Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During the year, the following transactions affected its stockholders equity accounts. January 2 Purchased 4,000 shares of its own stock at $23 cash per share.
During the year, the following transactions affected its stockholders equity accounts.
January 2 Purchased 4,000 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 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 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 $444,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
I need help with the (Statement of RE, Stockholders equity, Impact on equity)
January 2 Purchased 4,000 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. Jaly 6 sold 2,000 of its treasury shares at $27 cash per share. August 22 sold 2,000 of its treasury shares at $19 cash per share. Septeaber. 5 Directors declared a \$2 per share cash dividend payable on 0etober 28 to the Septeeber 25 stockholders of record. october 28 Paid the dividend declared on September 5 . December 31 closed the $444,000 eredit balance (from net inconte) in the Income Summary account to Retained Earnings. Prepare the Statement of Retained Eamings for Ontario Corporation for the year ended December 31 . January 2 Purchased 4,000 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. Jaly 6 sold 2,000 of its treasury shares at $27 cash per share. August 22 sold 2,000 of its treasury shares at $19 cash per share. Septeaber. 5 Directors declared a \$2 per share cash dividend payable on 0etober 28 to the Septeeber 25 stockholders of record. october 28 Paid the dividend declared on September 5 . December 31 closed the $444,000 eredit balance (from net inconte) in the Income Summary account to Retained Earnings. Prepare the Statement of Retained Eamings for Ontario Corporation for the year ended December 31
During the year, the following transactions affected its stockholders equity accounts.
January 2 | Purchased 4,000 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 2,000 of its treasury shares at $27 cash per share. |
August 22 | Sold 2,000 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 $444,000 credit balance (from net income) in the Income Summary account to Retained Earnings. |
I need help with the (Statement of RE, Stockholders equity, Impact on equity)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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