A)Journalize the transactions and the closing entries for net income and dividends B) Enter the beginning balances,
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Question:
A)Journalize the transactions and the closing entries for net income and dividends
B) Enter the beginning balances, and post the entries to the stockholders' equity accounts.
C) Prepare a stockholders' equity section at December 31
On January 1, 2017, Geffrey Corporation had the following stockholders’ equity accounts.
Common Stock ($26 par value, 56,500 shares issued and outstanding) | $1,469,000 | |
Paid-in Capital in Excess of Par—Common Stock | 200,000 | |
Retained Earnings | 611,000 |
During the year, the following transactions occurred.
Feb. 1 | Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. | |
Mar. 1 | Paid the dividend declared in February. | |
Apr. 1 | Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38. | |
July 1 | Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. | |
31 | Issued the shares for the stock dividend. | |
Dec. 1 | Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2018. | |
31 | Determined that net income for the year was $398,500. |
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