Direction. Read and understand the case and answer the requirements.On December 31, 2020, Shipyard, Inc. reported the following stockholders' equity account:Common Stock, $10 par valuePaid-in Capital in excess of par value, common stockRetained Earnings+In 2021, the following entries related to its equity are recorded.DateAccountsJan.FebFebMarDec17 Retained Earnings202152814Common Dividend PayableCommon Dividend PayableCashRetained EarningsCommon Stock Dividend DistributablePaid-in Capital in Excess of Par Value, Common StockCommon Stock Dividend DistributableCommon Stock, $10 Par Value31 Income SummaryRetained EarningsThe table shows the equity balances as of December 31, 2021.Paid-incapital inexcess of parBeginning BalanceDividend declarationStock Dividend DeclarationStock Dividend DistributionNet IncomeCommonStock1,000,000130,0001,130,000300,000Common stockdividenddistributable300,000120,000120,000Debit100,000100,000250,000120,000500,0000$1,000,000300.000700,000Credit100,000100,000120,000130,000120,000Treasury RetainedSharesEarnings500.000Ending BalanceRequirement.(a) Assuming that the 2021 journal entries pertaining to equity accounts are correct, evaluate the table showingthe equity accounts of Shipyard, Inc. as December 31, 2021, whether the equity accounts' balances areappropriate or not. If not, make the prepare the correct Stockholders' equity account balances.Total700,000 2,000,000100,000100,000120,000130,00050,0002,400,00050,000850,000

The cumulative profit that remains with the firm after the dividend payment is made is referred to…

Direction. Read and understand the case and answer the requirements. On December 31, 2020, Shipyard, Inc. reported the following stockholders' equity account: Common Stock, $10 par value Paid-in Capital in excess of par value, common stock Retained Earnings In 2021, the following entries related to its equity are recorded. Date Accounts Jan. Feb Feb 17 Retained Earnings Common Dividend Payable 5 Common Dividend Payable Cash 28 Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par Value, Common Stock Debit 100,000 100,000 250,000 $1,000,000 300,000 700,000 Credit 100,000 100,000 120,000 130,000

Direction. Read and understand the case and answer the requirements. On December 31, 2020, Shipyard, Inc. reported the following stockholders' equity account: Common Stock, $10 par value Paid-in Capital in excess of par value, common stock Retained Earnings In 2021, the following entries related to its equity are recorded. Date Accounts Jan. Feb Feb 17 Retained Earnings Common Dividend Payable 5 Common Dividend Payable Cash 28 Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par Value, Common Stock Debit 100,000 100,000 250,000 $1,000,000 300,000 700,000 Credit 100,000 100,000 120,000 130,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Tamarisk Corporation's adjusted trial balance contained the following accounts at December 31, 2020: Retained Earnings $126,000, Common Stock $765,600, Bonds Payable $109,700, Paid-in Capital in Excess of Par-Common Stock $208,700, Goodwill $59,300, Accumulated Other Comprehensive Loss $154,700, and Noncontrolling Interest $34,200. Prepare the stockholders' equity section of the balance sheet.
1. Refer to additional information (b) only Prepare the following general ledger accounts for the year ended 31 July 2022: •Bank •Application and allotment •Share Capital- Class A •Non Current Liability- Class C 2. Refer to additional information (c) Calculate the number of Class B shares in issue at the beginning of the financial year. 3. Refer to additional information (d) Prepare the dividends and shareholders for dividends accounts as it would appear in the general ledger for the year ended 31 July 2022
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My initial is D. Please use D.
31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred…
The following data were taken from the balance sheet accounts of Monty Corporation on December 31, 2019. Current assets Debt investments (trading) Common stock (par value $10) Paid-in capital in excess of par Retained earnings (a) $515,000 (b) (c) 640,000 475,000 145,000 Prepare the required journal entries for the following unrelated items. (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 O for the amounts.) 796,000 A 4% stock dividend is (1) declared and (2) distributed at a time when the market price per share is $41. The par value of the common stock is reduced to $2 with a 5-for-1 stock split. A dividend is declared January 5, 2020, and paid January 25, 2020, in bonds held as an investment. The bonds have a book value of $92,000 and a fair value of $131,000.
Subject : Accounting
S1. Account
These financial statement items are for Sunland Corporation at year end, July 31, 2021: Operating expenses Salaries expense Deferred revenue Utilities expense Equipment Accounts payable Service revenue Rent revenue Common shares Cash Accounts receivable D Accumulated depreciation-equipment $32,500 46,700 12,000 2,600 70,200 5,020 116,100 19,000 27,500 5,560 16,100 5,800 Interest payable Supplies expense Dividends declared Depreciation expense Retained earnings, August 1, 2020 Rent expense Income tax expense Supplies Trading investments Bank loan payable (due December 31, 2021) Interest expense O $900 777891 700 14,500 3,500 22,940 11,500 5,700 2,100 20,500 24,800 Additional information: Sunland started the year with $14,000 of common shares and issued additional shares for $13,500 during the year. 1,900 O W
Question-based on, "Stockholders equity section". I have tried it but got it incorrect.
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