Question

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par...

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:

   Common stock—$20 par value, 100,000 shares authorized, 45,000 shares issued and    outstanding

$ 900,000  
   Paid-in capital in excess of par value, common stock 70,000  
   Retained earnings 370,000  
   Total stockholders’ equity $ 1,340,000  
In year 2016, the following transactions affected its stockholders’ equity accounts.
Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share.
Jan. 5

Directors declared a $4 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record.

Feb. 28 Paid the dividend declared on January 5.
July 6 Sold 1,688 of its treasury shares at $24 cash per share.
Aug. 22 Sold 2,812 of its treasury shares at $17 cash per share.
Sept. 5

Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record.

Oct. 28 Paid the dividend declared on September 5.
Dec. 31

Closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

Record the reissue of 1,688 shares of the treasury stock for $24 cash per share.

Note: Enter debits before credits.

Date General Journal Debit Credit
Jul 06 Cash
Treasury stock, Common
Paid-In capital, Treasury stock


Record the declaration of a cash dividend of $4 per share.

Note: Enter debits before credits.

Date General Journal Debit Credit
Sep 05 Retained earnings
Common dividend payable

Record the payment of the cash dividend.

Note: Enter debits before credits.

Date General Journal Debit Credit
Oct 28 Common dividend payable
Cash

Homework Answers

Answer #1
Date General Journal Debit Credit
01-Jan Treasury stock, Common 90,000
Cash 90,000
4500*20
05-Jan Retained earnings 162,000
Common dividend payable 162,000
45000-4500*4
28-Feb Common dividend payable 162,000
Cash 162,000
06-Jul Cash
1688*24
40,512
Treasury stock, Common
1688*20
33,760
Paid-in capital, Treasury stock
(diff)
6,752
22-Aug Cash 47,804
Paid-in capital, Treasury stock 6,752
Retained earnings 1,684
Treasury stock, Common 56,240
05-Sep Retained earnings 180,000
Common dividend payable 180,000
45000-4500+4500*4
28-Oct Common dividend payable 180,000
Cash 180,000
31-Dec Income summary 368,000
Retained earnings 368,000
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2015:    Common stock—$20 par value, 100,000 shares authorized, 45,000 shares issued and    outstanding $ 900,000      Paid-in capital in excess of par value, common stock 70,000      Retained earnings 370,000      Total stockholders’ equity $ 1,340,000   In year 2016, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 1,000,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 370,000 Total stockholders' equity $ 1,440,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par value, 100,000 shares authorized,50,000 shares issued and outstanding$1,250,000Paid-in capital in excess of par value, common stock 60,000Retained earnings 430,000Total stockholders' equity$1,740,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5...
Kelsey Corporation reports the following components of stockholders' equity at December 31, 2019. Common stock -...
Kelsey Corporation reports the following components of stockholders' equity at December 31, 2019. Common stock - $10 par value; 100,000 shares authorized; 40,000 shares issued and outstanding $400,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 270,000 Total stockholders' equity $730,000 During 2020, the following transactions affected its stockholders' equity accounts. Jan 2 - Purchased 4,000 shares of is own stock at $20 cash per share Jan 5 - Directors declared a $2 per share cash...
Context Corporation reports the following components of shareholders’ equity on December 31, 2015.       Share Capital—Ordinary,...
Context Corporation reports the following components of shareholders’ equity on December 31, 2015.       Share Capital—Ordinary, $25 par value, 100,000 shares authorized,    40,000 shares issued and outstanding $ 1,000,000      Share Premium—Ordinary 70,000      Retained earnings 430,000      Total shareholders' equity $ 1,500,000   In year 2016, the following transactions affected its shareholders’ equity accounts. Jan. 1 Purchased 4,000 of its own shares at $15 cash per share. Jan. 5 Directors declared a $2 per share cash dividend payable on February 28 to the...
The stockholders’ equity of Palepu Company at December 31, 2015, appears below. Common stock, $12 par...
The stockholders’ equity of Palepu Company at December 31, 2015, appears below. Common stock, $12 par value, 200,000 shares authorized; 82,000 shares issued and outstanding $984,000 Paid-in capital in excess of par value 480,000 Retained earnings 305,000 During 2016, the following transactions occurred: May 12 Declared and issued a 4% stock dividend; the common stock market value was $18 per share. Dec. 31 Declared and paid a cash dividend of 75 cents per share. a. Using the financial statement effects...
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As...
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2018, 150 shares of preferred stock and 2,200 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2018: March 1 Issue 2,200 additional shares of common stock for $17 per share. April 1 Issue 150 additional shares of preferred stock for $32 per share. June 1 Declare a cash dividend on both common and preferred...
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value,...
On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 85,000 shares authorized, issued, and outstanding $ 850,000 Paid-in capital in excess of par value, common stock 281,000 Retained earnings 968,000 Total stockholders’ equity $ 2,099,000 1. Prepare journal entries to record the following transactions for Sherman Systems. Purchased 6,300 shares of its own common stock at $38 per share on October 11. Sold 1,325 treasury shares on November 1 for $44 cash per...
BrightBright ​Schools, Inc. is authorized to issue​ 200,000 shares of ​$22 par common stock. The company...
BrightBright ​Schools, Inc. is authorized to issue​ 200,000 shares of ​$22 par common stock. The company issued 78 comma 00078,000 shares at $ 6$6 per share. When the market price of common stock was $ 8$8 per​ share, BrightBright declared and distributed a 1010​% stock dividend.​ Later, BrightBright declared and paid a $ 0.30$0.30 per share cash dividend.Read the requirements LOADING... . Requirement 1. Journalize the declaration and the distribution of the stock dividend.​ (Record debits​ first, then credits. Select...
On January 1, 2017, Culver Corporation had these stockholders’ equity accounts. Common Stock ($10 par value,...
On January 1, 2017, Culver Corporation had these stockholders’ equity accounts. Common Stock ($10 par value, 81,500 shares issued and outstanding) $815,000 Paid-in Capital in Excess of Par Value 483,000 Retained Earnings 620,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.70 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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT