Equity Contributed Capital: Preferred shares, $0.60 cumulative, 100,000 shares authorized, 16,000 shares issued and outstanding:..... $ 89,4001 Common shares, 500,000 shares authorized, 50,000 shares issued and outstanding:... 180,000 Total contributed capital... Retained earnings Total equity. Jan 1 - Issued 4,000 common shares for $80,000 Jan 30 - Issued 10,000 preferred shares for $39 per share (dividend of $1.25 per share) June 1 - Repurchased 1,000 common shares for $25 per share $269,400 563,5202 832,920 Aug 1- Share dividend of 10% on common shares, distributable Aug 30th. Market value of shares Aug 1 was $30 per share. Aug 30 distributed share dividend November 1- Common share split 2:1 December 1 - Board declared a dividend of $27,000 with a date of record of Dec 20 Dec 28 paid the cash dividend Dec 31 - income of $120,000 Prepare entries and closing entries and prepare statement of changes in equity
Equity Contributed Capital: Preferred shares, $0.60 cumulative, 100,000 shares authorized, 16,000 shares issued and outstanding:..... $ 89,4001 Common shares, 500,000 shares authorized, 50,000 shares issued and outstanding:... 180,000 Total contributed capital... Retained earnings Total equity. Jan 1 - Issued 4,000 common shares for $80,000 Jan 30 - Issued 10,000 preferred shares for $39 per share (dividend of $1.25 per share) June 1 - Repurchased 1,000 common shares for $25 per share $269,400 563,5202 832,920 Aug 1- Share dividend of 10% on common shares, distributable Aug 30th. Market value of shares Aug 1 was $30 per share. Aug 30 distributed share dividend November 1- Common share split 2:1 December 1 - Board declared a dividend of $27,000 with a date of record of Dec 20 Dec 28 paid the cash dividend Dec 31 - income of $120,000 Prepare entries and closing entries and prepare statement of changes in equity
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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