Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 12, Problem 4R
The following selected transactions and events occurred during 2013:
- a. Issued 200 shares of
preferred stock for $20,000. - b. Sold 800 shares of
treasury stock for $2,800. - c. Declared and issued a 4% common stock dividend. The market value on the date of declaration was $5 per share.
- d. Generated a net loss for the year of $16,000.
- e. Declared and paid the full year’s dividend on all the preferred stock and a dividend of $15 per share on common stock outstanding at the end of the year.
Enter beginning balances for 2013 on STOCKEQ2. Then erase all 2012 entries and enter the transactions for 2013. Save the results as STOCKEQ4. Print the results.
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Choctaw Co. completed the following transactions in 2016, the first year of operation: 1. Issued 33,000 shares of $10 par common stock for $10 per share. 2. Issued 4,300 shares of $20 stated value preferred stock for $20 per share. 3. Purchased 2,300 shares of common stock as treasury stock for $12 per share. 4. Declared a $3,300 cash dividend on preferred stock. 5. Sold 1,000 shares of treasury stock for $14 per share. 6. Paid $3,300 cash for the preferred dividend declared in Event 4. 7. Earned cash revenues of $104,000 and incurred cash expenses of $54,000. 8. Closed revenue, expense, and dividend accounts to the retained earnings account. 9. Appropriated $9,300 of retained earnings.
On January 1, 2017, Browning Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:
Mar. 1
Issued 90,000 shares of common stock for $675,000.
June 1
Declared a cash dividend of $2.00 per share to stockholders of record on June 15.
June 30
Paid the $2.00 cash dividend.
Dec. 1
Purchased 5,000 shares of common stock for the treasury for $18 per share.
Dec. 15
Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on December 31.
Net income for 2017 amounted to $951,000.Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
FV Company earned net income of $75,000 during the year ended December 31, 2012. On December 15, FV declared the annual cash dividend on its 5% preferred stock (par value, $115,000) and a $0.50 per share cash dividend on its common stock (55,000 shares). FV then paid the dividends on January 4, 2013.
Requirements
Journalize for FV:
Declaring the cash dividends on December 15, 2012.
Paying the cash dividends on January 4, 2013.
Chapter 12 Solutions
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