Question
Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit
Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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 0 for the amounts.)
Enter the beginning balances and post the entries to the stockholders equity T-accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.)
Kindly show work. Greatly appreciate it
Problem 11-08A On January 1, 2022, Swifty Corporation had these stockholders' equity accounts. Common Stock ($10 par value, 75,500 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $755,000 490,500 611,000 During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 Dec. 1 Dec. 31 Declared a $0.40 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. Issued the shares for the stock dividend. Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $371,000. Date Account Titles and Explanation Debit Credit (To close net income) (To close stock dividends) (To close cash dividends) Common Stock Retained Earnings Paid-in Capital in Excess of Par Value Cash Dividends Common Stock Dividends Distributable Stock Dividends Prepare the stockholders' equity section of the balance sheet at December 31. SWIFTY CORPORATION Partial Balance Sheet Calculate the payout ratio and return on common stockholders' equity. (Round answers to 1 decimal place, e.g. 12.5%) Payout ratio Return on common stockholders' equity Click if you would like to Show Work for this question: Open Show Work
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