Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 14-03A a-d On January 1, 2020, Wildhorse Corporation had the following stockholders' equity accounts. Common Stock (no par value, 89,000 shares issued and outstanding)

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Problem 14-03A a-d On January 1, 2020, Wildhorse Corporation had the following stockholders' equity accounts. Common Stock (no par value, 89,000 shares issued and outstanding) Retained Earnings $1,430,000 480,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 3-for-1 stock split. Prior to the split, the market price per share was $40. Declared a 4% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $10 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. Determined that net income for the year was $332,000. 31 Dec. 1 31 Prepare the stockholders' equity section of the balance sheet at March 31. (Enter account name only and do not provide descriptive information. Round answers to o decimal places, e.g. 5,250.) WILDHORSE CORPORATION Partial Balance Sheet March 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock 1430000.00 Retained Earnings 391000.00 Total Stockholders' Equity 1821000.00 Prepare the stockholders' equity section of the balance sheet at June 30. (Enter account name only and do not provide descriptive information. Round answers to o decimal places, e.g. 5,250.) WILDHORSE CORPORATION Partial Balance Sheet June 30, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock 1430000.00 Retained Earnings | 391000.00 Total Stockholders' Equity 1821000.00 Prepare the stockholders' equity section of the balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to o decimal places, e.g. 5,250.) WILDHORSE CORPORATION Partial Balance Sheet December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock XX Retained Earnings Total Stockholders' Equity Prepare the stockholders' equity section of the balance sheet at September 30. (Enter account name only and do not provide descriptive information. Round answers to o decimal places, e.g. 5,250.) WILDHORSE CORPORATION Partial Balance Sheet September 30, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock 1430000.00 TRetained Earnings Total 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 A Complete Guide Practical Tools For Self Assessment

Authors: Gerardus Blokdyk

1st Edition

0655424571, 978-0655424574

More Books

Students also viewed these Accounting questions