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Chapter 13: Q2TI (page 680)
London Corporation has two classes of stock: Common, \(1 par value; and Preferred, \)4 par value. Journalize the issuance of 10,000 shares of common stock for $8 per share.
Cash debited by $80,000 and Common stock credited by $80,000.
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On August 1, Hagino Corporation declared a $1.50 per share cash dividend on its common stock (20,000 shares) for stockholders on record as of August 15. Hagino paid the dividend on August 31. Journalize the entries declaring the cash dividend and paying the dividend.
Journalizing treasury stock transactions and reporting stockholders鈥� equity
Southern Amusements Corporation had the following stockholders鈥� equity on
November 30:
Paid-In Capital:
Common Stock鈥擻(5 Par Value; 1,300 sharesauthorized, 250 shares issued and outstanding1,250
Retained Earnings50,000
Total Stockholders鈥� Equity \) 55,000
Stockholders鈥� Equity
Paid-In Capital in Excess of Par鈥擟ommon 3,750
Total Paid-In Capital
\(5,000
On December 30, Southern purchased 200 shares of treasury stock at \)15 per share.
Requirements
2. Prepare the stockholders鈥� equity section of the balance sheet at December 31, 2018. Assume the balance in retained earnings is unchanged from November 30.
What does earnings per share report, and how is it calculated?
Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings, and preparing stockholders鈥� equity
The balance sheet of Goldstein Management Consulting, Inc. at December 31, 2017, reported the following stockholders鈥� equity:
Common Stock鈥擻(10 Par Value; 350,000 shares
authorized, 32,000 shares issued and outstanding
Paid-In Capital:
160,000
\) 320,000
650,000
Retained Earnings
Total Stockholders鈥� Equity \( 810,000
Stockholders鈥� Equity
Paid-In Capital in Excess of Par鈥擟ommon 330,000
Total Paid-In Capital
During 2018, Goldstein completed the following selected transactions:
Feb. 6 Declared a 15% stock dividend on common stock. The market value of
Goldstein鈥檚 stock was \)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
3. Prepare the stockholders鈥� equity section of the balance sheet at December 31, 2018.
If stock is issued for assets other than cash describe the recording of this transaction
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