $276,100. Paid the dividend declared on December 1. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $100 par noncumulative, 4,950 shares authorized) $297,000 Common Stock ($4 stated value, 321,000 shares authorized) 1,070,000 Paid-in Capital in Excess of Par Value—Preferred Stock 14,850 Paid-in Capital in Excess of Stated Value—Common Stock 513,600 Retained Earnings 686,500 Treasury Stock (4,950 common shares) 39,600 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,950 shares of common stock for $29,700. Mar. 20 Purchased 1,400 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 8% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31 Determined that net income for the year was $276,100. Paid the dividend declared on December 1. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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Question
The stockholders’ equity accounts of Flint Corporation on January 1, 2017, were as follows.
During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity.
$297,000 | ||
Common Stock ($4 stated value, 321,000 shares authorized) | 1,070,000 | |
Paid-in Capital in Excess of Par Value—Preferred Stock | 14,850 | |
Paid-in Capital in Excess of Stated Value—Common Stock | 513,600 | |
686,500 | ||
39,600 |
During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. | 1 | Issued 4,950 shares of common stock for $29,700. | |
Mar. | 20 | Purchased 1,400 additional shares of common treasury stock at $7 per share. | |
Oct. | 1 | Declared a 8% cash dividend on preferred stock, payable November 1. | |
Nov. | 1 | Paid the dividend declared on October 1. | |
Dec. | 1 | Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. | |
Dec. | 31 | Determined that net income for the year was $276,100. Paid the dividend declared on December 1. |
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
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choose a transaction date |
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enter a debit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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choose a transaction date |
enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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choose a transaction date |
enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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choose a transaction date |
enter an account title
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enter a debit amount
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enter a credit amount
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enter an account title
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enter a debit amount
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enter a credit amount
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choose a transaction date |
enter an account title to record the net income
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enter a debit amount
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enter a credit amount
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enter an account title to record the net income
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enter a debit amount
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enter a credit amount
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(To record net income)
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choose a transaction date |
enter an account title to close the cash dividends
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enter a debit amount
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enter a credit amount
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enter an account title to close the cash dividends
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enter a debit amount
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enter a credit amount
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(To close cash dividends)
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choose a transaction date |
enter an account title to record the payment of cash dividends payable
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enter a debit amount
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enter a credit amount
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enter an account title to record the payment of cash dividends payable
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enter a debit amount
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enter a credit amount
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(To record payment of cash dividends payable)
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