Question

At the end of 2011, Jeffco Inc. had the following equity accounts and balances:
Common stock, $30 par ............. $1,400,000
Additional paid-in capital—common stock ...... 526,400
Retained earnings ................. 310,000
During 2012, Jeffco engaged in the following transactions involving its equity accounts:
a. Sold 8,000 shares of common stock for $35 per share.
b. Sold 1,000 shares of 9 percent, $120 par preferred stock at $125 per share.
c. Declared and paid cash dividends of $15,000.
d. Repurchased 500 shares of treasury stock (common) for $52 per share.
e. Sold 100 of the treasury shares for $58 per share.

Required:
1. Prepare the journal entries for a through e.
2. Assume that 2012 net income was $89,600. Prepare a statement of stockholders’ equity at December 31, 2012.


$1.99
Sales0
Views30
Comments0
  • CreatedSeptember 22, 2015
  • Files Included
Post your question
5000