Question
In: Accounting
The stockholders’ equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Ayayai Corp. on January 1, 2017, were as follows.
| Preferred Stock ( 7%, $ 100 par noncumulative, 4,200 shares authorized) | $ 252,000 | |
| Common Stock ($ 3 stated value, 336,000 shares authorized) | 840,000 | |
| Paid-in Capital in Excess of Par Value—Preferred Stock | 12,600 | |
| Paid-in Capital in Excess of Stated Value—Common Stock | 537,600 | |
| Retained Earnings | 691,500 | |
| Treasury Stock ( 4,200 common shares) | 33,600 |
During 2017, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
| Feb. | 1 | Issued 4,880 shares of common stock for $ 34,160. | |
| Mar. | 20 | Purchased 1,650 additional shares of common treasury stock at $ 8 per share. | |
| Oct. | 1 | Declared a 7% cash dividend on preferred stock, payable November 1. | |
| Nov. | 1 | Paid the dividend declared on October 1. | |
| Dec. | 1 | Declared a $ 0.55 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. | |
| Dec. | 31 | Determined that net income for the year was $ 278,300. Paid the dividend declared on December 1. |
Enter the beginning balances in the accounts and post the journal entries to the stockholders’ equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.)
|
Preferred Stock |
|||
|---|---|---|---|
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit balance |
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit balance |
|
Common Stock |
|||
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit balance |
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit balance |
|
Paid-in Capital in Excess of Par Value—Preferred Stock |
|||
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit balance |
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit balance |
|
Paid-in Capital in Excess of Stated Value—Common Stock |
|||
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit balance |
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit balance |
|
Retained Earnings |
|||
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit balance |
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit balance |
|
Cash Dividends |
|||
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit balance |
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit balance |
|
Treasury Stock |
|||
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit amount |
choose a transaction datechoose a transaction date 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit amount |
| choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a debit balance |
choose the end date of the accounting periodchoose the end date of the accounting period 1/1 Bal.2/110/13/2012/112/3112/31 Bal. |
enter a credit balance |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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