FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Owearrow_forwardKohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$15 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, cormon stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $20 cash per share. January 5 February 28 July 6 August 22 September 5 Directora declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,000 of its treasury shares at $24 cash per share. Sold 2,000 of its treasury shares at $16 cash per share. Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $408,000 credit…arrow_forwardApril 1 Issued 21,000 additional shares of common stock for $17 per share June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,500 additional shared of common stock for $18 per share Dec. 15 Declared a cash dividend on outstanding shares of $2.30 per share to stockholders of record on December 31.arrow_forward
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- Dwight Corporation in its first year of operations had the following stock transactions. Record each transaction in the journal provided. Mar 3 Issued 10,000 shares of common stock, $1 par value, for cash of $50,000. Apr 12 Issued 500 shares of preferred stock, $10 par value, for cash of $12,500. Jul 8 Issued 2,000 shares of preferred stock, $10 par value, in exchange for land valued at $60,000.arrow_forwardOn January 1, Oriole Corporation had 61,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Issued 11,250 additional shares of common stock for $11 per share. Declared a cash dividend of $1.90 per share to stockholders of record on June 30. Paid the $1.90 cash dividend. Issued 5,000 additional shares of common stock for $12 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31. Apr. 1 June 15 July 10 Dec. (a) Prepare a tabular summary to record the three dates that involved dividends. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to O decimal places, e.g.…arrow_forwardThe stockholders' equity section of Jun Company's balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 20% stock dividend. The stock's per share market value on April 2 is $15 (prior to the dividend). Common stock-$5 par value, 415,000 shares authorized, 220,000 shares issued and outstanding Paid-in capital in excess of par value, common stock. Retained earnings Total stockholders' equity Prepare the stockholders' equity section immediately after the stock dividend is distributed. Total paid-in capital Total stockholders' equity JUN COMPANY Stockholders' Equity April 2 (after stock dividend) $ 0 $ 1,100,000 530,000 853,000 $ 2,483,000 0 4arrow_forward
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