Question
On January 2, 2014, Geffrey Corporation had the following stockholders' equity accounts. Common stock ($26 par value, 65,000 shares issued and outstanding) $1,690,000, paid in
On January 2, 2014, Geffrey Corporation had the following stockholders' equity accounts. Common stock ($26 par value, 65,000 shares issued and outstanding) $1,690,000, paid in capital in excess of par common stock $206,300, retained earnings $584,200. During the year, the following transactions occured. Feb 1 Declared a $1 cash dividend per share to stockholders of record on February 25, payable March 1. March 1 paid the dividend declared in February. April 1 Announced a 2-for-1 stock split. Prior to the split, the markey price pershare was $39. July 1 declared a 11% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the markey price of the stock was $14 per share. 31 issued the shares for the stock dividend. Dec. 1 declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2015. Dec. 31 determined that net income for the year was $309,000. Journalize the transactions and the closig entries for net income ad dividends. Enter the beginning balances, and post the entries to the stockholders equity accounts and prepare a stockholders equity section of December 31.
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