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On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 50,000 shares issued and outstanding) $500,000 Paid-in Capital
On January 1, 2020, Agassi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 50,000 shares issued and outstanding) $500,000 Paid-in Capital in Excess of Par-Common Stock 480,000 Retained Earnings 600,000 During 2020, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Apr. 15 Declared and paid a 10% stock dividend. The market price of the stock was $13 per share. May 15 Reacquired 1,800 common shares at a market price of $15 per share. Nov. 15 Reissued 900 shares held in treasury at a price of $18 per share. Dec. 31 Determined that net income for the year was $360,000. Journalize the above transactions. (Include entries to close net income to Retained Earnings.) (Credit account titles are automatically indented u account titles and enter O for the amounts.) Debit Credit Date Jan. 15, 2020 Account Titles and Explanation Retained Earnings 52500 Cash 52500 Apr. 15, 2020 Retained Earnings 65000 Common Stock 50000 Paid-in Capital in Excess of Par - Common Stock 15000 May 15, 2020 Treasury Stock 27000 Cash 27000 Nov. 15, 2020 Cash 16200 Treasury Stock 13500 Paid-in Capital from Treasury Stock 2700 Dec 31, 2020 Income Summary 360000 Retained Earnings 360000 Determine the ending balances for Paid-in Capital, Retained Earnings, and Stockholders' Equity. Ending balances Paid-in Capital $ 1047700 Retained Earnings $ 842500 Stockholders' Equity $ 1876700 e Textbook and Media List of Accounts ) - Your answer is partially correct. Calculate the payout ratio and the return on common stockholders' equity. (Round answers to 2 decimal places, e.g. 52.75%.) Payout ratio 32.64 % Return on common stock equity ratio 20.83
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