On January 1, 2022, Cheyenne Corp. had the following stockholders’ equity accounts. Common Stock ($20 par value, 57,900 shares issued and outstanding) $1,158,000 Paid-in Capital in Excess of Par—Common Stock 202,000 Retained Earnings 580,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $345,000.Prepare a stockholders’ equity section at December 31. (Enter account name only and do not provide descriptive information.) Cheyenne Corp. Balance Sheet (Partial) choose the accounting period select an opening section name select an opening subsection name select a opening name of subordinate part one of the subsection enter a balance sheet item $enter a dollar amount select a name of subordinate part two of the subsection enter a balance sheet item enter a dollar amount select a closing sub section name enter a subtotal of the two previous amounts enter a balance sheet item enter a dollar amount select a closing section name $enter a total amount for this section
On January 1, 2022, Cheyenne Corp. had the following stockholders’ equity accounts. Common Stock ($20 par value, 57,900 shares issued and outstanding) $1,158,000 Paid-in Capital in Excess of Par—Common Stock 202,000 Retained Earnings 580,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $345,000.Prepare a stockholders’ equity section at December 31. (Enter account name only and do not provide descriptive information.) Cheyenne Corp. Balance Sheet (Partial) choose the accounting period select an opening section name select an opening subsection name select a opening name of subordinate part one of the subsection enter a balance sheet item $enter a dollar amount select a name of subordinate part two of the subsection enter a balance sheet item enter a dollar amount select a closing sub section name enter a subtotal of the two previous amounts enter a balance sheet item enter a dollar amount select a closing section name $enter a total amount for this section
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 11SPA
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Question
On January 1, 2022, Cheyenne Corp. had the following
Common Stock ($20 par value, 57,900 shares issued and outstanding) | $1,158,000 | |
Paid-in Capital in Excess of Par—Common Stock | 202,000 | |
580,000 |
During the year, the following transactions occurred.
Feb. 1 | Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. | |
Mar. 1 | Paid the dividend declared in February. | |
Apr. 1 | Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. | |
July 1 | Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. | |
31 | Issued the shares for the stock dividend. | |
Dec. 1 | Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. | |
31 | Determined that net income for the year was $345,000. |
Cheyenne Corp.
choose the accounting period |
||||
---|---|---|---|---|
select an opening section name
|
||||
select an opening subsection name
|
||||
select a opening name of subordinate part one of the subsection
|
||||
enter a balance sheet item
|
$enter a dollar amount
|
|||
select a name of subordinate part two of the subsection
|
||||
enter a balance sheet item
|
enter a dollar amount | |||
select a closing sub section name
|
enter a subtotal of the two previous amounts
|
|||
enter a balance sheet item
|
enter a dollar amount | |||
select a closing section name
|
$enter a total amount for this section
|
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