Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2022, Cheyenne Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 67,000 shares issued and outstanding) $670,000 Paid-in Capital in

image text in transcribed

On January 1, 2022, Cheyenne Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 67,000 shares issued and outstanding) $670,000 Paid-in Capital in Excess of Par Value 482,000 Retained Earnings 620,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.50 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 was $13 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 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 $354,000. On January 1, 2022, Cheyenne Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 67,000 shares issued and outstanding) $670,000 Paid-in Capital in Excess of Par Value 482,000 Retained Earnings 620,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.50 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 was $13 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 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 $354,000

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

Telecom Audit

Authors: M S. Mastel

1st Edition

0071410546, 9780071410540

More Books

Students also viewed these Accounting questions

Question

2 To what extent does their relevance vary internationally?

Answered: 1 week ago

Question

8 What can HRM do to manage diversity?

Answered: 1 week ago

Question

7 How should HRM practitioners approach conflict in the workplace?

Answered: 1 week ago