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can some one help me with this???? Problem 11-8A (Part Level Submission) On January 1, 2017, Bridgeport Corp. had these stockholders' equity accounts. Common Stock
can some one help me with this????
Problem 11-8A (Part Level Submission) On January 1, 2017, Bridgeport Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 67,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $670,000 516,500 665,000 During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 Dec. 1 Dec. 31 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15 Paid the dividend declared in January. Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15, On April 15, the market price of the stock was $14 per shar Issued the shares for the stock dividend. Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018 Determined that net income for the year was $385,000 Date Account Titles and Explanation Debit Credit Jan. 15Cash Dividends 40200 Dividends Payable 40200 Feb. 15Dividends Payable 40200 Cash 40200 Apr. 15 #1 Stock Dividends 93800 Common Stock Dividends Distributable 67000 Paid-in Capital in Excess of Par Value-Common St 26800 May 15 Common Stock Dividends Distributable 67000 Common Stock 67000 Dec. 1 | | Cash Dividends 36850 Dividends Payable 36850 Dec. 31 # | |Income Summary 385000 Retained Earnings 385000 (To close net income) To close net income) Dec. 31Retained Earnings 93800 Stock Dividends 93800 (To close stock dividends) Dec. 31Retained Earnings 77050 Cash Dividends 77050 (To close cash dividends) Click if you would like to Show Work for this question: Open Show Work Your answer is partially correct. Try again. Enter the beginning balances and post the entries to the stockholders' equity T-accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Common Stock 1/1 Bal. 670000 5/15 670000 12/31 Bal. 737000 Retained Earnings 12/31 93800 I 1/1 Bal. 665000 12/31 385000 12/31 Bal. 879150 Paid-in Capital in Excess of Par Value 1/1 Ba 516500 4/15 26800 12/31 Bal. 543300 Cash Dividends 1/15 40200 IIT 12/31 77050 12/31 Bal. 36850 Common Stock Dividends Distributable 5/15 67000 5/15 67000 Stock Dividends 4/15 67000 IT 12/31 93800 [ 12/31 Bal. 26800 Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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