Question: P 1 0 - 2 B Nautical has two classes of stock authorized: $ 1 0 par preferred, and $ 1 par value common. As
PB Nautical has two classes of stock authorized: $ par preferred, and $ par value common. As of the beginning of shares of preferred stock and shares of common stock have been issued. The following transactions affect stockholders' equity during :
March Issue additional shares of common stock for $ per share.
April Issue additional shares of preferred stock for $ per share.
June Declare a cash dividend on both common and preferred stock of $ per share to all stockholders of record on June
June Pay the cash dividends declared on June
August Purchase shares of common treasury stock for $ per share.
October Resell shares of treasury stock purchased on August for $ per share.
Nautical has the following beginning balances in its stockholders' equity accounts on January : Preferred Stock, $; Common Stock, $; Additional Paidin Capital, $; and Retained Earnings, $ Net income for the year ended December is $
Required:
Record each of these transactions.
Indicate whether each of these transactions would increase decrease or have no effect NE on total assets, total liabilities, and total stockholders' equity by completing the following chart.
Total Assets
Total Liabilities
Total Stockholders' Equity
Issue common stock
Issue preferred stock
Declare cash dividends
Pay cash dividends
Purchase treasury stock
Resell treasury stock
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