Description of this paper

P12-26A Journalizing stockholders equity transact...

Description

Solution


Question

P12-26A Journalizing stockholders equity transactions. Airborne Manufacturing Co. complete the following transactions during 2009 Jan 16- Declared a cash dividend on the 4%, $102 par preferred stock (1,050 shares outstanding) Declared a $0.55 per share dividend on the 95,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15. Feb15- Paid the cash dividends June 10 Split common stock 2 for 1. Before the split, airborne had 95,000 shares of $10 par common stock outstanding Jul 30 Distributed a 25% stock dividend on the common stock. The market value of the common stock was $10 per share Oct 26 Purchased 3,000 shares of treasury stock at $15 per share Nov 8 Sold 1,500 shares of treasury stock for $20 per share Nov 30 Sold 1,500 shares of treasury stock for $9 per share Requirement: Record the transactions in Airbornes general journal P12-28A Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings and preparing stockholders equity. The balance sheet of Patrick Management Consulting Inc at December 31, 2011, reported the following stockholders equity: Paid-in capital: Common stock, $15 par, 300,000 shares authorized 20,000 shares issued $300,000 Paid-in capital in excess of par-common 310,000 Total paid in capital 610,000 Retained earnings 158,000 Total stockholders equity $768,000 During 2012 Patrick completed the following selected transactions: Feb6 Distributed 10% stock dividend on the common stock. The market value of Patrick?s stock was $26 per share Jul 29 Purchased 2,000 shares of treasury stock of $26 per share Nov 27 Declared $0.30 per share dividend on the 20,000 shares of common stock outstanding. The date of record in December 17 and the payment date is January 7, 2013. Dec 31 Closed the $86,000 net income to retained earnings. Requirements 1. Record the transactions in the general journal. 2. Prepare a retained earnings statement for the year ended December 31, 2012 3. Prepare the stockholders equity section of the balance sheet at December 31, 2012 P12-29A Computing EPS and reporting a retained earnings restriction The capital structure of Rodeswell Inc at December 31, 2010, included 30,000 shares of $2.00 preferred stock and 40,000 shares of common stock. Common stock outstanding during 2011 totaled 40,000 shares. Income from continuing operations during 2011 was $104,000. The company discontinued the segment of the business at a gain of $20,000 and also had an extraordinary gain of $10,000. The rodeswell board of directors restricts $98,000 of retained earnings for contingencies. Retained earnings at December 31, 2010 was $98,000 and the company declared preferred dividends of $60,000 during 2011. Requirements: 1. Compute Rodeswells earnings per share for 2011. Start with income from continuing operations. All income and loss amounts are net of income tax. 2. Show two ways of reporting Rodeswells retained earnings restriction. P12-30A Preparing a detailed income statement The following info was taken from the records of the underwood inc at sept 30, 2010 Selling expense $124,000 General expenses 131,000 Income from discontinued operations 8,000 Retained earnings, beginning 87,000 Costs of goods, sold 437,000 Treasury stock, common (1,100) shares 12,100 Net sales revenue 832,000 Common stock, $10 par 21,100 Shares authorized and issued $211,000 Preferred stock $5, no-par 3,000 shares issued 150,000 Income tax expense: Continueing operations 72,000 Income from discontinued operations 3,200 Requirement: 1. Prepare a multi step income statement for underwood inc for the fiscal year ended sept 30, 2010. Include earnings per share.,Michael, Thank you so much, I can't tell you what this means, I really want to understand this and become a great accountant, I have a instructor who doesn't help much, I just want to understand how to get the final problem thanks again Peggy,Hi, I was just wondering how it was going,I am working on the assignments and have gotten stuck, how all is going well, thanks again for your time peggy,Thanks again for all your time and understanding

 

Paper#1925 | Written in 18-Jul-2015

Price : $25
SiteLock