The balance sheet of MacMillan Management Consulting, Inc. at December 31, 2015, reported the following stockholders'...

 

 

 

 

 
 
 

  

 

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The balance sheet of MacMillan Management Consulting, Inc. at December 31, 2015, reported the following stockholders' equity: (Click the icon to view the stockholders' equity section of the balance sheet.) During 2016, MacMillan completed the following selected transactions: (Click the icon to view the transactions.) Requirements 1. 2. 3. Record the transactions in the general joumal. Prepare a retained earnings statement for the year ended December 31, 2016. Assume MacMillan's net income for the year was $84,000. Prepare the stockholders' equity section of the balance sheet at December 31, 2016. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal Feb. 6: Declared a 10% stock dividend on the common stock. The market value of MacMillan's stock was $21 per share. Accounts and Explanation Debit Credit Date Feb. 6 Feb. 15: Distribu Date Feb. 15 Cash Cash Dividends Common Stock-$15 Par Value Common Stock Dividend Distributable Dividends Payable-Common Paid-In Capital from Treasury Stock Transactions Paid-In Capital in Excess of Par Common Retained Earnings Stock Dividends Treasury Stock-Common Debit Credit Paid-In Capital: Stockholders' Equity Common Stock-$15 Par Value: 250,000 shares authorized, 30,000 shares issued and outstanding $ 450.000 310,000 Paid-In Capital in Excess of Par Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity $ 760,000 156.000 916,000 Paid-In Capital: Stockholders' Equity Common Stock-$15 Par Value: 250,000 shares authorized, 30,000 shares issued and outstanding $ Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity $ 450,000 310,000 760,000 156,000 916,000 Feb. 15: Distributed the stock dividend. Date Feb. 15 Accounts and Explanation Debit Credit Nov. 27: Declared a $0.10 per share cash dividend on the common stock outstanding. (Round your answers to the nearest whole dollar.) Date Accounts and Explanation Debit Credit Nov. 27 Requirement 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2016. (Use parentheses or a minus sign for amounts to be subtracted.) MacMillan Management Consulting, Inc. Balance Sheet (Partial) December 31, 2016 Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity Stockholders' Equity Jul. 29: Purchased 1,800 shares of treasury stock at $28 per share. Date Accounts and Explanation Jul. 29 Debit Credit Requirement 2. Prepare a retained earnings statement for the year ended December 31, 2016. Assume MacMillan's net income for the year was $83,000. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Check your spelling carefully and do not abbreviate. Use parentheses or a minus sign for amounts to be subtracted.) MacMillan Management Consulting, Inc. Statement of Retained Earnings Year Ended December 31, 2016 The balance sheet of MacMillan Management Consulting, Inc. at December 31, 2015, reported the following stockholders' equity: (Click the icon to view the stockholders' equity section of the balance sheet.) During 2016, MacMillan completed the following selected transactions: (Click the icon to view the transactions.) Requirements 1. 2. 3. Record the transactions in the general joumal. Prepare a retained earnings statement for the year ended December 31, 2016. Assume MacMillan's net income for the year was $84,000. Prepare the stockholders' equity section of the balance sheet at December 31, 2016. Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal Feb. 6: Declared a 10% stock dividend on the common stock. The market value of MacMillan's stock was $21 per share. Accounts and Explanation Debit Credit Date Feb. 6 Feb. 15: Distribu Date Feb. 15 Cash Cash Dividends Common Stock-$15 Par Value Common Stock Dividend Distributable Dividends Payable-Common Paid-In Capital from Treasury Stock Transactions Paid-In Capital in Excess of Par Common Retained Earnings Stock Dividends Treasury Stock-Common Debit Credit Paid-In Capital: Stockholders' Equity Common Stock-$15 Par Value: 250,000 shares authorized, 30,000 shares issued and outstanding $ 450.000 310,000 Paid-In Capital in Excess of Par Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity $ 760,000 156.000 916,000 Paid-In Capital: Stockholders' Equity Common Stock-$15 Par Value: 250,000 shares authorized, 30,000 shares issued and outstanding $ Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity $ 450,000 310,000 760,000 156,000 916,000 Feb. 15: Distributed the stock dividend. Date Feb. 15 Accounts and Explanation Debit Credit Nov. 27: Declared a $0.10 per share cash dividend on the common stock outstanding. (Round your answers to the nearest whole dollar.) Date Accounts and Explanation Debit Credit Nov. 27 Requirement 3. Prepare the stockholders' equity section of the balance sheet at December 31, 2016. (Use parentheses or a minus sign for amounts to be subtracted.) MacMillan Management Consulting, Inc. Balance Sheet (Partial) December 31, 2016 Paid-In Capital: Total Paid-In Capital Total Stockholders' Equity Stockholders' Equity Jul. 29: Purchased 1,800 shares of treasury stock at $28 per share. Date Accounts and Explanation Jul. 29 Debit Credit Requirement 2. Prepare a retained earnings statement for the year ended December 31, 2016. Assume MacMillan's net income for the year was $83,000. Enter any increases in retained earnings prior to the subtotal and any decreases to retained earnings below the subtotal. (Check your spelling carefully and do not abbreviate. Use parentheses or a minus sign for amounts to be subtracted.) MacMillan Management Consulting, Inc. Statement of Retained Earnings Year Ended December 31, 2016