Answered step by step
Verified Expert Solution
Question
1 Approved Answer
that's a one entire question, thank you Exercise 13-24 (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alex Corporation
that's a one entire question, thank you
Exercise 13-24 (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,700 shares of its ovn stock at $25 cash per share. January 7 Directors declared a \$1.50 per nhare eash dividend payable on Pobruacy 28 to the Pebruary 9 atockholdezn of February 28 paid the dividend declared on January 7. July 9 Sold 2,480 of its treasury nhares at $30 eanh per share. Aagunt 27 sold 1,850 of itn treanury nhares at $21 canh per share. Septenber 9 Directorn declared a \$2 per ahare canh dividend payable on october 22 to the Septenber 23 ntockholdern of october 22 Faid the dividend declared on september 9. Decenber 31 cloned the $59,000 credit balance (from net income) in the Incone Surnary account to Retained Earaings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year: Complete this question by entering your answers in the tabs below. Prepare joumal entries to record each of these transactions. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare joumal entries to record each of these transactions. Journal entry worksheet Record the purchase of 3,700 shares of its own common stock for $25 cash per share. Note: Enter debles before credits. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be deducted shoul indicated by a minus sign.) 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers In the tabs below. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. (Amounts to be deducted should be indicated by a minus sign.) 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