Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2022, Blue Spruce Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 76,500 shares issued and outstanding) $765,000 Paid-in Capital

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On January 1, 2022, Blue Spruce Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 76,500 shares issued and outstanding) $765,000 Paid-in Capital in Excess of Par Value 491,500 Retained Earnings 621,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock wa $14 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Dec. 31 Determined that net income for the year was $373,000. 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 previc part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Common Stock 1/1 Bal. 765,000 5/15 76,500 12/31 Bal. 841,500 Retained Earnings 107100 12/31 1/1 Bal. 621.000 45900 373000 12/31 12/31 782095 Paid-in Capital in Excess of Par Value 491500 11B 30600 4/15 Paid-in Capital in Excess of Par Value 1/1 Bal. 491500 4/15 30600 12/31 Bal. 522100 Cash Dividends 1/15 45900 5/15 45900 12/1 58905 12/1 58905 12/31 Bal. Common Stock Dividends Distributable 5/15 76500 4/15 76500 12/31 Bal. Stock Dividends 4/15 107100 107100 12/31 12/31 Bal. Prepare the stockholders' equity section of the balance sheet at December 31. BLUE SPRUCE CORP. Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Retained Earnings Total Stockholders' Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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

Audit Of The Safety Of Electrical Installations

Authors: Papa Samba Agne

1st Edition

6205799308, 978-6205799307

More Books

Students also viewed these Accounting questions

Question

Locate the centroid y of the area. 16 ft -y = (4-x) 4 ft- T 4 ft +

Answered: 1 week ago