On January 1, 2022, Geffrey Corporation had the following stockholders' equity accounts. Instructions a . Journalize the
Question:
On January 1, 2022, Geffrey Corporation had the following stockholders' equity accounts.
Instructions
a. Journalize the transactions and the closing entries for net income and dividends.
b. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Open additional stockholders' equity accounts as needed.)
c. Prepare a stockholders' equity section at December 31.
Transcribed Image Text:
During the year, the following transactions occurred. Apr. 1 July 1 Common Stock ($20 par value, 60,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. 31 Dec. 1 31 $1,200,000 200,000 600,000 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $13 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $350,000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
a Journalize the transactions and the closing entries for net income and dividends Feb 1 Dividend Payable 120000 Common Stock 20 par value 60000 share...View the full answer
Answered By
Hande Dereli
Enthusiastic tutor, skilled in ACT and SAT tutoring. Raised one student's score on the SATs from 1100 combined to 1400. Graduated with a 3.9 GPA from Davidson College and led a popular peer tutoring group for three years. Scored in the top 0.06% in the nation on the SATs. The real reason I'm the one to help you nail the test? Results. Clients invariably praise my ability to listen and communicate in a low-stress, fun way. I think it's that great interaction that lets me raise retest SAT scores an average of 300 points.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
Question Posted:
Students also viewed these Business questions
-
A)Journalize the transactions and the closing entries for net income and dividends B) Enter the beginning balances, and post the entries to the stockholders' equity accounts. C) Prepare a...
-
On January 1, 2017, Belgium Industries SA had the following equity accounts. Share Capital-Ordinary (4 par value, 250,000 shares issued and outstanding) Share Premium-Ordinary Retained Earnings...
-
The stockholders equity accounts of Holt Inc., at January 1, 2014, are as follows. Preferred Stock, $100 par, 7% .............. $600,000 Common Stock , $10 par ...............900,000 Paid-in Capital...
-
Provide the appropriate statute for your answer (format style - IRAC - Issue, Rule, Application and Conclusion.) what are your thought? Problem Scenario- Earnest is married to Janice. Earnest and...
-
Between 1961 and 2008, productivity in Canada rose 2.0 percent a year on average, compared with 2.3 percent in the United States and in recent years, the gap in productivity growth between the two...
-
You read in a business magazine that computer firms are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time to each of the following? (a)...
-
On September 10, 2017, the Globe Trading Company invested \($3,000,000\) to establish a small sales subsidiary in Lima, Peru. The subsidiary converted \($3,000,000\) into 10,000,000 new sols (S/) and...
-
On December 31, 2013, Main Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2014, the company made the following expenditures related to this...
-
Finance 430 Derivatives Markets. Q1 below is based on the following information and assumptions: BBB takes a Short position in 1 futures contract on Gold. The Gold futures contract has contract size...
-
Dubois Steel Corporation, as lessee, signed a lease agreement for equipment for five years, beginning January 31, 2011. Annual rental payments of $41,000 are to be made at the beginning of each lease...
-
Identify the items in Apple's financial statements that indicate Apple is not a partnership.
-
How does the liquidation of a partnership differ from the dissolution of a partnership?
-
JayZ reports outstanding debt on his balance sheet of $ 250,603. He has two options to settle the debt: He can either pay $ 650,000 at maturity in 10 years or he can make annual payments of $ 38,500...
-
2. Consider a map f: ZN being determined by: 2-1 when = (0, +) I f(x) = { -2.r when == 2 (-0,0] Prove f is a bijection, find f. Can we conclude that N < < Z?
-
A baseball hits a car, breaking its window and triggering its alarm which sounds at a frequency of 1 1 7 0 Hz . What frequency ( in Hz ) is heard by a boy on a bicycle riding away from the car at 8 ....
-
Financial results control systems have three core elements Explain more for the below core elements - Financial responsibility centers The apportioning of accountability for financial results...
-
Suppose a soccer player kicks the ball from a distance 4 8 . 7 m toward the goal at an initial direction of 3 9 . 5 degrees above the horizontal. If the ball is 3 . 9 m above the ground when it...
-
Your device draws a current of 200 mA at 100 V. How much power does the device require?
-
Subramanian Company has equipment with an original cost of $95,000 and, as at December 31, 2013, accumulated depreciation of $78,000. On January 7, 2014, Subramanian exchanges the equipment for new...
-
Information graphics, also called infographics, are wildly popular, especially in online environments. Why do you think infographics continue to receive so much attention? How could infographics be...
-
PepsiCos financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B. Requirements: (a) Based on the information contained in these...
-
Most publicly traded companies are analyzed by numerous analysts. These analysts often dont agree about a companys future prospects. In this exercise you will find analysts ratings about companies...
-
Most publicly traded companies are analyzed by numerous analysts. These analysts often dont agree about a companys future prospects. In this exercise you will find analysts ratings about companies...
-
Determine the type of variables used in any study. Sean wants to investigate the effect of temperature on the rate of a chemical reaction. What type of variable is the temperature in Sean's...
-
AP Calculus 1. The rectangular equation of the curve e parametrically given by x=1+e' and y=1+e' is: (B) y = 2- X X-1 (C) y = 2 X-1 (D) y == 1- X X-1 (A) y=x (E) None of these 2. Find the value(s) of...
-
Guilty Plea Not Guilty Plea Sent to prison 4 1 6 6 8 Not sent to prison 5 4 3 1 3 attorney defending a guilty defendant, would these results suggest that you should encourage a guilty plea? Click the...
Study smarter with the SolutionInn App