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The stockholders' equity section of Light Corporation's balance sheet at January 1 follows: Common stock, $10 par value, 200,000 shares authorized, 35,000 shares $350,000 issued, 4,000 shares are in the treasury Additional paid-in capital In excess of par value $315,000

The stockholders' equity section of Light Corporation's balance sheet at January 1 follows: Common stock, $10 par value, 200,000 shares authorized, 35,000 shares $350,000 issued, 4,000 shares are in the treasury Additional paid-in capital In excess of par value $315,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Date Jan.08 Cash Mar.12 Cash Common Stock Paid-in-Capital in Excess of Par Value Issued shares of common stock. Jun.30 Stock Dividends Treasury Stock Paid-in-Capital from Treasury Stock Sold shares of treasury stock. Stock Dividend Distributable Paid-in-Capital in Excess of Par Value Declared stock dividend. Jul.10 Stock Dividend Distributable Dec. 18 Cash Dividends Description Oct.07 Treasury Stock Cash Purchased shares of common stock for treasury. General Journal Dividends Payable Declared cash dividend. Common Stock Issued shares of common stock declared as dividend. Balance, January 1 Common shares issued Treasury shares sold Stock Dividends Issued Treasury shares acquired Cash Dividends Declared Net Income Balance, December 31 $ $ $ $ ◆ ◆ ♦ ◆ $ ◆ Note: Use negative signs with your answers when appropriate (reduction to retained earnings, acquired treasury stock and treasury stock balances). LIGHT CORPORATION Statement of Stockholders' Equity For Year Ended December 31 Paid-in-Capital Common Paid-in-Capital from Stock in Excess of Par Treasury Stock $ $ ◆ ◆ ❤ Retained Earnings $ $ Debit 690000 $ $ Treasury Stock $ $ Credit Total 300000 390000
Transcribed Image Text:Date Jan.08 Cash Mar.12 Cash Common Stock Paid-in-Capital in Excess of Par Value Issued shares of common stock. Jun.30 Stock Dividends Treasury Stock Paid-in-Capital from Treasury Stock Sold shares of treasury stock. Stock Dividend Distributable Paid-in-Capital in Excess of Par Value Declared stock dividend. Jul.10 Stock Dividend Distributable Dec. 18 Cash Dividends Description Oct.07 Treasury Stock Cash Purchased shares of common stock for treasury. General Journal Dividends Payable Declared cash dividend. Common Stock Issued shares of common stock declared as dividend. Balance, January 1 Common shares issued Treasury shares sold Stock Dividends Issued Treasury shares acquired Cash Dividends Declared Net Income Balance, December 31 $ $ $ $ ◆ ◆ ♦ ◆ $ ◆ Note: Use negative signs with your answers when appropriate (reduction to retained earnings, acquired treasury stock and treasury stock balances). LIGHT CORPORATION Statement of Stockholders' Equity For Year Ended December 31 Paid-in-Capital Common Paid-in-Capital from Stock in Excess of Par Treasury Stock $ $ ◆ ◆ ❤ Retained Earnings $ $ Debit 690000 $ $ Treasury Stock $ $ Credit Total 300000 390000
Stockholders' Equity: Transactions and Statement The stockholders' equity section of Light Corporation's balance sheet at January 1 follows: Common stock, $10 par value, 200,000 shares authorized, 35,000 shares $350,000 issued, 4,000 shares are in the treasury Additional paid-in capital In excess of par value From treasury stock Retained earnings Less: Treasury stock (4,000 shares) at cost Total Stockholders' Equity $315,000 18,000 333,000 298,000 981,000 84,000 $897,000 The following transactions affecting stockholders' equity occurred during the year: Jan. 8 Issued 30,000 shares of previously unissued common stock for $23 cash per share. Mar. 12 Sold all of the treasury shares for $29 cash per share. June 30 Declared a six percent stock dividend on all outstanding shares of common stock. The market value of the stock was $35 per share. July 10 Issued the stock dividend declared on June 30. Oct. 7 Acquired 2,000 shares of common stock as treasury stock at $28 cash per share. Dec. 18 Declared a cash dividend of $1.20 per outstanding common share, payable on January 9 to stockholders of record on December 31.
Transcribed Image Text:Stockholders' Equity: Transactions and Statement The stockholders' equity section of Light Corporation's balance sheet at January 1 follows: Common stock, $10 par value, 200,000 shares authorized, 35,000 shares $350,000 issued, 4,000 shares are in the treasury Additional paid-in capital In excess of par value From treasury stock Retained earnings Less: Treasury stock (4,000 shares) at cost Total Stockholders' Equity $315,000 18,000 333,000 298,000 981,000 84,000 $897,000 The following transactions affecting stockholders' equity occurred during the year: Jan. 8 Issued 30,000 shares of previously unissued common stock for $23 cash per share. Mar. 12 Sold all of the treasury shares for $29 cash per share. June 30 Declared a six percent stock dividend on all outstanding shares of common stock. The market value of the stock was $35 per share. July 10 Issued the stock dividend declared on June 30. Oct. 7 Acquired 2,000 shares of common stock as treasury stock at $28 cash per share. Dec. 18 Declared a cash dividend of $1.20 per outstanding common share, payable on January 9 to stockholders of record on December 31.
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