2024 – Journalizing dividend and treasury stock transactions preparing a statement of retained earnings and preparing stockholders equity The
Goldstein Management Consulting, Inc.,_Stockholder’s Equity – 2024
Journalizing dividend and treasury stock transactions, preparing a statement of retained earnings, and preparing stockholders’ equity
The balance sheet of Goldstein Management Consulting, Inc., at December 31, 2011, reported the following stockholders’ equity:
|
Paid-in capital: |
|
|
Common stock, $10 par, 200,000 shares authorized, 15,000 shares issued |
$150,000 |
|
Paid-in capital in excess of par—common |
310,000 |
|
Total paid-in capital |
460,000 |
|
Retained earnings |
162,000 |
|
Total stockholders’ equity |
$622,000 |
During 2012, Goldstein completed the following selected transactions:
|
Feb |
6 |
Distributed a 5% stock dividend on the common stock. The market value of Goldstein’s stock was $21 per share. |
|
Jul |
29 |
Purchased 2,300 shares of treasury stock at $21 per share. |
|
Nov |
27 |
Declared a $0.10 per share cash dividend on the 13,450 shares of common stock outstanding. The date of record is December 17, 2012, and the payment date is January 7, 2013. |
|
Dec |
31 |
Closed the $81,000 net income to Retained earnings. |
Requirements
1.Record the transactions in the general journal.
2.Prepare a retained earnings statement for the year ended December 31, 2012.
3.Prepare the stockholders’ equity section of the balance sheet at December 31, 2012.
Need assignment writing services that are 100% risk-free. Our writers are capable of providing the best assignment help to students in globally at best rates.
Assignment online is a team of top-class experts whose only goal is to give you the best assignment help service. Follow the link below to order now...
#write essay #research paper
