The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31, 2022. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2022 Contributed capital: Preferred shares, $2.0 cumulative, unlimited shares authorized; 28,000 shares issued and outstanding Common shares, unlimited shares authorized; 83,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $ 400,000 743,000 $1,143,000 386,000 $1,529,000 In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. 1 Sold 38,000 common shares at $11.44 per share. 5 The directors declared a total cash dividend of $239,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022. All of the preferred shares had been issued during 2021. Feb. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $155,000. The average issue price was $25 per share. Dec. 31 Closed the dividend accounts along with the $577,600 credit balance in the Income Summary account. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $2.2 per common share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. 28 Paid the dividends declared on September 5. Dec. 31 Closed the Cash Dividends account along with the $544,000 credit balance in the Income Summary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024. The company uses a cash dividends account to record declared dividends. 2. Prepare a statement of changes in equity for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) 3. Prepare the equity section of the company's balance sheet as of December 31, 2024. D The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31, 2022. Tactex Controls Inc. Equity Section of the Balance Sheet December 31, 2022 Contributed capital: Preferred shares, $2.0 cumulative, unlimited shares authorized; 28,000 shares issued and outstanding Common shares, unlimited shares authorized; 83,000 shares issued and outstanding Total contributed capital Retained earnings Total equity $ 400,000 743,000 $1,143,000 386,000 $1,529,000 In 2023 and 2024, the company had the following transactions affecting shareholders and the equity accounts: 2023 Jan. 1 Sold 38,000 common shares at $11.44 per share. 5 The directors declared a total cash dividend of $239,000 payable on Feb. 28 to the Feb. 5 shareholders of record. Dividends had not been declared for the years 2021 and 2022. All of the preferred shares had been issued during 2021. Feb. 28 Paid the dividends declared on January 5. July 1 Sold preferred shares for a total of $155,000. The average issue price was $25 per share. Dec. 31 Closed the dividend accounts along with the $577,600 credit balance in the Income Summary account. 2024 Sept. 5 The directors declared the required cash dividend on the preferred shares and a $2.2 per common share cash dividend payable on October 28 to the October 5 shareholders of record. Oct. 28 Paid the dividends declared on September 5. Dec. 31 Closed the Cash Dividends account along with the $544,000 credit balance in the Income Summary account. Required: 1. Prepare journal entries to record the transactions and closings for 2023 and 2024. The company uses a cash dividends account to record declared dividends. 2. Prepare a statement of changes in equity for the year ended December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) 3. Prepare the equity section of the company's balance sheet as of December 31, 2024. D
Expert Answer:
Answer rating: 100% (QA)
1 Journal Entries for 2023 Jan 1 Common Shares 83000 shares x 1144 948920 Cash 948920 To record the ... View the full answer
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
Posted Date:
Students also viewed these accounting questions
-
The stator of a 220-V, 60-Hz induction motor has 12-turn coils. You wish to re-wound it for working at 380-V, 50-Hz. While maintaining the flux same as of original motor, calculate the number of...
-
The data file agstrat.dat also contains information on other variables. For each of the following quantities, plot the data, and estimate the population mean for that variable along with its standard...
-
Can you please use xcel and show me how you calculated the info. Especially for the Hired and Fired employees. I am struggling with that part. PP.52A manufacturer of solid state drives (SSDs) has...
-
A 95% confidence interval for is computed to be (1.75, 3.25). For each of the following hypotheses, state whether H0 will be rejected at the 0.05 level. a. H0 : = 3 versus H1: 3 b. H0 : = 4...
-
The Consumer Fraud Council claims that Skippy Foods does not put the required weight of peanut butter in its 10-ounce jar. For evidence, a sample of 400 jars is selected randomly, weighed, and found...
-
A chlorine atom has an atomic number of 17 and an atomic mass of35. a. How many protons, neutrons and electrons does chlorine have?b. Which parts of the atom will be found in the nucleus? c....
-
Journalize the following transactions and answer the question. 100 Assets 101 Cash 102 Accounts Receivable 103 Allowance for Doubtful Accounts 104 Merchandise Inventory 105 106 107 108 Prepaid Rent...
-
Colleen Company has gathered the following data pertaining to activities it performed for two of its major customers. Jerry, Incorporated Kate Company Number of orders 5 3 0 Units per order 1 , 0 0 0...
-
Practice Questions on Enumerations. 1. Create an enum called Suit that contains constants for the four suits in a standard deck of cards (Clubs, Diamonds, Hearts, and Spades). 2. Create an enum...
-
Answer only in JAVA language MyStack Class: importjava.util.ArrayList; public classMyStack { public final ArrayList list = new ArrayList (); public int getSize(){ return list.size(); } ...
-
Hancock Company reported the following account balances at December 3 1 , 2 0 2 7 : Sales revenue . . . . . . . . . . . . . . . $ 2 8 4 , 0 0 0 Dividends . . . . . . . . . . . . . . . . . . . $ 5 1 ,...
-
4. What is the characteristic feature observed in leukocytes ofindividuals with Chediak-Higashi syndrome? A) Enhanced ability to kill ingested microorganisms B) Defective neutrophil chemotaxis C)...
-
Write a comment on each of the following question as to whether or not it is a good question. If it is not, explain why. 1. Do you read National Geographic magazine regularly? 2. What percentage of...
-
Write the statement to store the contents of the txtAge control in an Integer variable named intAge.
-
Three rival professors teaching English 1 all claim the honor of having the best students. To settle the issue, eight students are randomly drawn from each class and given the same exam. The exams...
-
Define the terms generalized impedance and admittance of a system.
-
What is the difference between the null hypothesis tested by Wilcoxons matched-pairs signed-ranks test and the corresponding t test? I frequently ask you to use SPSS or R to solve a problem. You...
Study smarter with the SolutionInn App