Question
Choctaw Co. completed the following transactions in 2018, the first year of operation: Issued 31,000 shares of $10 par common stock for $10 per share.
Choctaw Co. completed the following transactions in 2018, the first year of operation:
- Issued 31,000 shares of $10 par common stock for $10 per share.
- Issued 4,100 shares of $20 stated value preferred stock for $20 per share.
- Purchased 2,100 shares of common stock as treasury stock for $12 per share.
- Declared a $3,100 cash dividend on preferred stock.
- Sold 800 shares of treasury stock for $14 per share.
- Paid $3,100 cash for the preferred dividend declared in Event 4.
- Earned cash revenues of $100,000 and incurred cash expenses of $52,000.
- Appropriated $9,100 of retained earnings.
Required
-
Organize the transaction in accounts under an accounting equation.
-
Prepare the stockholders equity section of the balance sheet as of December 31, 2018.
Organize the transaction in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank.)
| Choctaw Co. | ||||||||||||||||
| Accounting Equation for the Year 2018 | ||||||||||||||||
| Event | Assets | = | Liabilities | Stockholders Equity | ||||||||||||
| Cash | = | Dividens Payable | + | Preferred Stock | + | Common Stock | + | Paid-in Capital In Excess Treasury Stock | Treasury Stock | + | Retained Earnings | + | Appropriated Retained Earnings | Accounting Title Retained Earnings | ||
| 1. | not attempted | = | not attempted | + | not attempted | + | not attempted | + | not attempted | not attempted | + | not attempted | + | not attempted | not attempted | |
| 2. | not attempted | = | not attempted | + | not attempted | + | not attempted | + | not attempted | not attempted | + | not attempted | + | not attempted | not attempted | |
| 3. | not attempted | = | not attempted | + | not attempted | + | not attempted | + | not attempted | not attempted | + | not attempted | + | not attempted | not attempted | |
| 4. | not attempted | = | not attempted | + | not attempted | + | not attempted | + | not attempted | not attempted | + | not attempted | + | not attempted | not attempted | |
| 5. | not attempted | = | not attempted | + | not attempted | + | not attempted | + | not attempted | not attempted | + | not attempted | + | not attempted | not attempted | |
| 6. | not attempted | = | not attempted | + | not attempted | + | not attempted | + | not attempted | not attempted | + | not attempted | + | not attempted | not attempted | |
| 7a. | not attempted | =not attempted | not attempted | +not attempted | not attempted | +not attempted | not attempted | +not attempted | not attempted | not attempted | not attempted | +not attempted | not attempted | +not attempted | not attempted | not attempted |
| 7b. | not attempted | =not attempted | not attempted | +not attempted | not attempted | +not attempted | not attempted | +not attempted | not attempted | not attempted | not attempted | +not attempted | not attempted | +not attempted | not attempted | not attempted |
| 8. | not attempted | = | not attempted | + | not attempted | + | not attempted | + | not attempted | not attempted | + | not attempted | + | not attempted | not attempted | |
| Totals | 0 | = | 0 | + | 0 | + | 0 | + | 0 | 0 | + | 0 | + | 0 | ||
Prepare the stockholders equity section of the balance sheet as of December 31, 2018. (Negative amount should be indicated by a minus sign.)
| CHOCTAW CO. | ||
| As of December 31, 2018 | ||
| Stockholders equity | ||
| not attempted | not attempted | |
| not attempted | not attempted | |
| not attempted | not attempted | |
| not attempted | not attempted | |
| Total Paid-In Capital | $0 | |
| Retained Earnings | ||
| not attempted | not attempted | |
| not attempted | not attempted | |
| Total Retained Earnings | 0 | |
| not attempted | not attempted | |
| Total Stockholders Equity | $0 | |
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Activity Based Cost Management In Government
Authors: Gary Cokins
2nd Edition
1567261817, 978-1567261813
