company reported the following in its stockholders' equity section on its December 31, 2021 balance sheet: Common stock (100,000 shares authorized, $1 par value, 60,000 shares issued) Additional paid-in capital Total contributed capital Retained earnings Treasury stock Total stockholders' equity $60,000 400,000 460,000 700,000 0 $1,160.000 During 2022, the company had the following transactions/events: a. The company reported net income of $20,000 b. The company declared a cash dividend of $4,000 on November 30, 2021 c. The date of record is December 7, 2021 d. The company paid the cash dividend on December 15, 2021 e. The company issued 8,000 shares of common stock, receiving $40,000 f. The company purchased 2,000 shares of treasury stock for $8,000 g. The company reissued 500 shares for $3,000 Provide journal entries for b through g above. If no entry is required, state this is the case.
company reported the following in its stockholders' equity section on its December 31, 2021 balance sheet: Common stock (100,000 shares authorized, $1 par value, 60,000 shares issued) Additional paid-in capital Total contributed capital Retained earnings Treasury stock Total stockholders' equity $60,000 400,000 460,000 700,000 0 $1,160.000 During 2022, the company had the following transactions/events: a. The company reported net income of $20,000 b. The company declared a cash dividend of $4,000 on November 30, 2021 c. The date of record is December 7, 2021 d. The company paid the cash dividend on December 15, 2021 e. The company issued 8,000 shares of common stock, receiving $40,000 f. The company purchased 2,000 shares of treasury stock for $8,000 g. The company reissued 500 shares for $3,000 Provide journal entries for b through g above. If no entry is required, state this is the case.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject: acounting
Transcribed Image Text:A company reported the following in its stockholders' equity section on its December 31, 2021 balance sheet:
Common stock (100,000 shares authorized,
$1 par value, 60,000 shares issued)
Additional paid-in capital
Total contributed capital
Retained earnings
Treasury stock
Total stockholders' equity
$60,000
400,000
460,000
700,000
0
$1,160,000
During 2022, the company had the following transactions/events:
a. The company reported net income of $20,000
b. The company declared a cash dividend of $4,000 on November 30, 2021
c. The date of record is December 7, 2021
d. The company paid the cash dividend on December 15, 2021
e. The company issued 8,000 shares of common stock, receiving $40,000
f. The company purchased 2,000 shares of treasury stock for $8,000
g. The company reissued 500 shares for $3,000
Provide journal entries for b through g above. If no entry is required, state this is the case.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education