(Solution) 12/6/2015 Problem 118A Print By: VANESSA MONTES ACC/291 49575374 / Copy Of Assignment: Week 4 Assignment *Problem 118A On January 1, 2014, Everett... | Snapessays.com


(Solution) 12/6/2015 Problem 118A Print by: VANESSA MONTES ACC/291 49575374 / Copy of Assignment: Week 4 Assignment *Problem 118A On January 1, 2014, Everett...


Can someone help with this assignment due tomorrow. would really appreciate it. thank you12/6/2015

 

Problem 11­8A

 

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Print by: VANESSA MONTES

 

ACC/291 ­ 49575374 / Copy of Assignment: Week 4 Assignment

 

*Problem 11­8A

 

On January 1, 2014, Everett Corporation had these stockholders’ equity accounts.

 

Common Stock ($10 par value, 71,300 shares issued and outstanding)

 

$713,000

 

Paid­in Capital in Excess of Par Value

 

518,200

 

Retained Earnings

 

680,300

 

During the year, the following transactions occurred.

 

Jan. 15

 

Declared a $0.60 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 30, distributable May 15. On April

 

15, the market price of the stock was $15 per share.

 

May 15

 

Issued the shares for the stock dividend.

 

Dec. 1

 

Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January

 

10, 2015.

 

Dec. 31

 

Determined that net income for the year was $411,900.

 

Journalize the transactions.

 

(Record entries in the order displayed in the problem statement. Credit

 

account titles are automatically indented when amount is entered. Do not indent manually.)

 

Date

 

Account Titles and

 

Explanation

 

Debit

 

Credit

 

(To close net income)

 

(To close stock dividends)

 


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This question was answered on: May 23, 2022

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