Question
I'll rate this is one question two part thanks Stockholders' Equity Section of Balance Sheet The following accounts and their balances appear in the ledger
I'll rate this is one question two part thanks
Stockholders' Equity Section of Balance Sheet
The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year:
Common Stock, $15 par | $603,000 |
Paid-In Capital from Sale of Treasury Stock | 24,800 |
Paid-In Capital in Excess of ParCommon Stock | 16,080 |
Retained Earnings | 947,000 |
Treasury Stock | 12,445 |
Prepare the Stockholders Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are authorized, and 655 shares have been reacquired.
Goodale Properties Inc. | |||
Stockholders' Equity | |||
June 30, 20XX | |||
Paid-In Capital: | |||
$ | |||
$ | |||
Total Paid-In Capital | $ | ||
Total | $ | ||
Total Stockholders' Equity | $ |
*
Selected Dividend Transactions, Stock Split
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:
Journalize the transactions.
If no entry is required, type "No Entry Required" and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.
Jan. 8. Split the common stock 2 for 1 and reduced the par from $48 to $24 per share. After the split, there were 87,000 common shares outstanding.
Jan. 8 | No Entry Required | ||
No Entry Required |
Feedback
Review the effect of stock splits on equity accounts.
Apr. 30. Declared semiannual dividends of $1.6 on 6,000 shares of preferred stock and $0.14 on the common stock payable on July 1.
Apr. 30 | Cash Dividends | ||
Cash Dividends Payable |
Feedback
When a company declares a dividend it becomes legally binding.
July 1. Paid the cash dividends.
July 1 | Cash Dividends Payable | ||
Cash |
Feedback
What are the stockholders' receiving from the corporation?
Oct. 31. Declared semiannual dividends of $1.6 on the preferred stock and $0.12 on the common stock (before the stock dividend). In addition, a 2% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $43.
Cash Dividends | Cash Dividends | ||
Cash Dividends Payable | |||
Stock dividends | Stock Dividends | ||
Stock Dividends Distributable | |||
Paid-In Capital in Excess of Par-Common Stock |
Feedback
On the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity?
Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend.
Payment | Cash Dividends Payable | ||
Cash | |||
Issuance | Stock Dividends Distributable | ||
Common Stock |
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