GL1101 Based on Problem 11-2A LO C3, P2, P3Upperchurch Company reports the following components of stockholders' equity on January 1.Common stock-$10 par value, 130,000 shares authorized,5e,000 shares issued and outstandingPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equity$ 500,00075,000410,000$ 985, 000During the year, the following transactions affected its stockholders' equity accounts.2 Purchased 5,000 shares of its own stock at $23 cash per share.5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.28 Paid the dividend declared on January 5.6 Sold 1,900 of its treasury shares at $27 cash per share.Jan.Jan.Feb.JulyAug.22 Sold 3,100 of its treasury shares at $20 cash per share.Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.28 Paid the dividend declared on September 5.31 Closed the $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings.Oct.Dec.GeneralJournalStatement of StockholdersREGeneralImpact onEquityRequirementLedgerTrial BalanceEquityPrepare the stockholders' equity section of Upperchurch Corporation's balance sheet as of December 31.Dates: Jan 01to: Dec 31UPPERCHURCH CORPORATIONStockholders' Equity Section of the Balance SheetDecember 31Total contributed capitalTotal stockholders' equity< Statement of REImpact on Equity >

UPPERCHURCH CORPORATION Stockholders' Equity Section of the Balance Sheet December'31 Common…

Upperchurch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,e00 shares authorized, se,ee0 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 500,000 75,000 410,000 Total stockholders' equity $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,90e of its treasury shares at $27 cash per share. Jan. Jan. Feb. July 22 Sold 3,180 of its treasury shares at $20 cash per share. Aug. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $214,800 credit balance (from net income) in the Income Summary account to Retained Earnings.

Upperchurch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,e00 shares authorized, se,ee0 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 500,000 75,000 410,000 Total stockholders' equity $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,90e of its treasury shares at $27 cash per share. Jan. Jan. Feb. July 22 Sold 3,180 of its treasury shares at $20 cash per share. Aug. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $214,800 credit balance (from net income) in the Income Summary account to Retained Earnings.

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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