Financial Accounting
9th Edition
ISBN: 9781259222139
Author: Robert Libby, Patricia Libby, Frank Hodge Ch
Publisher: McGraw-Hill Education
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Chapter 11, Problem 11.12P
Requirement – 1
To determine
Prepare the closing entries for each of the separate cases at December 31.
Requirement – 2
To determine
Prepare the equity section of
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At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following:
BARNARD CORPORATIONBalance SheetAt December 31, Prior Year
Stockholders’ equity
Contributed capital
Common stock (par $10; 5,100 shares)
$ 51,000
Paid-in capital
18,000
Total contributed capital
69,000
Retained earnings
42,000
Total stockholders’ equity
$ 111,000
During the current year, the following selected transactions (summarized) were completed:
Sold and issued 1,800 shares of common stock at $24 cash per share (at year-end).
Determined net income, $48,000.
Declared and paid a cash dividend of $3 per share on the beginning shares outstanding.
Required:
Prepare a statement of stockholders’ equity for the year ended December 31, current year.
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following:
BARNARD CORPORATION
Balance Sheet
At December 31, Prior Year
Stockholders' equity
Contributed capital
Common stock (par $10; 5,100 shares)
Paid-in capital
Total contributed capital
Retained earnings
Total stockholders' equity
$ 51,000
13,000
64,000
49,000
$ 113,000
During the current year, the following selected transactions (summarized) were completed:
a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end).
b. Determined net income, $53,000.
c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding.
Required:
Prepare a statement of stockholders' equity for the year ended December 31, current year.
BARNARD CORPORATION
Statement of Stockholders' Equity
Common Stock
Shares
Amount
Paid-in
Capital
Retained
Earnings
Total
Stockholders'
Equity
Balances as of December 31, prior year
Balances as of December 31, current year
On April 15 of this year, the board of directors for Jedi Company declared a cash dividend of 62 cents per share payable to
stockholders of record on May 20. The dividends will be paid on June 14. The company has 109,000 shares of stock outstanding.
Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
View transaction list
Journal entry worksheet
>
Record the appropriate journal entry on April 15 related to the cash dividend.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
April 15
Record entry
Clear entry
View general journal
Chapter 11 Solutions
Financial Accounting
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Explain each of the following terms: (a)...Ch. 11 - Differentiate between common stock and preferred...Ch. 11 - Explain the distinction between par value and...Ch. 11 - Define additional paid-in capital.Ch. 11 - Prob. 7QCh. 11 - Define treasury stock. Why do corporations acquire...Ch. 11 - How is treasury stock reported on the balance...Ch. 11 - What are the two basic requirements to support the...
Ch. 11 - Prob. 11QCh. 11 - Prob. 12QCh. 11 - Prob. 13QCh. 11 - Prob. 14QCh. 11 - Prob. 15QCh. 11 - Katz Corporation has issued 400,000 shares of...Ch. 11 - Prob. 2MCQCh. 11 - Which of the following statements about stock...Ch. 11 - Prob. 4MCQCh. 11 - Prob. 5MCQCh. 11 - Prob. 6MCQCh. 11 - Prob. 7MCQCh. 11 - Which statement regarding dividends is false? a....Ch. 11 - Prob. 9MCQCh. 11 - Prob. 10MCQCh. 11 - Sources of Equity and Retained Earnings LO11-1...Ch. 11 - Computing the Number of Unissued Shares The...Ch. 11 - Earnings per Share Ratio How is the earnings per...Ch. 11 - Recording the Sale of Common Stock To expand...Ch. 11 - Prob. 11.5MECh. 11 - Determining the Effects of Treasury Stock...Ch. 11 - Determining the Amount of a Dividend Cole Company...Ch. 11 - Prob. 11.8MECh. 11 - Dividend Yield Ratio How is the dividend yield...Ch. 11 - Prob. 11.10MECh. 11 - Prob. 11.11MECh. 11 - Computing Shares Outstanding In a recent annual...Ch. 11 - Computing Number of Shares The charter of Vista...Ch. 11 - Prob. 11.3ECh. 11 - Reporting Stockholders Equity The financial...Ch. 11 - Reporting Stockholders Equity and Determining...Ch. 11 - Finding Amounts Missing from the Stockholders...Ch. 11 - Prob. 11.7ECh. 11 - Reporting Stockholders Equity Ruths Chris...Ch. 11 - Determining the Effects of Transactions on...Ch. 11 - Prob. 11.10ECh. 11 - Prob. 11.11ECh. 11 - Prob. 11.12ECh. 11 - Prob. 11.13ECh. 11 - Preparing the Stockholders Equity Section of the...Ch. 11 - Recording and Analyzing Treasury Stock...Ch. 11 - Prob. 11.16ECh. 11 - Prob. 11.17ECh. 11 - Computing Dividends on Preferred Stock and...Ch. 11 - Prob. 11.19ECh. 11 - Prob. 11.20ECh. 11 - Prob. 11.21ECh. 11 - Prob. 11.22ECh. 11 - Prob. 11.23ECh. 11 - Prob. 11.24ECh. 11 - Prob. 11.25ECh. 11 - Finding Missing Amounts At the end of the year,...Ch. 11 - Preparing the Stockholders Equity Section of the...Ch. 11 - Recording Transactions Affecting Stockholders...Ch. 11 - Prob. 11.4PCh. 11 - Prob. 11.5PCh. 11 - Prob. 11.6PCh. 11 - Analyzing Treasury Stock Transactions Apple Inc....Ch. 11 - Comparing Stock and Cash Dividends Chicago Company...Ch. 11 - Prob. 11.9PCh. 11 - Prob. 11.10PCh. 11 - Recording and Comparing Cash Dividends, Stock...Ch. 11 - Prob. 11.12PCh. 11 - Prob. 11.1APCh. 11 - Prob. 11.2APCh. 11 - Prob. 11.3APCh. 11 - Prob. 11.4APCh. 11 - Recording and Reporting Stockholders Equity...Ch. 11 - Case A: The charter for Rogers, Incorporated,...Ch. 11 - Prob. 1BCOMPCh. 11 - Prob. 1CCOMPCh. 11 - Prob. 1DCOMPCh. 11 - Prob. 11.1CPCh. 11 - Prob. 11.2CPCh. 11 - Prob. 11.3CPCh. 11 - Computing Dividends for an Actual Company A recent...Ch. 11 - Prob. 11.5CPCh. 11 - Prob. 11.6CP
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