Problem: On January 1, 2014, Everett Corporation had these stockholders' equity accounts.
Common Stock ($10 par value, 81,600 shares issued and outstanding)
|
Common Stock ($10 par value, 81,600 shares issued and outstanding)
|
$816,000
|
|
Paid-in Capital in Excess of Par Value
|
521,800
|
|
Retained Earnings
|
653,500
|
During the year, the following transactions occurred.
Jan. 15 Declared a $0.50 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb. 15 Paid the dividend declared in January.
Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $12 per share.
May 15 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2015.
Dec. 31 Determined that net income for the year was $351,300.
Required:
1. Journalize the transactions.
2. Enter the beginning balances and post the entries to the stockholders' equity T-accounts.
3. Prepare the stockholders' equity section of the balance sheet at December 31.
4. Calculate the payout ratio and return on common stockholders' equity.
The tutors associated with our Stockholders Equity T-Accounts Assignment Help service are highly skilled and competent and always provide the step by step assignment solution, so that, you can secure top-notch grades as well as gain comprehensive knowledge.
Tags: Stockholders Equity T-Accounts Assignment HHHelp, Stockholders Equity T-Accounts Homework HHHelp, Stockholders Equity T-Accounts Solved Assignments, Stockholders Equity Assignment HHHelp, Stockholders Equity Homework HHHelp, Payout Ratio Assignment HHHelp, Payout Ratio Homework HHHelp