9. A company reported stockholders' equity on January 1 of the current year as follows: Common...
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9. A company reported stockholders' equity on January 1 of the current year as follows: Common Stock, $5 par value, 1,000,000 shares authorized, 600,000 shares issued; Paid-in Capital in Excess of Par Value, Common Stock, $1,025,000; Retained Earnings, $2,850,000. Prepare journal entries to record the following transactions: May 1 A cash dividend of S1.10 per common share was declared by the board of directors to stockholders of record on May 20, payable June 1. May 20 June 1 The date of record. Paid the cash dividend. 10. The following selected transactions took place during the current year for a company: March 25 Declared a $2 per share cash dividend on 20,000 shares of common stock outstanding April 20 Paid the cash dividends declared on March 25. Dec 31 Closed the $52,000 credit balance in Income Summary that reflects net income to Retained Earnings. (a) Prepare the journal entries for these transactions. (b) If Retained Earnings had a $75,000 credit balance on January 1, calculate its year-end balance as of December 31. 9. A company reported stockholders' equity on January 1 of the current year as follows: Common Stock, $5 par value, 1,000,000 shares authorized, 600,000 shares issued; Paid-in Capital in Excess of Par Value, Common Stock, $1,025,000; Retained Earnings, $2,850,000. Prepare journal entries to record the following transactions: May 1 A cash dividend of S1.10 per common share was declared by the board of directors to stockholders of record on May 20, payable June 1. May 20 June 1 The date of record. Paid the cash dividend. 10. The following selected transactions took place during the current year for a company: March 25 Declared a $2 per share cash dividend on 20,000 shares of common stock outstanding April 20 Paid the cash dividends declared on March 25. Dec 31 Closed the $52,000 credit balance in Income Summary that reflects net income to Retained Earnings. (a) Prepare the journal entries for these transactions. (b) If Retained Earnings had a $75,000 credit balance on January 1, calculate its year-end balance as of December 31.
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9 journal entries for the following transactions date particulars debit credit 1m... View the full answer
Related Book For
South western Federal Taxation 2018 Essentials of Taxation Individuals and Business Entities
ISBN: 9781337386173
21st edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
Posted Date:
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