Austin Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock $ 400,000 60,000 330,000 $ 790,000 Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. 2 Purchased 4,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of Feb. July Aug. record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Sept. record. 28 Paid the dividend declared on. September 5. 31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec.
Austin Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock $ 400,000 60,000 330,000 $ 790,000 Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. 2 Purchased 4,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of Feb. July Aug. record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Sept. record. 28 Paid the dividend declared on. September 5. 31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section16.2: Preparing A Statement Of Stockholders’ Equity
Problem 1OYO
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