Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 14-03A ad on January 1, 2020, Pharoah Corporation had the following stockholders' equity accounts. Common Stock (no par value, 89,000 shares issued and outstanding)

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Problem 14-03A ad on January 1, 2020, Pharoah Corporation had the following stockholders' equity accounts. Common Stock (no par value, 89,000 shares issued and outstanding) Retained Earnings $1,425,000 517,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February Apr 1 Announced a 3-for-1 stock split. Prior to the split, the market price per share was $35. July 1 Dedared a 6% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $12 per sh 31 Issued the shares for the stock dividend. Dec. 1 Dedared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $375,000 Your answer is partially correct. Try again. Prepare the stockholders' equity section of the balance sheet at March 31. (Enter account name only and do not provide descriptive information. Rour PHAROAH CORPORATION Partial Balance Sheet For the Quarter Ended March 31, 2020 Stockholders' Equity TPaid in Capital Capital Stock T Common Stock Dividends Distributable 1425000 TRetained Earnings 517000 Total Stockholders' Equity 908000 SHOW LIST OF ACCOUNTS you w er is partially correct. Try again Prepare the ste d er equity section of the balance sheet une 30 (ter account nam y and do not provide descriptive information Round answers al Ronds to PHAROAN CORPORATION Partia Balance Sheet June 30, 2020 Stod holders Equity Padin Capital Additional din Capital Padin Capital in Excess of stated ValueCom R ed Earnings T he aty your answer is partially correct. Try again Prepare the stockholders'uty section of the balance sheet at September 30, (Enter account name only and do not provide descriptive information Hound answers to decimal 5.250.) PILAROAH CORPORATION Part Balance sheet September 30, 2020 Stockholders' Equity Padin Capital Capital Stock Paid in Capitaliness of Par Prederred Stock Retained Earnings Total Stockholders' Equity Your answer party correct. Thyagan Prepare the stod holders'uty section of the banchett December 31, 2020. (Entera PAROAN CORPORATION Partial Balance Sheet December 31, 2020 Stockholders' Equity Paid-in Capital llo Click you would like to show Work for this question en

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_2

Step: 3

blur-text-image_3

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

Financial Accounting Reporting, Analysis And Decision Making

Authors: Shirley Carlon

6th Edition

0730363279, 9780730363279

More Books

Students also viewed these Accounting questions