Answered step by step
Verified Expert Solution
Question
1 Approved Answer
journalize the transactions and the entries for net income and dividends On January 1, 2022. Windsor, Inc had the following stockholders' equity accounts. Common Stock
journalize the transactions and the entries for net income and dividends
On January 1, 2022. Windsor, Inc had the following stockholders' equity accounts. Common Stock ($20 par value. 57.800 shares issued and outstanding) $1.156,000 Paid-in Capital in Excess of Par-Common Stock 209,000 Retained Earnings 596,000 During the year, the following transactions occurred Feb. 1 Mar. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February Announced a 2 for 1 stock split Prior to the split the market price per share was $36 Decored a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. Apr 1 July 1 31 Issued the shares for the stock dividende Dec. 1 Declared 50,00 per share dividend to stockholders of record on December 15. payable January 5.2023 31 Determined that income for the year was $310.000 . - (a) Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles 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 for the amounts) Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 173400 Dividends Payable 173400 Mar 1 Dividends Payable 173400 Cash 173400 Ap. 1 Stock Dividends Common Stock Dividends Distributable Step 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