Question

On June 1, the corporation declares a $4 per share dividend on the common stock to...

On June 1, the corporation declares a $4 per share dividend on the common stock to be paid on July 15.

Record the balances in the equity section after the June 1 transaction has been recorded.

Stockholders Equity

Before Transaction

After Transaction

Common stock, 800000 shares authorized, 73000 shares issued, 65700 shares outstanding, $17 par value.

$1241000

$

Contributed capital in excess of par value, Common Stock

$3723000

$

Retained Earnings

$1022000

$

Treasury Stock

$(372300)

$(  )

Total Stockholders Equity

$5613700

$
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Before Transaction After Transaction
Common stock, 800000 shares authorized, 73000 shares issued, 65700 shares outstanding, $17 par value. 1241000 1241000
Contributed capital in excess of par value, Common Stock 3723000 3723000
Retained Earnings 1022000 759200
Treasury Stock (372300) (372300)
Total Stockholders Equity 5613700 5350900
Workings:
Dividends declared = (65700*4)= $262800
Retained Earnings = 1022000-262800=$759200
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
he corporation issues 5700 shares of common stock for $72 per share. How much cash did...
he corporation issues 5700 shares of common stock for $72 per share. How much cash did the corporation receive?   Record the balances in the equity section after this transaction has been recorded. Hint: Record the beginning equity account balances in the accounting equation format. Then record the balanced transaction to issue stock. Finally, compute the ending balances for the accounts that were involved in the transaction. Stockholders Equity Before Transaction After Transaction Common stock, 800000 shares authorized, 45000 shares issued,...
On June 30, 2017, Sharper Corporation’s common stock is priced at $34.50 per share before any...
On June 30, 2017, Sharper Corporation’s common stock is priced at $34.50 per share before any stock dividend or split, and the stockholders’ equity section of its balance sheet appears as follows. Common stock—$8 par value, 85,000 shares authorized, 34,000 shares issued and outstanding $ 272,000 Paid-in capital in excess of par value, common stock 100,000 Retained earnings 372,000 Total stockholders’ equity $ 744,000 1. Assume that the company declares and immediately distributes a 100% stock dividend. This event is...
On June 30, Sharper Corporation’s common stock is priced at $26.00 per share before any stock...
On June 30, Sharper Corporation’s common stock is priced at $26.00 per share before any stock dividend or split, and the stockholders’ equity section of its balance sheet appears as follows. Common stock—$6 par value, 90,000 shares authorized, 36,000 shares issued and outstanding $ 216,000 Paid-in capital in excess of par value, common stock 100,000 Retained earnings 316,000 Total stockholders’ equity $ 632,000 1. Assume that the company declares and immediately distributes a 100% stock dividend. This event is recorded...
On June 30, 2017, Sharper Corporation’s common stock is priced at $62 per share before any...
On June 30, 2017, Sharper Corporation’s common stock is priced at $62 per share before any stock dividend or split, and the stockholders’ equity section of its balance sheet appears as follows. Common stock—$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding $ 500,000 Paid-in capital in excess of par value, common stock 200,000 Retained earnings 660,000 Total stockholders’ equity $ 1,360,000 1. Assume that the company declares and immediately distributes a 50% stock dividend. This event is...
On June 30, 2017, Sharper Corporation’s common stock is priced at $26.50 per share before any...
On June 30, 2017, Sharper Corporation’s common stock is priced at $26.50 per share before any stock dividend or split, and the stockholders’ equity section of its balance sheet appears as follows. Common stock—$10 par value, 85,000 shares authorized, 34,000 shares issued and outstanding $ 340,000 Paid-in capital in excess of par value, common stock 100,000 Retained earnings 440,000 Total stockholders’ equity $ 880,000 1. Assume that the company declares and immediately distributes a 100% stock dividend. This event is...
The following are selected accounts and balances from the records of Doran Corporation on June 30,...
The following are selected accounts and balances from the records of Doran Corporation on June 30, 2017. Common Stock, $10 par value, 75,000 shares authorized, 54,000 shares issued $540,000 Paid-in Capital in Excess of Par Value—Common Stock 150,000 Preferred Stock, $100 par value, 8%, 3,000 shares authorized and issued 300,000 Retained Earnings 280,000 Treasury Stock (10,000 common shares) 150,000 Paid-in Capital in Excess of Par Value—Preferred Stock 30,000 Prepare in proper form the stockholders’ equity section of the balance sheet.
On October 10, the stockholders’ equity of Sherman Systems appears as follows.    Common stock–$10 par...
On October 10, the stockholders’ equity of Sherman Systems appears as follows.    Common stock–$10 par value, 95,000 shares authorized, issued, and outstanding $ 950,000 Paid-in capital in excess of par value, common stock 331,000 Retained earnings 1,048,000 Total stockholders’ equity $ 2,329,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 7,300 shares of its own common stock at $48 per share on October 11. Sold 1,575 treasury shares on November 1 for $54 cash...
Exercise 11-5 Stock dividends and splits LO P2 On June 30, 2017, Sharper Corporation’s common stock...
Exercise 11-5 Stock dividends and splits LO P2 On June 30, 2017, Sharper Corporation’s common stock is priced at $28.50 per share before any stock dividend or split, and the stockholders’ equity section of its balance sheet appears as follows. Common stock—$8 par value, 75,000 shares authorized, 30,000 shares issued and outstanding $ 240,000 Paid-in capital in excess of par value, common stock 100,000 Retained earnings 340,000 Total stockholders’ equity $ 680,000 1. Assume that the company declares and immediately...
On June 30, Sharper Corporation’s stockholders' equity section of its balance sheet appears as follows before...
On June 30, Sharper Corporation’s stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock—$10 par value, 120,000 shares authorized, 74,000 shares issued and outstanding $ 740,000 Paid-in capital in excess of par value, common stock 320,000 Retained earnings 720,000 Total stockholders’ equity $ 1,780,000 Required: (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of...
On June 30, Sharper Corporation’s stockholders' equity section of its balance sheet appears as follows before...
On June 30, Sharper Corporation’s stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock—$10 par value, 120,000 shares authorized, 78,000 shares issued and outstanding $ 780,000 Paid-in capital in excess of par value, common stock 340,000 Retained earnings 730,000 Total stockholders’ equity $ 1,850,000 Required: (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT