Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

just missing the blanks! OnPoint Corporotion ieports the following components of stockholders' eaury on January 1 pale-in capltal in excess of par walue, coenen stoch

just missing the blanks!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
OnPoint Corporotion ieports the following components of stockholders' eaury on January 1 pale-in capltal in excess of par walue, coenen stoch Retained earnines fotel stochholaers' equity During the year, The followhog tainactions affected its stockholders' equity occounts. banuary 2 hinchased s, ean shares of its eas stock at 131 cash pee share. february at pald the dividend declared on 3 mairy 5 . Suly o sold 2,560 of its tremury shares at siz can per share. tenut iz sold 2, see of its treasury shares at in can per share. october in Fald the dividend deciared on septenters. Answer is net complete. entries. If ne journal entry is required. select "He joumal entry required" in the first input box. During the year, the following transactions affected its stockhoiders' equity accounts. 3anuary 2 punchased 5 , ges shares of its own stock at $23 cash per share. January 5 pirectons dectared a $2 pen share cash dividend payable on February 28 to the February 5 stockholders of recor February 28 paid the dividend declared on January 5. july 6 i sold 2,500 of its tressury shares at $27 cash per share. Auguse 22 , sold 2,560 of its treasury shares at 519 cash per share. september 5 oirectors declared a $2 per share cash dividend payable on October 28 to the 5eptember25 stockholders of recor October 28 paid the dividend declared on septenber 5. becenber 31 . Closed the $154,060 credit balance (from net incone) in the Incone Sumary account to Retained Earnings. Answer is not complete. During the year, the following transactions affected its stockholders'D equity accounts. Prepare the necessary journal entries. If no journal entry is required, select. "No journal entry required" in the first input box. GLT101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 OnPoint Corporation reports the following components of stockholders' equity on January 1 During the year, the following transactions offected its stockhoiders' eculty accounts. January 2 Punchased 5 , was thares of its Lan stock at 323 cash per stare. fepruary 28 paid the dividend deciared on January 5. Puly 6 sold 2,500 of its treasury shares at $27 cash per share. Aunust 22 Sold 2,500 of iti treasury shares at $13 cast per share. october 28 pald the dividend deciared on Septeter 5. Prepare the Statement of Retained Eamings for OnPoint Corporation for the year ended December 31. During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5 , 060 stares of 1 ts con stock at 323 cash per share. Danuary's Directors declared a 32 per share cash dividend payable on febeuary 28 to the February 5 stockholders of record. February 28 pafd the divfdend declared on 3 andary 5 . 30 y. 6 sold 2,50 of its treasury shares at $27 cash per share. iugust 22 , Sold 2,500 of its treasury thares at $19 cash per share. Soptesber 5 . Dinectors declared a $2 per share cash dividend payable on October 28 to the septenber 25 stockholders of record, october 28 Paid the dividend declared on septenber 5. becember 32 closed the $154,068 credit balance (from net incone) in the Income sumary account to lietained farnings. Prepare the stockholders equity section of OnPoint Corporation's balance sheet as of December 31 . During the year, the following transactions affected its stockholders" ecuity accounts. Janeary 2 Purchased 5 , eoe shares of its oun stock at - 523 cash per share. Februspy 28 paid the dividend decliared on 3 mathey 5. hily 6 Sold 2 , So0 of its treasury shares at $27 cash per thare. tupust 2 sold 2,500 of its treasury, shares at ils cash per share. October as paid the dividend declared on septenber 5. For each transaction, indicafe the impact on fotal stochholders' equity. Enter decreasers to equity as negative values. Verify that total Stockholders' equity as of December 3s, as calculated, agrees with the amosnt reported on the batance theet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamentals of Financial Management

Authors: Eugene F. Brigham, Joel F. Houston

12th edition

978-0324597714, 324597711, 324597703, 978-8131518571, 8131518574, 978-0324597707

Students also viewed these Accounting questions