Preview File Edit View Go Tools Window Screenshot 2023-... Help Assignment: Collins Mfg Stockholders' Equity The...

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Preview File Edit View Go Tools Window Screenshot 2023-... Help Assignment: Collins Mfg Stockholders' Equity The balances in the following accounts are as of December 31, 2020 for Collings Mfg. Inc. 000 Screenshot 2023-... >> a Common Stock-$10 Par Value; 200,000 shares authorized, 22,000 shares issued and outstanding 220,000 Paid-In Capital in Excess of Par-Common 360,000 During 2021, Collins completed the following transactions related to stockholders' equity: ' Retained Earnings 163,000 6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/share. 15-Feb: Distributed the stock dividend 29-Jul: Purchased 2,000 shares of treasury stock at $25 per share 27-Nov: Declared a cash dividend of $0.20 per share Instructions 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the Journal entry table.). 2. Prepare a retained earnings statement for the year ended December 31, 2021. Net income for the year was $87,000. All construction was completed on October 31. Prepare the year-end journal entry to record depreciation expense assuming no depreciation has been recorded yet. 3. Prepare the stockholders' equity section of the balance sheet December 31, 2021 Part 1: Record Transactions Choose from the following list to use for the statement. Stock Dividends Paid-In Capital in Excess of Par-Common Common Stock Dividend Distributable Common Stock Dividend Distributable Common Stock-$10 Par Value Treasury Stock-Common Checking Cash Dividends Dividends Payable-Common Cash Screenshot 2023-... 2021 Feb. Feb DATE Q Screenshot 202... Part 2: Prepare Retained Earning Statement year end Dec. 31, 2021 Choose from the following list to use for the staterent. GENERAL JOURNAL Page 101 POST DESCRIPTION REF DEBIT CREDIT Stock dividends declared Retained Earnings, January 1, 2020 Net income for the year Retained Earnings, December 31, 2021 Cash dividends declared Declared a 5% stock dividend Issued a 5% stock dividend. July 29 Purchased treasury stock Nov 27 Declared cash dividend Asslenment Collins Mfg Stockholder Fault Q 90 Wed Dec 6 9:03 P Screenshot 2023-12....png Screenshot 2023-12....png a Screenshot 2023-12....png Screenshot 202... Part 3: Prepare the stockholders' equity section of balance sheet at Dec. 31, 2021 Choose from the following list to use for the statement Paid-in Capital Total Stockholders' Equity Common Stock-$10 Par Value shares authorized Paid-in Capital in Excess of Par-Common shares outstanding Total Paid-in Capital shares at cost Retained Earnings shares issued Treasury Stock-Common Collins Mfg, Inc. Statement of Retained Earnings Year Ended December 31, 2021 Collins Mfg, Inc. Balance Sheet (Partial) As of December 31, 2021 $ Stockholders' Equity Assignment: Collins Mfg Stockholders' Equity Authored by: Joe Cocke Provided by: Lumen Learning. License: CC Preview File Edit View Go Tools Window Screenshot 2023-... Help Assignment: Collins Mfg Stockholders' Equity The balances in the following accounts are as of December 31, 2020 for Collings Mfg. Inc. 000 Screenshot 2023-... >> a Common Stock-$10 Par Value; 200,000 shares authorized, 22,000 shares issued and outstanding 220,000 Paid-In Capital in Excess of Par-Common 360,000 During 2021, Collins completed the following transactions related to stockholders' equity: ' Retained Earnings 163,000 6-Feb: Declared a 5% stock dividend. The market value of the stock on that date was $25/share. 15-Feb: Distributed the stock dividend 29-Jul: Purchased 2,000 shares of treasury stock at $25 per share 27-Nov: Declared a cash dividend of $0.20 per share Instructions 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the Journal entry table.). 2. Prepare a retained earnings statement for the year ended December 31, 2021. Net income for the year was $87,000. All construction was completed on October 31. Prepare the year-end journal entry to record depreciation expense assuming no depreciation has been recorded yet. 3. Prepare the stockholders' equity section of the balance sheet December 31, 2021 Part 1: Record Transactions Choose from the following list to use for the statement. Stock Dividends Paid-In Capital in Excess of Par-Common Common Stock Dividend Distributable Common Stock Dividend Distributable Common Stock-$10 Par Value Treasury Stock-Common Checking Cash Dividends Dividends Payable-Common Cash Screenshot 2023-... 2021 Feb. Feb DATE Q Screenshot 202... Part 2: Prepare Retained Earning Statement year end Dec. 31, 2021 Choose from the following list to use for the staterent. GENERAL JOURNAL Page 101 POST DESCRIPTION REF DEBIT CREDIT Stock dividends declared Retained Earnings, January 1, 2020 Net income for the year Retained Earnings, December 31, 2021 Cash dividends declared Declared a 5% stock dividend Issued a 5% stock dividend. July 29 Purchased treasury stock Nov 27 Declared cash dividend Asslenment Collins Mfg Stockholder Fault Q 90 Wed Dec 6 9:03 P Screenshot 2023-12....png Screenshot 2023-12....png a Screenshot 2023-12....png Screenshot 202... Part 3: Prepare the stockholders' equity section of balance sheet at Dec. 31, 2021 Choose from the following list to use for the statement Paid-in Capital Total Stockholders' Equity Common Stock-$10 Par Value shares authorized Paid-in Capital in Excess of Par-Common shares outstanding Total Paid-in Capital shares at cost Retained Earnings shares issued Treasury Stock-Common Collins Mfg, Inc. Statement of Retained Earnings Year Ended December 31, 2021 Collins Mfg, Inc. Balance Sheet (Partial) As of December 31, 2021 $ Stockholders' Equity Assignment: Collins Mfg Stockholders' Equity Authored by: Joe Cocke Provided by: Lumen Learning. License: CC