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Richetti Corporation, a publicly traded company, is authorized to issue 5 3 0 , 0 0 0 $ 4 cumulative preferred shares and an unlimited
Richetti Corporation, a publicly traded company, is authorized to issue $ cumulative preferred shares and an unlimited number of common shares. On January the general ledger contained the following shareholders' equity accounts: The following equity transactions occurred in : Jan. Issued common shares for $ Apr. Issued preferred shares for $ Repurchased and retired common shares at $ per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years. May Declared a semiannual cash dividend to the preferred shareholders of record at June payable July Aug. Issued common shares for $ Dec. The board of directors decided there were insufficient funds to declare the semiannual dividend to the preferred shareholders. Net income for the year was $ Record the above transactions, including any entries required to close dividends declared and net income. List all debit entries before credit entries. Record journal entries in the order presented in the problem. Cr account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Round average cost per share to places, eg and final answers to decimal places. Date Account Titles Debit Credit Cash Common Shares Cash Preferred Shares Closing entries: Closing entries: To close net incomeloss To close dividends.
Richetti Corporation, a publicly traded company, is authorized to issue $ cumulative preferred shares and an unlimited number of common shares. On January the general ledger contained the
following shareholders' equity accounts:
The following equity transactions occurred in :
Jan. Issued common shares for $
Apr. Issued preferred shares for $
Repurchased and retired common shares at $ per share. The balance in the Contributed Surplus account arose from the repurchase of common shares in prior years.
May Declared a semiannual cash dividend to the preferred shareholders of record at June payable July
Aug. Issued common shares for $
Dec. The board of directors decided there were insufficient funds to declare the semiannual dividend to the preferred shareholders.
Net income for the year was $ Record the above transactions, including any entries required to close dividends declared and net income. List all debit entries before credit entries. Record journal entries in the order presented in the problem. Cr
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Round average cost per share to
places, eg and final answers to decimal places.
Date
Account Titles
Debit
Credit
Cash
Common Shares
Cash
Preferred Shares Closing entries: Closing entries:
To close net incomeloss
To close dividends.
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