tockholders Stockholders' Equity (December 31). Common stock-$8 par value, 120,000 shares authorized, 54,650 shares issued, 3,500 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($56,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity. The following transactions and events affected its equity during the year. January 5 Declared a $1.60 per share cash dividend, payable on January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $1.60 per share cash dividend, payable on April 10. July 5 Declared a $1.60 per share cash dividend, payable on July 10. July 31 Declared a 10% stock dividend when the stock's market value was $18 per share.. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a $1.60 per share cash dividend, date of record October 10. Requirement Generali Journal General Ledger Trial Balance Cash Dividends Stock Dividend $ 437,200 106,500 590,000 1,133,700 (56,000) $ 1,077,700 The following transactions and events affected its equity during the year. Prepare the journal entry necessary to record each event, and then agree the year-end balances with the December 31 Stockholders' Equity statement given above.
tockholders Stockholders' Equity (December 31). Common stock-$8 par value, 120,000 shares authorized, 54,650 shares issued, 3,500 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($56,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity. The following transactions and events affected its equity during the year. January 5 Declared a $1.60 per share cash dividend, payable on January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $1.60 per share cash dividend, payable on April 10. July 5 Declared a $1.60 per share cash dividend, payable on July 10. July 31 Declared a 10% stock dividend when the stock's market value was $18 per share.. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a $1.60 per share cash dividend, date of record October 10. Requirement Generali Journal General Ledger Trial Balance Cash Dividends Stock Dividend $ 437,200 106,500 590,000 1,133,700 (56,000) $ 1,077,700 The following transactions and events affected its equity during the year. Prepare the journal entry necessary to record each event, and then agree the year-end balances with the December 31 Stockholders' Equity statement given above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The equity sections for Streamline Group at the beginning of the year (January 1) and end of the year (December 31) follow.
Stockholders' Equity (January 1).
Common stock-$8 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
Stockholders Equity (December 31)
Common stock-$8 par value, 120,000 shares authorized, 54,650 shares issued, 3,500 shares in treasury
Paid-in capital in excess of par value, common stock
Retained earnings ($56,000 restricted by treasury stock)
Less cost of treasury stock
Total stockholders' equity
The following transactions and events affected its equity during the year.
January 5 Declared a $1.60 per share cash dividend, payable on January 10.
March 20 Purchased treasury stock for cash.
April 5 Declared a $1.60 per share cash dividend, payable on April 10.
July 5 Declared a $1.60 per share cash dividend, payable on July 10.
July 31 Declared a 108 stock dividend when the stock's market value was $18 per share.
August 14 Insued the stock dividend that was declared on July 31.
October 5 Declared a $1.60 per share cash dividend, date of record October 10.
General
Journal
Requirement
General
Ledger
View transaction list
Cash
Dividends
Trial Balance
The following transactions and events affected its equity during the year. Prepare the journal entry necessary to record each
event, and then agree the year-end balances with the December 31 Stockholders' Equity statement given above.
Stock Dividend
$ 400,000
60,000
330,000
$ 790,000
$ 437,200
106,500
590,000
1,133,700
(56,000)
$ 1,077,700
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