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  • Journalizing stockholders equity transactions?

    Journalizing stockholders' equity transactions

    Manufacturing, Co., completed the following transactions during 2012.

    Jan 16 - Declared a cash dividend on the 5%, $100 par preferred stock

    (900 shares outstanding). Declared a $0.30 per share dividend on the

    80,000 shares of common stock outstanding. The date of record is January 31, ,

    and the payment due date is February 15.

    Feb 15 - Paid the cash dividends.

    Jun 10 - Split common stock 2 for 1. Before the split, Summerborn had 80,000 shares

    of $6 par common stock outstanding.

    Jul 30 - Distributed a 50% stock dividend on the common stock. The market value

    of the common stock was $9 per share.

    Oct 26 - Purchased 1,000 shares of treasury stock at $13 per share.

    Nov 8 - Sold 500 shares of treasury stock for $15 per share.

    Nov30 - Sold 300 shares of treasury stock for $8 per share,

    Requirement1. Record the transactions in Surnmerborn's general journal.

    1 AnswerInvesting8 years ago
  • Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings?

    Journalizing dividend and treasury stock transactions, preparing a

    statement of retained earnings, and preparing stockholders’ equity

    The balance sheet of Consulting, Inc., at December 31,

    2011, reported the following stockholders’ equity:

    Paid-in capital:

    Common stock, $10 par, 200,000 shares authorized,

    15,000 shares issued . . . . . . . . . . . . . . . . . . . . . . . . .150000

    Paid-in capital in excess of par—common . . . . . . . . . .310,000

    Total paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . .460,000

    Retained earnings . . . . . . . . . . . . . . . . . . . . . . . .162,000

    Total stockholders’ equity . . . . . . . . . . . . . . . . . . . $ 622,000

    During 2012, Goldstein completed the following selected transactions

    Feb 6 Distributed a 5% stock dividend on the common stock. The market value of Goldstein’s

    stock was $21 per share.

    Jul 29 Purchased 2,300 shares of treasury stock at $21 per share.

    Nov 27 Declared a $0.10 per share cash dividend on the 13,450 shares of common stock

    outstanding. The date of record is December 17, 2012, and the payment date is January 7, 2013.

    Dec 31 Closed the $81,000 net income to Retained earnings.

    1 AnswerInvesting8 years ago