Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help on the statement of stockholder's equity Exercise 15-18 (Part Level Submission) Buffalo Comparry reported the following amounts in the stockholders' equity section

I need help on the statement of stockholder's equity

image text in transcribed

image text in transcribed

Exercise 15-18 (Part Level Submission) Buffalo Comparry reported the following amounts in the stockholders' equity section of its December 31, 2016, balance sheet. Preferred stock, 9%, s 100 par (10,000 shares authorized, 1,800 shares issued) 180,000 Common stock, $5 par (92,000 shares authorized, 18,400 shares issued) Additional paid-in capital Retained earnings 92,000 112,000 462,000 $846,000 Total During 2017, Buffalo took part in the following transactions concerning stockhoders' equity 1. Paid the annual 2016 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016. 2. Purchased 1,500 shares of its own outstanding common stock for $44 per share. Buffalo uses the cost method. 3. Reissued 700 treasury shares for land valued at $31,700. 4. Issued 540 shares of preferred stock at $106 per share 5. Declared a 10% stock dividend on the outstanding comon stock when the stock is selling for $43 per share. 6. Issued the stock dividend 7. Declared the annual 2017 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018. Your answer is correct. Prepare journal entries to record the transactions described above. (Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit .Dividends Payable- Preferred Stock Dividends Payable - Common Stock Cash 2. Treasury Stock Cash 3. Land Treasury Stock Paid-in Capital from Treasury Stock 4. Cash Preferred Stock Paid-in Capital in Excess of Par Preferred Stock 32 5.Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par-Common Stock 6. Common Stock Dividend Distributable Common Stock 7Retained Earmings Dividends Payable - Common Stock 387 Dividends Payable - Preferred Stock Click if you would like to Show Work for this question: Open Show Worlk

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Charles T. Horngren, Jr Harrison, Walter T.

3rd Edition

0137419848, 978-0137419845

More Books

Students also viewed these Accounting questions

Question

What is the competition?

Answered: 1 week ago

Question

What is the relative priority among the viable goals?

Answered: 1 week ago