Problem 11 8A On January 1, 2017, Tacoma Corporation had these stockholders equity accounts Common Stock ($10par value,70,000shares issued and outstanding) $700,000 Paid in Capital in Excess of Par Value 500,000 Retained Earnings 620,000 During the year, the following transactions occurred Jan 15 Declared a $0 50cash 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 $14per share May 15 Issued the shares for the stock dividend Dec 1 Declared a $0 60per share cash dividend to stockholders of record on December 15, payable January 10, 2018 Dec 31 Determined that net income for the year was $400,000 Journalize the transactions (Include entries to close net income and dividends to Retained Earnings )(Record entries in the order displayed in the problem statement Credit account titles are automatically indented when amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Date Account Titles and Explanation Debit Credit Jan 15Feb 15Apr 15May 15Dec 1Dec 31 Jan 15Feb 15Apr 15May 15Dec 1Dec 31 Jan 15Feb 15Apr 15May 15Dec 1Dec 31 Jan 15Feb 15Apr 15May 15Dec 1Dec 31 Jan 15Feb 15Apr 15May 15Dec 1Dec 31 Jan 15Feb 15Apr 15May 15Dec 1Dec 31 (To close net income) Jan 15Feb 15Apr 15May 15Dec 1Dec 31 (To close stock dividends) Jan 15Feb 15Apr 15May 15Dec 1Dec 31 (To close cash dividends) 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 For accounts that have zero ending balance, the entry should be the balance date and zero for the amount ) Common Stock 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal Retained Earnings 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal Paid in Capital in Excess of Par Value 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal Cash Dividends 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal Common Stock Dividends Distributable 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal Stock Dividends 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal 1 1Bal 1 154 155 1512 112 3112 31Bal SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the stockholders equity section of the balance sheet at December 31 TACOMA CORPORATION Partial Balance Sheet For the Month Ended December 31, 2017December 31, 2017For the Year Ended December 31, 2017 Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital $ Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the payout ratio and return on common stockholders equity (Round answers to 1 decimal place, e g 12 5 ) Payout ratio Return on common stockholders equity Problem 11 31 On January 1, 2017, TBCUI'I'IB Corpomtion had these stockholders' equity,r accounts Common Stock $10 par value, 3 0,000 sharia issued and outstanding) $ 00,000 Paid in Capital in Excess of Par 1I ialue 500,000 Retained Eamlngs 620,000 Durlng the year, the following transactions occurred Jan 15 Feb 15 Apr 15 Mary 15 Der 1 Dec 31 Declared a $0 50 cash dividend per share to stockholders of record on January 31, payable Febmary 15 Paid the dividend declared in January Declared a 10 stock dividend to stockholders of record on April 30, distributable May 15 On April 15Ir the market price of the shock was $14 per share Issued the sham for the stock dividend Declared a $0 60 per share cash dividend to stockholders of record on December 15, payable January 10, 2013 Determined that net income for the year was $400,000 Jaurnalize the transactions Include entries to clase net inmme and dividends to Retained Earnings (Renard en are automatically indented when amount is entered Do not Indent manuay Ifnn entry ts required, 51 Date Account Title and Explanation Debit Credit Z I I Z Z Z Z Z Z Z Z Z Z Z Z Z E To dnse net Income) fEnter the heginnlng balances and pest the entries tn the steekhelders' equltyr T ecceunts PI zen ending t a l'am eJr the entry r sheufa' he the balance date and zere fer the ameunt Cum men Stuck 3 3 3 3 3 3 Retained Earnings 3 3 3L 3 3 3 Paid in Capital in Excess ef Far 1'alue 3 3 3 3 C3C3 Calculate the payout ratio and return on common stodd'mlders' equity Round answers to 1 decimal place, e4 12 5 mama Return an COI'I'II'I'IUI'I stuckhulders' enmity I l 96

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 28, 2024

Problem 11-8A On January 1, 2017, Tacoma Corporation had these stockholders? equity accounts. Common Stock ($10par value,70,000shares issued and outstanding) $700,000 Paid-in Capital in Excess

Problem 11-8A

On January 1, 2017, Tacoma Corporation had these stockholders? equity accounts.

Common Stock ($10par value,70,000shares issued and outstanding)	$700,000
Paid-in Capital in Excess of Par Value	500,000
Retained Earnings	620,000

During the year, the following transactions occurred.

Jan.	15	Declared a $0.50cash 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 $14per share.
May	15	Issued the shares for the stock dividend.
Dec.	1	Declared a $0.60per share cash dividend to stockholders of record on December 15, payable January 10, 2018.
Dec.	31	Determined that net income for the year was $400,000.

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.)(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31

(To close net income)

Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31

(To close stock dividends)

Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31

(To close cash dividends)

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. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.)

SHOW LIST OF ACCOUNTS

LINK TO TEXT LINK TO TEXT LINK TO TEXT

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

TACOMA CORPORATION Partial Balance Sheet For the Month Ended December 31, 2017December 31, 2017For the Year Ended December 31, 2017
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders? EquityTotal Additional Paid-in Capital
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders? EquityTotal Additional Paid-in Capital
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders? EquityTotal Additional Paid-in Capital
	$
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders? EquityTotal Additional Paid-in Capital

Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders? EquityTotal Additional Paid-in Capital

Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders? EquityTotal Additional Paid-in Capital	$

SHOW LIST OF ACCOUNTS

LINK TO TEXT LINK TO TEXT LINK TO TEXT

Calculate the payout ratio and return on common stockholders? equity.(Round answers to 1 decimal place, e.g. 12.5%.)

Payout ratio		%
Return on common stockholders? equity		%

Problem 11-31! On January 1, 2017, TBCUI'I'IB Corpomtion had these stockholders' equity,r accounts. Common Stock {$10 par value, 3"0,000 sharia issued and outstanding) $?00,000 Paid-in Capital in Excess of Par 1I.ialue 500,000 Retained Eamlngs 620,000 Durlng the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 Mary 15 Der. 1 Dec. 31 Declared a $0.50 cash dividend per share to stockholders of record on January 31, payable Febmary 15. Paid the dividend declared in January. Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15Ir the market price of the shock was $14 per share. Issued the sham for the stock dividend. Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2013. Determined that net income for the year was $400,000. Jaurnalize the transactions. [Include entries to clase net inmme and dividends to Retained Earnings.} (Renard en are automatically indented when amount is entered. Do not Indent manuay. Ifnn entry ts required, 51 Date Account Title: and Explanation Debit Credit :: Z: :: :I:I : Z: Z Z: Z Z: : Z: Z Z: : Z: Z Z: : Z: Z E: [To dnse net Income) \fEnter the heginnlng balances and pest the entries tn the steekhelders' equltyr T-ecceunts. [PI zen: ending t:a.l'am:eJr the entry:r sheufa' he the balance date and zere fer the ameunt. Cum men Stuck :3:3 :3:3 :3:3 Retained Earnings :3:3 :3L:3 :3:3 Paid-in Capital in Excess ef Far 1'alue :3:3 :3:3 C3C3 Calculate the payout ratio and return on common stodd'mlders' equity. {Round answers to 1 decimal place, e4. 12.5%.} mama :% Return an COI'I'II'I'IUI'I stuckhulders' enmity:I :l 96