Tokyo Jewelry Company reported the following summarized balance sheet at December 31, 2018: During 2019, Tokyo Jewelry completed these transactions that affected stockholders' equity: Requirement
Tokyo Jewelry Company reported the following summarized balance sheet at December 31, 2018:
During 2019, Tokyo Jewelry completed these transactions that affected stockholders' equity:
Requirement 1. Journalize Tokyo Jewelry's transactions. Explanations are not required.
Requirement 2. Report the company's stockholders' equity at December 31, 2019. Net income for 2019 was $29,000.
Assets Amount Current assets... $ 33,400 108,600 Property and equipment, net. $ 142,000 Total assets Liabilities and Equity Liabilities $ 37,000 Stockholders' equity: 12,000 $0.80 cumulative preferred stock, $20 par, 600 shares issued Common stock, $7 par, 6,300 shares issued 44,100 Paid-in capital in excess of parcommon 17,900 31,000 Retained earnings $ 142,000 Total liabilities and equity Feb Jun Aug 13 Issued 5,600 shares of common stock for $11 per share. 7 Declared the regular cash dividend on the preferred stock. 24 Paid the cash dividend. 9 Declared and distributed a 10% stock dividend on the common stock. Market price of the common stock was $16 per share. 26 Reacquired 1,200 shares of common stock as treasury stock, paying $21 per share. 20 Sold 700 shares of the treasury stock for $22 per share. 31 Declared a cash dividend of $0.30 per share on the outstanding common stock; dividends will be paid in January, 2020. Oct Nov Dec Feb 13: Issued 5,600 shares of common stock for $11 per share. Journal Entry Accounts Date Debit Credit Feb 13 Jun 7: Declared the regular cash dividend on the preferred stock. Journal Entry Accounts Date Debit Credit Jun 7 Jun 24: Paid the cash dividend. Journal Entry Accounts Date Debit Credit Jun 24 Aug 9: Declared and distributed a 10% stock dividend on the common stock. Market price of the common stock was $16 per share. Journal Entry Accounts Date Debit Credit Aug 9 Oct 26: Reacquired 1,200 shares of common stock as treasury stock, paying $21 per share. Journal Entry Accounts Date Debit Credit Oct 26 Nov 20: Sold 700 shares of the treasury stock for $22 per share. Journal Entry Accounts Date Debit Credit Nov 20 Dec 31: Declared a cash dividend of $0.30 per share on the outstanding common stock; dividends will be paid in January, 2020. (Round your answer to the nearest whole dollar.) Journal Entry Accounts Date Debit Credit Dec 31 Requirement 2. Report the company's stockholders' equity at December 31, 2019. Net income for 2019 was $29,000. (Enter the account Tokyo Jewelry Company Balance Sheet (partial) December 31, 2019 Stockholders' Equity: $ $ par shares $ par shares shares Total paid-in capital shares Total stockholders' equity
