The balance sheet of Goldstein Management Consulting, Inc. at December 31, 2017, reported the following stockholders' equity:

Question:

The balance sheet of Goldstein Management Consulting, Inc. at December 31, 2017, reported the following stockholders' equity:
Stockholders' Equity Paid-In Capital: Common Stock-$10 Par Value; 350,000 shares authorized, 32,000 shares issued and ou

During 2018, Goldstein completed the following selected transactions:
Feb. 6 Declared a 15% stock dividend on common stock. The market value of Goldstein's stock was $25 per share.
15 Distributed the stock dividend.
Jul.
29 Purchased 2,300 shares of treasury stock at $25 per share.
Nov. 27 Declared a $0.10 per share cash dividend on the common stock outstanding.
Requirements
1. Record the transactions in the general journal.
2. Prepare a retained earnings statement for the year ended December 31, 2018. Assume Goldstein's net income for the year was $90,000.
3. Prepare the stockholders' equity section of the balance sheet at December 31, 2018.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Related Book For  answer-question

Horngrens Financial And Managerial Accounting The Financial Chapters

ISBN: 9780134486840

6th Edition

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

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