The December 31, 2019 balance sheet of Randy Inc. included the following in Shareholders' Equity: Common...

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The December 31, 2019 balance sheet of Randy Inc. included the following in Shareholders' Equity: Common shares, 80,000 shares issued and outstanding Preferred shares, cumulative, $5, 5,000 shares issued and outstanding Retained earnings Contributed Surplus- repurchase $1,000,000 $ 600,000 $1,500,000 $49,500 Additional information regarding Randy Inc. during 2020 was made available: January 1: Issued 30,000 common shares in exchange for $800,000 cash. May 30: Declared cash dividends at a total of $130,000. September 15: Declared and distributed 2% stock dividends when the market was trading at $40 per share. October 20: Paid cash dividends declared on May 30. December 1: Paid $870,000 to repurchase and cancel 17,000 common shares that had been initially issued for $286,061. • 2020 net income totaled 2,630,000. • Randy Inc. didn't pay any dividends in 2019. Required: 1. Record the journal entries on the following dates a. May 30, 2020 (2.5 points) b. September 15, 2020 (2 points) c. December 1, 2020 (3 points) 2. Determine the number of outstanding common shares at December 31, 2020. Clearly show calculations for numbers that are not given (2.5 points). 3. Determine the balance of Retained Earnings at December 31, 2020. Clearly show calculations for numbers that are not given (3 points). The December 31, 2019 balance sheet of Randy Inc. included the following in Shareholders' Equity: Common shares, 80,000 shares issued and outstanding Preferred shares, cumulative, $5, 5,000 shares issued and outstanding Retained earnings Contributed Surplus- repurchase $1,000,000 $ 600,000 $1,500,000 $49,500 Additional information regarding Randy Inc. during 2020 was made available: January 1: Issued 30,000 common shares in exchange for $800,000 cash. May 30: Declared cash dividends at a total of $130,000. September 15: Declared and distributed 2% stock dividends when the market was trading at $40 per share. October 20: Paid cash dividends declared on May 30. December 1: Paid $870,000 to repurchase and cancel 17,000 common shares that had been initially issued for $286,061. • 2020 net income totaled 2,630,000. • Randy Inc. didn't pay any dividends in 2019. Required: 1. Record the journal entries on the following dates a. May 30, 2020 (2.5 points) b. September 15, 2020 (2 points) c. December 1, 2020 (3 points) 2. Determine the number of outstanding common shares at December 31, 2020. Clearly show calculations for numbers that are not given (2.5 points). 3. Determine the balance of Retained Earnings at December 31, 2020. Clearly show calculations for numbers that are not given (3 points). The December 31, 2019 balance sheet of Randy Inc. included the following in Shareholders' Equity: Common shares, 80,000 shares issued and outstanding Preferred shares, cumulative, $5, 5,000 shares issued and outstanding Retained earnings Contributed Surplus- repurchase $1,000,000 $ 600,000 $1,500,000 $49,500 Additional information regarding Randy Inc. during 2020 was made available: January 1: Issued 30,000 common shares in exchange for $800,000 cash. May 30: Declared cash dividends at a total of $130,000. September 15: Declared and distributed 2% stock dividends when the market was trading at $40 per share. October 20: Paid cash dividends declared on May 30. December 1: Paid $870,000 to repurchase and cancel 17,000 common shares that had been initially issued for $286,061. • 2020 net income totaled 2,630,000. • Randy Inc. didn't pay any dividends in 2019. Required: 1. Record the journal entries on the following dates a. May 30, 2020 (2.5 points) b. September 15, 2020 (2 points) c. December 1, 2020 (3 points) 2. Determine the number of outstanding common shares at December 31, 2020. Clearly show calculations for numbers that are not given (2.5 points). 3. Determine the balance of Retained Earnings at December 31, 2020. Clearly show calculations for numbers that are not given (3 points). The December 31, 2019 balance sheet of Randy Inc. included the following in Shareholders' Equity: Common shares, 80,000 shares issued and outstanding Preferred shares, cumulative, $5, 5,000 shares issued and outstanding Retained earnings Contributed Surplus- repurchase $1,000,000 $ 600,000 $1,500,000 $49,500 Additional information regarding Randy Inc. during 2020 was made available: January 1: Issued 30,000 common shares in exchange for $800,000 cash. May 30: Declared cash dividends at a total of $130,000. September 15: Declared and distributed 2% stock dividends when the market was trading at $40 per share. October 20: Paid cash dividends declared on May 30. December 1: Paid $870,000 to repurchase and cancel 17,000 common shares that had been initially issued for $286,061. • 2020 net income totaled 2,630,000. • Randy Inc. didn't pay any dividends in 2019. Required: 1. Record the journal entries on the following dates a. May 30, 2020 (2.5 points) b. September 15, 2020 (2 points) c. December 1, 2020 (3 points) 2. Determine the number of outstanding common shares at December 31, 2020. Clearly show calculations for numbers that are not given (2.5 points). 3. Determine the balance of Retained Earnings at December 31, 2020. Clearly show calculations for numbers that are not given (3 points).

Answer rating: 100% (QA)

1 Journal Entries on given dates 2 Determination of Outstandi... View the full answer