Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can you please include the work notes and the figures:) thank you! Alex Corporation reports the following components of stockholders' equity at December 31 of
can you please include the work notes and the figures:) thank you!
Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year Common stock-$25 par value, 50, eee shares authorized, 38,000 shares issued and outstanding $ 750,000 Paid-in capital in excess of par value, connon stock 50,000 Retained earnings 340,000 Total stockholders' equity $ 1,140,000 During the current year, the following transactions affected its stockholders' equity accounts January 2 Purchased 3,000 shares of its own stock at $25 cash per share. January? Directors declared a 31.50 per share cash dividend payable on February 23 to the February stockholders of record, February 28 Paid the dividend declared on January 7. Joly Sold 1,200 of its treasury shares at 530 cash per share August 27 Sold 1.500 of its treasury shares at 521 cash per share. September Directors declared a 52 per share cash dividend payable on October 22 to the September 23 stockholders of record October 22 Paid the dividend declared on September . December 11 closed the 352,0 credit balance (fron net income in the income Summary account to Retained tarnings Required: 1. Prepare journal entries to record each of these transactions 2. Prepare a statement of retained earnings for the current year ended December 31 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year, Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Prepare journal entries to record each of these transactions View transaction ist Required: 1. Prepare Journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the current year ended December 31. (Amounts to be deducted should be indicated by a minus sign.) ALEX CORPORATION Statement of Retained Earnings For Current Year Ended December 31 Udidice (TUNEL 4 Le Sary LLULL RELL ca. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. (Amounts to be deducted should be indicated by a minus sign.) ALEX CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total stockholders equity $ 0 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started