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Sources of equity, Stock issuance, and Dividends




Question;Sources of equity, Stock issuance, and DividendsTree Comfort Specialists, Inc., reported the following stockholders' equity on its balance sheet at June 30, 2011:Tree comfort specialists, incStock holders equityJune 30, 2011Paid-in CapitalPreferred stock,7%, $5 par, 600,000 shares authorized, 220,000 shares used $1,100,000Common stock, par value $1 per share, 9,000,000 shares authorized1,340,000 shares issued and outstanding $1,340,000Additional paid-in capital-common $2,900,000Total paid in capital $5,340,000Retained earnings $12,000,000Total stockholders equity $17,340,0001. 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 cash4. 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#40500 | Written in 18-Jul-2015

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