Sources of equity, Stock issuance, and Dividends;Tree Comfort Specialists, Inc., reported the following stockholders' equity on its balance sheet at June 30, 2011;Tree comfort specialists, inc;Stock holders equity;June 30, 2011;Paid-in Capital;Preferred stock,7%, $5 par, 600,000 shares authorized, 220,000 shares used $1,100,000;Common stock, par value $1 per share, 9,000,000 shares authorized;1,340,000 shares issued and outstanding $1,340,000;Additional paid-in capital-common $2,900,000;Total paid in capital $5,340,000;Retained earnings $12,000,000;Total stockholders equity $17,340,000;1. Identify the different issues of stock that tree has outstanding.;2. What is the par value per share of tree's preferred stock?;3. Make two summary journal entries to record issuance of all tree stock for cash;4. No preferred dividends are in arrears. journalize the deceleration of a 400,000 dividend at June 30, 2011. Use separate dividends payable accounts for preferred and common.
Paper#25666 | Written in 18-Jul-2015Price : $22