The stockholders equity accounts of Ayayai Corp. on January 1, 2017, were as follows.
Preferred Stock (6%, $100 par noncumulative, 4,000 shares authorized) $240,000
Common Stock ($3 stated value, 290,000 shares authorized 725,000
Paid-in Capital in Excess of Par ValuePreferred Stock 12,000
Paid-in Capital in Excess of Stated ValueCommon Stock 464,000
Retained Earnings678,000Treasury Stock (4,000 common shares) 32,000
During 2017, the corporation had the following transactions and events pertaining to its stockholders equity.
| | Feb. 1 issued 4,500 shares of common stock for $27,000. | | Mar. | 20 | | Purchased 1,000 additional shares of common treasury stock at $7 per share. | | Oct. | 1 | | Declared a 6% cash dividend on preferred stock, payable November 1. | | Nov. | 1 | | Paid the dividend declared on October 1. | | Dec. | 1 | | Declared a $0.40 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. | | Dec. | 31 | | Determined that net income for the year was $275,000. Paid the dividend declared on December 1. | | | | |
The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,000 shares authorized) $240,000 Common Stock ($3 stated value, 290,000 shares authorized) 725,000 Paid-in Capital in Excess of Par Value-Preferred Stock 12,000 Paid-in Capital in Excess of Stated Value-Common Stock 464,000 Retained Earnings 678,000 Treasury Stock (4.000 common shares) 32,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4.500 shares of common stock for $27,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 6% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec 1 Declared a $0,40 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Dec. 31 Determined that net income for the year was $275,000. Paid the dividend declared on December 1. Your answer is partially correct. Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when 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 answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash 27000 Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Mar. 20 Treasury Stock 7000 Cash 7000 Oct. 1 Cash Dividends 14400 Dividends Payable 14400 Nov. 1 Dividends Payable 14400 cash 14400 Dec. 1 Cash Dividends Dividends Payable Dec 31 Income Summary Retained Earnings (To record net income) Dec 31 Retained Earnings Cash Dividends (To close cash dividends) Dividends Payable Dec. 31 Cash (To record payment of cash dividends payable) e Textbook and Media List of Accounts Your answer is incorrect. Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts.(Post entries in the order of journal entries posted in the previous part.) Preferred Stock Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Your answer is incorrect. Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts.(Post entries in the order of journal entries posted in the previous part.) Preferred Stock Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Cash Dividends Treasury Stock e Textbook and Media List of Accounts . Your answer is incorrect. Prepare the stockholders' equity section of the balance sheet at December 31, 2017 AYAYAI CORP. Partial Balance Sheet For the Month Ended December 31, 2017 Your answer is incorrect. Prepare the stockholders' equity section of the balance sheet at December 31, 2017 AYAYAI CORP. Partial Balance Sheet For the Month Ended December 31, 2017 e Textbook and Media List of Accounts * Your answer is incorrect. Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Round earning per share to 2 decimal places, eg. $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio Earnings per share Return on common stockholders' equity
