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Posted on Jun 14, 2024

Problem 11-8A On January 1, 2014, Everett Corporation had these stockholders equity accounts. Common Stock ($10par value,67,000shares issued and outstanding) $670,000 Paid-in Capital in Excess

Problem 11-8A On January 1, 2014, Everett Corporation had these stockholders equity accounts.

Common Stock ($10par value,67,000shares issued and outstanding)	$670,000
Paid-in Capital in Excess of Par Value	483,400
Retained Earnings	627,600

During the year, the following transactions occurred.

Jan. 15	Declared a $0.40cash dividend per share to stockholders of record on January 31, payable February 15.
Feb.15	Paid the dividend declared in January.
Apr.15	Declared a10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16per share.
May15	Issued the shares for the stock dividend.
Dec.1	Declared a $0.70per share cash dividend to stockholders of record on December 15, payable January 10, 2015.
Dec.31	Determined that net income for the year was $383,900.

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Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31res_EAT_1350493019185_0_6886205135945414_002	Cash Dividends	26800
Dividends Payable		26800
Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31res_EAT_1350493019185_0_6886205135945414_022	Dividends Payable	26800
Cash		26800
Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31res_EAT_1350493019185_0_6886205135945414_042	Stock Dividends	107200
Common Stock Dividends Distributable		67000
Paid-in Capital in Excess of Par Value-Common Stock		40200
Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31res_EAT_1350493019185_0_6886205135945414_068	Common Stock Dividends Distributable	67000
Common Stock		67000
Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31res_EAT_1350493019185_0_6886205135945414_088	Cash Dividends	51590
Dividends Payable		51590
Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31res_EAT_1350493019185_0_6886205135945414_108	Income Summary	383900
Retained Earnings		383900
(To close net income)
Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31res_EAT_1350493019185_0_6886205135945414_127	Retained Earnings	107200
Stock Dividends		107200
(To close stock dividends)
Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31res_EAT_1350493019185_0_6886205135945414_146	Retained Earnings	78390
Cash Dividends		78390
(To close cash dividends)

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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 previous part)

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Prepare the stockholders equity section of the balance sheet at December 31.

EVERETT CORPORATION Partial Balance Sheet December 31, 2014
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capitalres_EAT_1350493019185_0_6886205135945414_489
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capitalres_EAT_1350493019185_0_6886205135945414_532
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capitalres_EAT_1350493019185_0_6886205135945414_563
Common Stock	$ 737000
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capitalres_EAT_1350493019185_0_6886205135945414_599
Paid-in Capital in Excess of Par Value-Common Stock	667800
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capitalres_EAT_1350493019185_0_6886205135945414_630	1404800
Retained Earnings	737000
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capitalres_EAT_1350493019185_0_6886205135945414_670	$ 2141800