Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you please make the statement of change in equity as well... ne balance sheet for Stake Technology Inc. reported the following components of equity
Can you please make the statement of change in equity as well...
ne balance sheet for Stake Technology Inc. reported the following components of equity on December 31, 2014 Common shares, unlimited shares authorized, 20,000 shares issued and outstanding $460,300 Retained earnings 270,700 Total equity $731,000 2015, Stake Technology Inc. had the following transactions affecting shareholders and the equity accounts: January 15 The directors declared a $5 per share cash dividend payable on February 28 to the February 15 shareholders of record February 28 Paid the dividend declared on January 15. July 8 Sold 732 common shares at $45 per share. August 19 Sold 1,242 common shares at $30 per share. September 15 The directors declared a $5 per share cash dividend payable on October 28 to the October 15 shareholders of record October 28 Paid the dividend declared on September 15, December 31 Closed the $434,300 credit balance in the Income Summary account. December 31 Closed the Cash Dividends account. a) Prepare journal entries to record the transactions and closings for 2015. Enter an appropriate description when entering the transactions in the joumal Dates must be entered in the format dd/mmm (ie. Ja 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and for decrease. For example, if an account decreases equity choose 21C Mostly clouStep 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