Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2022. Bridgeport Corp. had these stockholders'equity accounts. Common Stock ($10 par value, 66,500 shares issued and outstanding) $665.000 Pald-in Capital in Excess

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On January 1, 2022. Bridgeport Corp. had these stockholders'equity accounts. Common Stock ($10 par value, 66,500 shares issued and outstanding) $665.000 Pald-in Capital in Excess of Par Value 481,500 Retained Earnings 615,000 During the year, the following transactions occurred. Jan 15 Declared 50.40 cash dividend per share to stockholders of record on January 31, payable February 15 15 Pald 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 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 $353,000. Joumalize the transactions include entries to closene income and dividends to Retained Earnings Record entries in the order displayed in the problem statement Cred accounts are tomatically indented when amount is entered. Do not indent mo llit no entry is required select "No Entry for the account title and enter for the amounts Date Accountries and Explanation Debit Credit Jan 15 Cash Dividende Dividends Payable Common Stock Dividends Distributable May 15 Pald-in Capital in Excess of Par Value-Common Stock Common Stock Dec. 15 Cash Dividende Dividends Payable Dec. 31 Retained Earnings Stock Dividende (To close net income Dec. 31 Retained Earnings Stock Dividends to close stock dividends! Dec. 31 Retained Earning Cash Dividends (To close cash dividends) Enter the beginning balances and post the entries to the stockholders' equity Taccounts. (Post entries in the order of journal the amount.) Common Stock NE Retained Earnings 12/31 id-in Capital in Excess of Par Valu 12/3 Cash Dividends 12/31 12/31 3 Common Stock Dividends Distributable 12/31 Stock Dividends 12/31 Prepare the stockholders'equity section of the balance sheet at December 31. BRIDGEPORT CORP. Partial Balance Sheet Stockholders' Equity Paid-in Capital Capital Stock Common Stock Total Paid-in Capital Paid-in Capital in Excess of Par Value-Common Stock Total Additional Paid-in Capital Retained Earnings Total Stockholders' Equity e Textbook and Media List of Accounts Calculate the payout ratio and return on common stockholders' equity. (Round answers to 1 decimal place, eg. 12.5% Payout ratio Return on common 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

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

Auditing And Assurance Services

Authors: David Ricchiute

7th Edition

0324117760, 978-0324117769

More Books

Students also viewed these Accounting questions