W16-4 The following are selected transactions that may affect stockholders' equity. 1. Recorded accrued interest earned on a note receivable. 2. Declared and distributed a stock split. 3. Declared a cash dividend. 4. Recorded a retained earnings restriction. 5. Recorded the expiration of insurance coverage that was previously recorded as prepaid insurance. 6. Paid the cash dividend declared in item 3 above. 7. Recorded accrued interest expense on a note payable. 8. Declared a stock dividend. 9. Distributed the stock dividend declared in item 8. 10. Issued additional shares at par value for cash. Instructions: In the following table, indicate the effect each of the ten transactions has on the financial statement elements listed. Use the following code: |= Increase; D = Decrease; NE = No effect. Number Assets Liabilities Stockholders' Paid-in Retained Net Equity Capital Earning Income 1 3.

W16-4 The following are selected transactions that may affect stockholders' equity. 1. Recorded accrued interest earned on a note receivable. 2. Declared and distributed a stock split. 3. Declared a cash dividend. 4. Recorded a retained earnings restriction. 5. Recorded the expiration of insurance coverage that was previously recorded as prepaid insurance. 6. Paid the cash dividend declared in item 3 above. 7. Recorded accrued interest expense on a note payable. 8. Declared a stock dividend. 9. Distributed the stock dividend declared in item 8. 10. Issued additional shares at par value for cash. Instructions: In the following table, indicate the effect each of the ten transactions has on the financial statement elements listed. Use the following code: |= Increase; D = Decrease; NE = No effect. Number Assets Liabilities Stockholders' Paid-in Retained Net Equity Capital Earning Income 1 3.

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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