Question
The balance sheet of Heitman Management Consulting, Inc. at December 31, 2023, reported the following stockholders' equity: LOADING... (Click the icon to view the stockholders'
The balance sheet of
Heitman
Management Consulting, Inc. at December 31,
2023,
reported the following stockholders' equity:
LOADING...
(Click the icon to view the stockholders' equity section of the balance sheet.)During
2024,
Heitman
completed the following selected transactions:
Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Feb. 6: Declared a
10%
stock dividend on the common stock. The market value of
Heitman's
stock was
$21
per share.
Date | Accounts and Explanation | Debit | Credit | ||
Feb. 6 | |||||
Feb. 15: Distributed the stock dividend.
Date | Accounts and Explanation | Debit | Credit | ||
Feb. 15 | |||||
Jul. 29: Purchased
1,700
shares of treasury stock at
$21
per share.
Date | Accounts and Explanation | Debit | Credit | ||
Jul. 29 | |||||
Nov. 27: Declared a
$0.25
per share cash dividend on the common stock outstanding. (Round your answers to the nearest whole dollar.)
Date | Accounts and Explanation | Debit | Credit | ||
Nov. 27 | |||||
Requirement 2. Prepare a retained earnings statement for the year ended December 31,
2024.
Assume
Heitman's
net income for the year was
$89,000.
Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Check your spelling carefully and do not abbreviate.)
Heitman Management Consulting, Inc. | ||
Statement of Retained Earnings | ||
Year Ended December 31, 2024 | ||
Requirement 3. Prepare the stockholders' equity section of the balance sheet at December 31,
2024.
(Use parentheses or a minus sign for amounts to be subtracted.)
Heitman Management Consulting, Inc. | |||||||
Balance Sheet (Partial) | |||||||
December 31, 2024 | |||||||
Stockholders' Equity | |||||||
Paid-In Capital: | |||||||
Total Paid-In Capital | |||||||
Total Stockholders' Equity |
Paid-In Capital:
Common Stock$12 Par Value; 250,000 shares authorized, 22,000 shares issued and outstanding
$264,000
Paid-In Capital in Excess of ParCommon
350,000
Total Paid-In Capital
614,000
Retained Earnings
163,000
Total Stockholders' Equity
$777,000
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