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Kimmel, Financial Accounting, Se LUS de 1Sntem Announcemonts SC Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Proferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) 000'00E$ 000'000'I 000'ST 000'o8t 00sʻ169 000'o During 2017, the corporation had the following transactions and events pertaining to its stockholders equity. 1. Issued 5,000 shares of cormmon stock for $35,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. 1. "AON Paid the dividend declared on October 1. I 200 Declared a $0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $278,300. Paid the dividend declared on December 1. Dec. 31 (e) A Your answer is partially correct. Try again. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account tit Termd Og got indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal plac

Kimmel, Financial Accounting, Se LUS de 1Sntem Announcemonts SC Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Proferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) 000'00E$ 000'000'I 000'ST 000'o8t 00sʻ169 000'o During 2017, the corporation had the following transactions and events pertaining to its stockholders equity. 1. Issued 5,000 shares of cormmon stock for $35,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. 1. "AON Paid the dividend declared on October 1. I 200 Declared a $0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Determined that net income for the year was $278,300. Paid the dividend declared on December 1. Dec. 31 (e) A Your answer is partially correct. Try again. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account tit Termd Og got indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal plac

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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Kimmel, Financial Accounting, Se LUS elo I System Announcements SLYHO O A Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock 000'00€$ 000'000'I 000'ST Retained Earnings 000'08t 00sʻ169 000'ot (sƏJeys uowwao 000's) pas kunsea During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1. Issued 5,000 shares of common stock for $35,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. 1. Paid the dividend declared on October 1. 1. Declared a $0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. 1. Determined that net income for the year was $278,300. Paid the dividend declared on December 1. Oct. Nov. Dec. Dec. 31 (e) A ZYour answer is partially correct. Try again. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are an when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. Date Account Titles and Explanation Debit Credit 000sE Common Stock 00002 Paid-in Capital in Excess of Par Value-Common St 000ST xp0s Aunses 0008 UPED 0008 SOURDO 00012
Transcribed Image Text:Kimmel, Financial Accounting, Se LUS elo I System Announcements SLYHO O A Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock 000'00€$ 000'000'I 000'ST Retained Earnings 000'08t 00sʻ169 000'ot (sƏJeys uowwao 000's) pas kunsea During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1. Issued 5,000 shares of common stock for $35,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. 1. Paid the dividend declared on October 1. 1. Declared a $0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. 1. Determined that net income for the year was $278,300. Paid the dividend declared on December 1. Oct. Nov. Dec. Dec. 31 (e) A ZYour answer is partially correct. Try again. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are an when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. Date Account Titles and Explanation Debit Credit 000sE Common Stock 00002 Paid-in Capital in Excess of Par Value-Common St 000ST xp0s Aunses 0008 UPED 0008 SOURDO 00012
Kinnmel, Financial Accounting, Se S Help I SYstem AnnouNGEmonts Paid-in Capital in Excess of Par Value-Common St L7 Treasury Stodk Mar. 20 v (009 Cash 0008 Oct. 1 vCash Dividends 0001 Dividends Payable 0001 Nov. 1 Dividends Payable 0001 Cash 0001 Dec. 1 v Cash Dividends 15950 Dividends Payable 15950 ec. 31 v Cash 15950 Dividends Payable 15950 (To record net income) Retained Earnings 278300 278300 Cash (To close cash dividends) Retained Earnings 36950 36950 Cash Div dends e ce ed spueOD Lseo 0 ueuled puope OL) k it you would like to Show Work for this question:
Transcribed Image Text:Kinnmel, Financial Accounting, Se S Help I SYstem AnnouNGEmonts Paid-in Capital in Excess of Par Value-Common St L7 Treasury Stodk Mar. 20 v (009 Cash 0008 Oct. 1 vCash Dividends 0001 Dividends Payable 0001 Nov. 1 Dividends Payable 0001 Cash 0001 Dec. 1 v Cash Dividends 15950 Dividends Payable 15950 ec. 31 v Cash 15950 Dividends Payable 15950 (To record net income) Retained Earnings 278300 278300 Cash (To close cash dividends) Retained Earnings 36950 36950 Cash Div dends e ce ed spueOD Lseo 0 ueuled puope OL) k it you would like to Show Work for this question:
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