Austin Company reports the following components of stockholders equity on December 31, 2016 Common stock$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding $ 400,000 Paid in capital in excess of par value, common stock 60,000 Retained earnings 330,000 Total stockholders' equity $ 790,000 In year 2017, the following transactions affected its stockholders equity accounts Jan 1 Purchased 4,000 shares of its own stock at $23 cash per share Jan 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record Feb 28 Paid the dividend declared on January 5 July 6 Sold 1,500 of its treasury shares at $27 cash per share Aug 22 Sold 2,500 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 Oct 28 Paid the dividend declared on September 5 Dec 31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings Requirement General Journal General Ledger Trial Balance Statement of RE Stockholders Equity Impact on Equity General Journal tab Prepare the necessary journal entries Statement of Retained Earnings tab Prepare the Statement of Retained Earnings for the Austin Corporation for the year ended December 31, 2017 Stockholders' Equity tab Prepare the Stockholders' equity section of Austin Corporation's December 31, 2017 balance sheet Impact on Equity tab For each transaction, indicate the total change in Stockholders' Equity, if any Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab

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Posted on Sep 30, 2024

Austin Company reports the following components of stockholders equity on December 31, 2016: Common stock$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding

Austin Company reports the following components of stockholders equity on December 31, 2016:


Common stock$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding	$	400,000
Paid-in capital in excess of par value, common stock		60,000
Retained earnings		330,000
Total stockholders' equity	$	790,000

In year 2017, the following transactions affected its stockholders equity accounts.

Jan.	1	Purchased 4,000 shares of its own stock at $23 cash per share.
Jan.	5	Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.
Feb.	28	Paid the dividend declared on January 5.
July	6	Sold 1,500 of its treasury shares at $27 cash per share.
Aug.	22	Sold 2,500 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.
Oct.	28	Paid the dividend declared on September 5.
Dec.	31	Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

Requirement
General Journal
General Ledger
Trial Balance
Statement of RE
Stockholders Equity
Impact on Equity

General Journal tab - Prepare the necessary journal entries.

Statement of Retained Earnings tab - Prepare the Statement of Retained Earnings for the Austin Corporation for the year ended December 31, 2017.

Stockholders' Equity tab - Prepare the Stockholders' equity section of Austin Corporation's December 31, 2017 balance sheet.

Impact on Equity tab - For each transaction, indicate the total change in Stockholders' Equity, if any. Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab.