Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balances in the following accounts are as of December 31, 20XX for Shasta Mfg, Inc. Common Stock-$10 Par Value; 200,000 Paid-In Capital in

image text in transcribedimage text in transcribedimage text in transcribed

The balances in the following accounts are as of December 31, 20XX for Shasta Mfg, Inc. Common Stock-$10 Par Value; 200,000 Paid-In Capital in shares authorized, 22,000 shares issued Excess of Par-Common and outstanding 220,000 360,000 Retained Earnings 163,000 During 20XX, Shasta completed the following transactions related to stockholders' equity: 6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/sha 15-Feb: Distributed the stock dividend 29-Jul: Purchased 2,000 shares of treasury stock at $25 per share 27-Nov: Declared a cash dividend of $0.20 per share Instructions 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.). 2. Prepare a retained earnings statement for the year ended December 31, 20XX. Net income for the year was $87,000. All construction was completed on October 31. Prepare the year-end journal entry to record depreciation expense assuming no depreciation has been recorded yet. 3. Prepare the stockholders' equity section of the balance sheet at December 31, 20XX. Part 2: Prepare Retained Earnings Statement year end Dec. 31, 20XX Choose from the following list to use for the statement. Cash dividends declared Net income for the year Retained Earnings, December 31, 20XX Retained Earnings, January 1, 20XX Stock dividends declared Subtotal Shasta Mfg, Inc. Statement of Retained Earnings Year Ended December 31, 20XX Part 3: Prepare the stockholders' equity section of balance sheet at Dec. 31, 20XX Choose from the following list to use for the statement. Common Stock-$10 Par Value Paid-In Capital Paid-In Capital in Excess of Par-Common Retained Earnings Shares at cost Shares authorized Shares issued Shares outstanding Total Paid-In Capital Total Stockholders' Equity Treasury Stock-Common Stockholders' Equity Shasta Mfg, Inc. Balance Sheet (Partial) As of December 31, 20XX

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

College Accounting

Authors: Heintz and Parry

20th Edition

1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192

More Books

Students also viewed these Accounting questions

Question

=+How sensitive is Pats decision?

Answered: 1 week ago

Question

Describe the various perceptions of change.

Answered: 1 week ago

Question

Define psychoeducation.

Answered: 1 week ago