Question

Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a...

Required:
1. Prepare journal entries to record each of these transactions for 2017.
2. Prepare a statement of retained earnings for the year ended December 31, 2017.
3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2017.

Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016:

Common stock—$25 par value, 70,000 shares authorized,
49,000 shares issued and outstanding
$ 1,225,000
Paid-in capital in excess of par value, common stock 98,000
Retained earnings 406,000
Total stockholders’ equity $ 1,729,000


In year 2017, the following transactions affected its stockholders’ equity accounts.

Jan. 2 Purchased 4,900 shares of its own stock at $25 cash per share.
Jan. 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record.
Feb. 28 Paid the dividend declared on January 7.
July 9 Sold 1,960 of its treasury shares at $30 cash per share.
Aug. 27 Sold 2,450 of its treasury shares at $20 cash per share.
Sept. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record.
Oct. 22 Paid the dividend declared on September 9.
Dec. 31 Closed the $71,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

Homework Answers

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, 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...
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, 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, 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...
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...
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...
1. Prepare entries to record both the dividend declaration and its distribution. Required information [The following...
1. Prepare entries to record both the dividend declaration and its distribution. Required information [The following information applies to the questions displayed below.] The stockholders’ equity of TVX Company at the beginning of the day on February 5 follows: Common stock—$10 par value, 150,000 shares authorized, 71,000 shares issued and outstanding $ 710,000 Paid-in capital in excess of par value, common stock 525,000 Retained earnings 675,000 Total stockholders’ equity $ 1,910,000 On February 5, the directors declare a 16% stock...
Required information [The following information applies to the questions displayed below.] The equity sections from Atticus...
Required information [The following information applies to the questions displayed below.] The equity sections from Atticus Group’s 2016 and 2017 year-end balance sheets follow. Stockholders’ Equity (December 31, 2016) Common stock—$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding $ 175,000 Paid-in capital in excess of par value, common stock 135,000 Retained earnings 320,000 Total stockholders’ equity $ 630,000 Stockholders’ Equity (December 31, 2017) Common stock—$5 par value, 100,000 shares authorized, 41,400 shares issued, 3,000 shares in treasury...
Required information Problem 11-4A Analysis of changes in stockholders' equity accounts LO C3, P2, P3 [The...
Required information Problem 11-4A Analysis of changes in stockholders' equity accounts LO C3, P2, P3 [The following information applies to the questions displayed below.] The equity sections from Atticus Group’s 2016 and 2017 year-end balance sheets follow. Stockholders’ Equity (December 31, 2016) Common stock—$4 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 160,000 Paid-in capital in excess of par value, common stock 120,000 Retained earnings 360,000 Total stockholders’ equity $ 640,000 Stockholders’ Equity (December 31, 2017) Common...
Balance Sheet Debit/Credit T-Chart 1. Journalize the transactions. (Include entries to close net income and dividends...
Balance Sheet Debit/Credit T-Chart 1. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) 2. Enter the beginning balances in the accounts and post the...