Transactions March 3 May 16 Distributed a 7% stock dividend on the 95,000 common shares outstanding. The market price of the common shares was $27 per share. Declared a cash dividend on the $10 preferred shares (1,000 shares outstanding). Paid the cash dividends. May 30 December 8 Issued 2,400 common shares for $31 per share. December 19 Issued 15,000 common shares for $30 per share.
Transactions March 3 May 16 Distributed a 7% stock dividend on the 95,000 common shares outstanding. The market price of the common shares was $27 per share. Declared a cash dividend on the $10 preferred shares (1,000 shares outstanding). Paid the cash dividends. May 30 December 8 Issued 2,400 common shares for $31 per share. December 19 Issued 15,000 common shares for $30 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
N1.
Account
Transcribed Image Text:Transactions
March 3
May 16
May 30
December 8
December 19
Distributed a 7% stock dividend on the 95,000 common shares outstanding.
The market price of the common shares was $27 per share.
Declared a cash dividend on the $10 preferred shares (1,000
shares outstanding).
Paid the cash dividends.
Issued 2,400 common shares for $31 per share.
Issued 15,000 common shares for $30 per share.
Print
Done
-
x
an
10
n
ns
Transcribed Image Text:Norman Corporation completed the following selected transactions during the current year.
(Click the icon to view the transactions.)
Requirement
Analyze each transaction in terms of its effect (in dollars) on the accounting equation of Norman Corporation.
March 3
May 16
May 30
December 8
December 19
Analyze each transaction in terms of its effect on the accounting equation of Norman Corporation. (Use parentheses
or a minus sign when subtracting numbers or when entering negative amounts. Enter an amount in each
input cell using a zero for the portion of the accounting equation not affected by the transaction.)
Assets
TU
*I*
11
Liabilities
+
+
+
+
Save
Shareholders'
Equity
A
Ac
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