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Upperchurch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,e00 shares authorized, se,ee0 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 500,000 75,000 410,000 Total stockholders' equity $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,90e of its treasury shares at $27 cash per share. Jan. Jan. Feb. July 22 Sold 3,180 of its treasury shares at $20 cash per share. Aug. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $214,800 credit balance (from net income) in the Income Summary account to Retained Earnings.

Upperchurch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,e00 shares authorized, se,ee0 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 500,000 75,000 410,000 Total stockholders' equity $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,90e of its treasury shares at $27 cash per share. Jan. Jan. Feb. July 22 Sold 3,180 of its treasury shares at $20 cash per share. Aug. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $214,800 credit balance (from net income) in the Income Summary account to Retained Earnings.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.24E
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GL1101 Based on Problem 11-2A LO C3, P2, P3 Upperchurch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,000 shares authorized, 5e,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985, 000 During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,900 of its treasury shares at $27 cash per share. Jan. Jan. Feb. July Aug. 22 Sold 3,100 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. General Journal Statement of Stockholders RE General Impact on Equity Requirement Ledger Trial Balance Equity Prepare the stockholders' equity section of Upperchurch Corporation's balance sheet as of December 31. Dates: Jan 01 to: Dec 31 UPPERCHURCH CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital Total stockholders' equity < Statement of RE Impact on Equity >
Transcribed Image Text:GL1101 Based on Problem 11-2A LO C3, P2, P3 Upperchurch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,000 shares authorized, 5e,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985, 000 During the year, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,900 of its treasury shares at $27 cash per share. Jan. Jan. Feb. July Aug. 22 Sold 3,100 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. General Journal Statement of Stockholders RE General Impact on Equity Requirement Ledger Trial Balance Equity Prepare the stockholders' equity section of Upperchurch Corporation's balance sheet as of December 31. Dates: Jan 01 to: Dec 31 UPPERCHURCH CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital Total stockholders' equity < Statement of RE Impact on Equity >
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