(a) Journalize the transactions and the closing entries for net income and dividends. (b) Using T-Accounts;...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
(a) Journalize the transactions and the closing entries for net income and dividends. (b) Using T-Accounts; Enter the beginning balances, and post the entries, from (a) above, to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (c) Prepare a partial Balance Sheet of just the Stockholders' Equity section at December 31, 2017. On January 1, 2017, Matthew Corporation had the following stockholders' equity accounts, Common Stock (S10 par value, 75,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings S750,000 150,000 300,000 Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. 15 Paid the dividend declared in January. Feb. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share. May 15 Issued the shares for the stock dividend. July 1 Announced a 2-for-1 stock spiit. The market price per share prior to the announcement was $15. (The new par value is $5.) Declared a S0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Determined that net income for the year was $250,000. Dec. 31 (a) Journalize the transactions and the closing entries for net income and dividends. (b) Using T-Accounts; Enter the beginning balances, and post the entries, from (a) above, to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (c) Prepare a partial Balance Sheet of just the Stockholders' Equity section at December 31, 2017. On January 1, 2017, Matthew Corporation had the following stockholders' equity accounts, Common Stock (S10 par value, 75,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings S750,000 150,000 300,000 Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. 15 Paid the dividend declared in January. Feb. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share. May 15 Issued the shares for the stock dividend. July 1 Announced a 2-for-1 stock spiit. The market price per share prior to the announcement was $15. (The new par value is $5.) Declared a S0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Determined that net income for the year was $250,000. Dec. 31
Expert Answer:
Answer rating: 100% (QA)
Journal Entries Date Accounts Titles and explanation Debit Credit Jan 15 Dividend 75000 Dividend Pay... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
Students also viewed these accounting questions
-
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...
-
The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The...
-
At December 31, 2017, the trial balance of Swifty Corporation contained the following amounts before adjustment. Debit Credit Accounts Receivable $184,000 Allowance for Doubtful Accounts $ 1,100...
-
1. Consider a local department store which only sells jeans (J) and sweaters (S). Jeans cost $20 and sweaters cost $30. For each of the examples below, graph the budget constraint our consumer faces,...
-
Refer to the Financial Management (Spring 1995) study of 49 firms filing for prepackaged bankruptcies, Exercise 2.32 (p. 62). Recall that three types of "prepack" firms exist: (1) those who hold no...
-
Despite a court ruling against them, a Florida couple vows to continue their legal battle to gain custody of a child born by the woman they hired as a surrogate, but who then decided to keep the...
-
Use the normal distribution in Exercise 13. (a) What percent of the SAT total scores are less than 1200? (b) Out of 500 randomly selected SAT total scores, about how many would you expect to be...
-
For each of the following situations, determine whether the company should (a) Report a liability on the balance sheet, (b) Disclose a contingent liability, or (c) Not report the situation. Justify...
-
Explain the reasoning behind the creation of copyright law and what its impacts are. such as: to benefit society, to protect an author's creative work, economic reasons, and/or incentives. outside...
-
Two blocks, of masses M = 2.0 kg and 2M, are connected to a spring of spring constant k = 200 N/m that has one end fixed, as shown in Figure. The horizontal surface and the pulley are frictionless,...
-
Here is an ANOVA summary table for a 2-way fixed-effects balanced design. Using =FINV () in Excel, find the critical values for each hypothesis test at both the a = 0.05 and a = 0.01 significance...
-
Find the limit (if it exists) as \(n ightarrow \infty\) for each of the sequences in Problems 43-56. \(5,5 \frac{1}{2}, 5 \frac{2}{3}, 5 \frac{3}{4}, 5 \frac{4}{5}, \cdots\)
-
Prepare a budget for a family of two with an annual income of \(\$ 45,000\).
-
Evaluate the integrals given in Problems 41-46. \(\int_{0}^{3} e^{x} d x\)
-
Find an equation of the line tangent to the curves in Problems 43-46 at the given point. \(y=3 x^{2}+4 x\) at \(x=0 \)
-
Prepare a personal budget.
-
Tesla Brothers is expected to pay a $1.50 a share annual dividend next year. Dividends are expected to increase by 2.5 percent annually. What is one share of this stock worth to you today if your...
-
If a and b are positive numbers, find the maximum value of f ( x ) = x a (9 x ) b on the interval 0 x 9.
-
Does activity-based costing (ABC) help a company revamp and improve its business operations, or is it too much of an administrative burden that takes away from the companys primary goals? At your...
-
Describe the risk and return trade-off of investments.
-
Richard Corporation was founded on January 1, 2012, and entered into the following stock transactions during 2012: a. Received authorization for 100,000 shares of $20 par-value common stock , 50,000...
-
A fertilizer producing company purchases nitrates, phosphates, potash, and an inert chalk base and produces four different fertilizers A, B,C, and D. The cost of these nitrates, phosphates, potash,...
-
Heavy fuel oil, initially semisolid at $15^{\circ} \mathrm{C}$ is to be heated and pumped through a $15 \mathrm{~cm}$ diameter (inside) pipe at the rate of $20000 \mathrm{~kg} / \mathrm{h}$. The pipe...
-
The topological optimization is discussed in chapter 1. Here, we will consider a topological optimization problem for a chemical process plant. The layout of the chemical process plant has been shown...
Study smarter with the SolutionInn App