Question: need help with this. thank you ! Problem - Cash dividends, treasury stock, and statement of retained earnings - Widget Corporation operates in Tampa, Florida
Problem - Cash dividends, treasury stock, and statement of retained earnings - Widget Corporation operates in Tampa, Florida and reports the following stockholders' equity at December 31, 2021. During 2022, the following transactions affected its stockholders' equity accounts. 1/2 Purchased 4,200 shares of its own stock at $25 cash per share. 1/7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. 2/28 Paid the dividend declared on January 7. 7/9 Sold 1,680 of its treasury shares at $30 cash per share. 8/27 Sold 2,100 of its treasury shares at $20 cash per share. 9/9 Directors declared a \$2 per share cash dividend payable on October 22 to the September 23 stockholders of record. 10/22. Paid the dividend declared on September 9. 12/31 Closed the $64,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Problem - Cash dividends, treasury stock, and statement of retained earnings - Widget Corporation operates in Tampa, Florida and reports the following stockholders' equity at December 31, 2021. During 2022, the following transactions affected its stockholders' equity accounts. 1/2 Purchased 4,200 shares of its own stock at $25 cash per share. 1/7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. 2/28 Paid the dividend declared on January 7. 7/9 Sold 1,680 of its treasury shares at $30 cash per share. 8/27 Sold 2,100 of its treasury shares at $20 cash per share. 9/9 Directors declared a \$2 per share cash dividend payable on October 22 to the September 23 stockholders of record. 10/22. Paid the dividend declared on September 9. 12/31 Closed the $64,000 credit balance (from net income) in the Income Summary account to Retained Earnings
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
