This is only one question
Prepare T accounts for the following
Paid-In Capital Sale of Treasury Stocks; Stocks, Dividends Distributable; Stock Dividends, Cash Dividends.
600 Chapter 12 Corporations: Organization, Stock Transactions, and Dividends Instructions 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; S Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accou 3. Prepare a retained earnings statement for the year ended December 31, 20Y 4. Prepare the Stockholders' Equity section of the December 31, 20Y1, balance sheet. PR 12-5B Entries for selected corporate transactions Obj. 2, 3, Sept. 1, Cash West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing. Sele dividends, $95,200 transactions completed by West Yellowstone Outfitters during the current fiscal year are i follows: Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding. GENERAL LEDGER Mar. Declared semiannual dividends of $0.25 on 100,000 shares of preferred stock and $0.07 on the 800 shares of $30 par common stock to stockholders of record on March 31, payable on April 30. Apr. 30. Paid the cash dividends. May 31. Purchased 60,000 shares of the corporation's own common stock at $32, recording the stock at cost. Aug. 17. Sold 40,000 shares of treasury stock at $38, receiving cash. Sept. Declared semiannual dividends of $0.25 on the preferred stock and $0.09 on the common stock (befo the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at Oct. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Instructions Journalize the transactions. Comprehensive Problem 4 C.Total assets, Selected transactions completed by Equinox Products Inc. during the fiscal year ended D 13,500,000 31, 20Y8, were as follows A B. C. D. Issued 15,000 shares of $20 par common stock at $30, receiving cash. issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. issued $500,000 of 1 ear, 5% bonds at 104, with interest payable semiannually. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Paid the cash dividends declared in (D). Purchased 8,000 shares of treasury common stock at $33 per share. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares preferred stock had been issued. Paid the cash dividends to the preferred stockholders. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (F). Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the for six months. The amortization is determined using the straight-line method. GENERAL LEDGER E. F. G. H. I. J. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted in ing the transactions recorded in part (1) and all adjusting entriesl, the data that follow taken from the records of Equinox Products Inc. Chapter 12 Corporations: Organization, Stock Transactions, and Dividends Income statement data: Advertising expense Cost of goods sold Delivery expense 150,000 3,700,000 Depreciation expense-store buildings and equipment Income tax expense Interest expense Interest revenue Miscellaneous administrative expense Miscellaneous selling expense Office rent expense Office salaries expense Office supplies expense 100,000 140,500 21,000 7,500 14,000 170,000 10,000 5,313,000 185,000 385,000 21,000 Sales commissions Sales salaries expense Store supplies expense Retained earnings and balance sheet data: Accounts payable Accounts recelvable Accumulated depreciation-office buildings and equipment Accumulated depreciation store buildings and equipment Allowance for doubtful accounts Bonds payable, 5%, due in 10 years $194300 545,000 1,580,000 4,126,000 8,450 500,000 Common stock, $20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) Cash dividends for common stock 155,120 100,000 Cash dividends for preferred stock Income tax payable Interest receivable Inventory (December 31, 20Y8), at lower of cost (FIFO) or market Office buildings and equipment Paid-in capital from sale of treasury stock Excess of issue price over par-comon stock Excess of issue price over par-preferred s Preferred 5% stock, $80 par (30,000 shares authorized; 1,200 13,000 tock 150,000 20,000 shares issued) Premium on bonds payable Prepaid expenses Retained earnings, January 1, 20Y8 Store buildings and equipment Treasury stock (5,400 shares of common stock at cost of 1,600,000 19,000 27,400 8,197,220 12,560,000 $33 pershare) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8 B. Prepare a retaincd earnings statement for the year ended December 31, 20Y8 C. Prepare a balance sheet in report form as of December 31, 20Y8. 600 Chapter 12 Corporations: Organization, Stock Transactions, and Dividends Instructions 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; S Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accou 3. Prepare a retained earnings statement for the year ended December 31, 20Y 4. Prepare the Stockholders' Equity section of the December 31, 20Y1, balance sheet. PR 12-5B Entries for selected corporate transactions Obj. 2, 3, Sept. 1, Cash West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing. Sele dividends, $95,200 transactions completed by West Yellowstone Outfitters during the current fiscal year are i follows: Jan. 15. Split the common stock 4 for 1 and reduced the par from $120 to $30 per share. After the split, there were 800,000 common shares outstanding. GENERAL LEDGER Mar. Declared semiannual dividends of $0.25 on 100,000 shares of preferred stock and $0.07 on the 800 shares of $30 par common stock to stockholders of record on March 31, payable on April 30. Apr. 30. Paid the cash dividends. May 31. Purchased 60,000 shares of the corporation's own common stock at $32, recording the stock at cost. Aug. 17. Sold 40,000 shares of treasury stock at $38, receiving cash. Sept. Declared semiannual dividends of $0.25 on the preferred stock and $0.09 on the common stock (befo the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at Oct. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Instructions Journalize the transactions. Comprehensive Problem 4 C.Total assets, Selected transactions completed by Equinox Products Inc. during the fiscal year ended D 13,500,000 31, 20Y8, were as follows A B. C. D. Issued 15,000 shares of $20 par common stock at $30, receiving cash. issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. issued $500,000 of 1 ear, 5% bonds at 104, with interest payable semiannually. Declared a quarterly dividend of $0.50 per share on common stock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. Paid the cash dividends declared in (D). Purchased 8,000 shares of treasury common stock at $33 per share. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares preferred stock had been issued. Paid the cash dividends to the preferred stockholders. Sold, at $38 per share, 2,600 shares of treasury common stock purchased in (F). Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the for six months. The amortization is determined using the straight-line method. GENERAL LEDGER E. F. G. H. I. J. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted in ing the transactions recorded in part (1) and all adjusting entriesl, the data that follow taken from the records of Equinox Products Inc. Chapter 12 Corporations: Organization, Stock Transactions, and Dividends Income statement data: Advertising expense Cost of goods sold Delivery expense 150,000 3,700,000 Depreciation expense-store buildings and equipment Income tax expense Interest expense Interest revenue Miscellaneous administrative expense Miscellaneous selling expense Office rent expense Office salaries expense Office supplies expense 100,000 140,500 21,000 7,500 14,000 170,000 10,000 5,313,000 185,000 385,000 21,000 Sales commissions Sales salaries expense Store supplies expense Retained earnings and balance sheet data: Accounts payable Accounts recelvable Accumulated depreciation-office buildings and equipment Accumulated depreciation store buildings and equipment Allowance for doubtful accounts Bonds payable, 5%, due in 10 years $194300 545,000 1,580,000 4,126,000 8,450 500,000 Common stock, $20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) Cash dividends for common stock 155,120 100,000 Cash dividends for preferred stock Income tax payable Interest receivable Inventory (December 31, 20Y8), at lower of cost (FIFO) or market Office buildings and equipment Paid-in capital from sale of treasury stock Excess of issue price over par-comon stock Excess of issue price over par-preferred s Preferred 5% stock, $80 par (30,000 shares authorized; 1,200 13,000 tock 150,000 20,000 shares issued) Premium on bonds payable Prepaid expenses Retained earnings, January 1, 20Y8 Store buildings and equipment Treasury stock (5,400 shares of common stock at cost of 1,600,000 19,000 27,400 8,197,220 12,560,000 $33 pershare) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8 B. Prepare a retaincd earnings statement for the year ended December 31, 20Y8 C. Prepare a balance sheet in report form as of December 31, 20Y8
