The stockholders equity accounts of Genisus Corporation on January 1, 20X1, contained the following balances: Transactions affecting

Question:

The stockholders’ equity accounts of Genisus Corporation on January 1, 20X1, contained the following balances:

Transactions affecting stockholders’ equity during 20X1 follow.


INSTRUCTIONS
1. Set up a ledger account (381) for Retained Earnings and record the January 1, 20X1, balance.
2. Record the transactions in general journal form and post them to the Retained Earnings account only. Use the account titles in the chapter.
3. Prepare a statement of retained earnings for the year 20X1.

Analyze: If Genisus Corporation had not declared cash or stock dividends for common stockholders, what balance would be found in the unappropriated Retained Earnings account at December 31, 20X1?

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Related Book For  book-img-for-question

College Accounting Chapters 1-30

ISBN: 9781260247909

16th Edition

Authors: David Haddock, John Price, Michael Farina

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