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Can I get help with General journal,Statement of RE,Stockholders Equity,Impact on Equity GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Fields Company
Can I get help with General journal,Statement of RE,Stockholders Equity,Impact on Equity
GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Fields Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 150,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. $ 600,000 90,000 500,000 $ 1,190,000 January 2 Purchased 6,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 3,000 of its treasury shares at $27 cash per share. August 22 Sold 3,000 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $139,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity. Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no Journal entry is required, select "No journal entry required" in the first input box View transaction list Journal entry worksheet 1 4 5 6 2 3 7 8 Purchased 6,000 shares of its own stock at $23 cash per share. Note. Enter debits before credits Date Account Title Debit Credit January 02 nrou Next GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Fields Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 150,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600,000 90,000 500,000 $ 1,190,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders record. February 28 Paid the dividend declared on January 5. July 6 Sold 3,000 of its treasury shares at $27 cash per share. August 22 Sold 3,000 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders record. October 28 Paid the dividend declared on September 5. December 31 Closed the $139,000 credit balance (from net income) in the Income Summary account to Retained Earning General Requirement General Statement of Stockholders Impact on Trial Balance Journal Ledger RE Equity Equity Prepare the Statement of Retained Earnings for Fields Corporation for the year ended December 31. FIELDS CORPORATION Statement of Retained Earnings For Year Ended December 31 GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Fields Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 150,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600,000 90,000 500,000 $ 1,190,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 3,000 of its treasury shares at $27 cash per share. August 22 Sold 3,000 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders record. October 28 Paid the dividend declared on September 5. December 31 Closed the $139,000 credit balance (from net income) in the Income Summary account to Retained Earnings 5 to: January 01 General General Statement of seckholders Requirement Trial Balance Impact on Journal Ledger RE Equity Equity Prepare the stockholders' equity section of Fields Corporation's balance sheet as of December 31. Dates: January 01 FIELDS CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital Total stockholders' equity POLU-11 LOLLOLA CALEDS u pol VOLU, LAI SLUN Retained earnings Total stockholders' equity 0, 5ee, ea $ 1,190, ee During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 3,000 of its treasury shares at $27 cash per share. August 22 Sold 3,000 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $139,000 credit balance (from net incone) in the Income Summary account to Retained Earnings. Requirement General General Trial Balance Statement of Stockholders Journal Impact on Ledger RE Equity Equity For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on the balance sheet. Dates: January 01 to: January 01 Impact on equity Total Stockholders' Equity - January 1 January 2) Purchased 6,000 shares of its own stock at $23 cash per share. anuary 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 tockholders of record. February 28) Paid the dividend declared on anuary 5. uly 6) Sold 3,000 of its treasury shares at $27 ash per share. ugust 22) Sold 3,000 of its treasury shares at $19 ash per sharo. eptember 5) Directors declared a $2 per share ash dividend payable on October 28 to the eptember 25 stockholders of record. ctober 28) Pald the dividend declared on eptember 5. ecember 31) Closed the $139,000 credit balance om net income) in the Income Summary account Retained Earnings Step by Step Solution
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