Question
Question 5 Putting it ALL together The balance sheet of Eye Ltd. at December 31, 2016 Common shares, 200,000 shares authorized, 50,000 shares issued $750,000
Question 5 Putting it ALL together
The balance sheet of Eye Ltd. at December 31, 2016
Common shares, 200,000 shares authorized, 50,000 shares issued $750,000
and outstanding
Retained Earnings 250,000
Total Equity $1,000,000
The following happened during 2017
Apr. 29 Declared a 10 percent share dividend on the common shares. The market value of the shares was $15.00 per share. The record date was May 15th and the distribution date June 6.
Jun 6 Issued the share dividends
Jul 29 Repurchased 5,000 of the their own shares at $13.50 per share and the average issue price was $14.91
Nov 1 Sold 1,000 common shares for $16.50 per share
Nov 25 Declared a $.25 per share dividend on the common shares outstanding. The date of record is December 15th and the issue date is January 4th,2018
Dec 31 Closed the $105,000 credit balance of the Income Summary to Retained Earnings
Use the following pages to
Record the transactions in the general journal
Prepare a statement of shareholders equity at Dec 31, 2017.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started