GL1101 (Algo) - Based on Problem 11- Delray Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $259,500 credit balance (from net income) in the Income Summary account to Retained Earnings.
GL1101 (Algo) - Based on Problem 11- Delray Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $259,500 credit balance (from net income) in the Income Summary account to Retained Earnings.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3
Delray Company reports the following components of stockholders' equity on January 1.
Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
During the year, the following transactions affected its stockholders' equity accounts.
January 2 Purchased 5,000 shares of its own stock at $23 cash per share.
January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of
record.
February 28 Paid the dividend declared on January 5.
July 6 Sold 2,500 of its treasury shares at $27 cash per share.
August 22 Sold 2,500 of its treasury shares at $19 cash per share.
September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of
record.
October 28 Paid the dividend declared on September 5.
December 31 Closed the $259,500 credit balance (from net income) in the Income Summary account to Retained Earnings.
Requirement
General
Journal
General
Ledger
Prepare the stockholders' equity section of Delray Corporation's balance sheet as of December 31.
Dates: January 01
DELRAY CORPORATION
Stockholders' Equity Section of the Balance Sheet
December 31
Total contributed capital
Trial Balance
Total stockholders' equity
$
Statement of
RE
< Statement of RE
Stockholders
Equity
$ 500,000
75,000
410,000
$ 985,000
Impact on
Equity
Impact on Equity >
to: January 01](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3881c1a6-f287-42d9-8e45-c704abc4145f%2F068b51d8-26f2-4419-a7b3-2f5310fa6d49%2Fzkbwv6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3
Delray Company reports the following components of stockholders' equity on January 1.
Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding
Paid-in capital in excess of par value, common stock
Retained earnings
Total stockholders' equity
During the year, the following transactions affected its stockholders' equity accounts.
January 2 Purchased 5,000 shares of its own stock at $23 cash per share.
January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of
record.
February 28 Paid the dividend declared on January 5.
July 6 Sold 2,500 of its treasury shares at $27 cash per share.
August 22 Sold 2,500 of its treasury shares at $19 cash per share.
September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of
record.
October 28 Paid the dividend declared on September 5.
December 31 Closed the $259,500 credit balance (from net income) in the Income Summary account to Retained Earnings.
Requirement
General
Journal
General
Ledger
Prepare the stockholders' equity section of Delray Corporation's balance sheet as of December 31.
Dates: January 01
DELRAY CORPORATION
Stockholders' Equity Section of the Balance Sheet
December 31
Total contributed capital
Trial Balance
Total stockholders' equity
$
Statement of
RE
< Statement of RE
Stockholders
Equity
$ 500,000
75,000
410,000
$ 985,000
Impact on
Equity
Impact on Equity >
to: January 01
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