Question

In: Accounting

On January 1, 2022, Tacoma Corporation had these stockholders’ equity accounts. Common Stock ($10 par value,...

On January 1, 2022, Tacoma Corporation had these stockholders’ equity accounts.

Common Stock ($10 par value, 70,000 shares issued and outstanding) $700,000
Paid-in Capital in Excess of Par Value 500,000
Retained Earnings 620,000


During the year, the following transactions occurred.

Jan. 15 Declared a $0.50 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 $14 per share.
May 15 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2023.
Dec. 31

Determined that net income for the year was $400,000

Please Journalize the transactions, enter the beginning balances and post the entries to the stockholders equity T-accounts, prepare the stockholders equity section of the balance sheet at Dec 31, and calculate the payout ratio and return on common stockholders equity.

Thanks!

Solutions

Expert Solution

Solution:

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

On January 1, 2022, Riverbed Corp. had these stockholders’ equity accounts. Common Stock ($10 par value,...
On January 1, 2022, Riverbed Corp. had these stockholders’ equity accounts. Common Stock ($10 par value, 71,500 shares issued and outstanding) $715,000 Paid-in Capital in Excess of Par Value 486,500 Retained Earnings 665,000 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...
On January 1, 2022, Bridgeport Corp. had these stockholders’ equity accounts. Common Stock ($10 par value,...
On January 1, 2022, Bridgeport Corp. had these stockholders’ equity accounts. Common Stock ($10 par value, 66,500 shares issued and outstanding) $665,000 Paid-in Capital in Excess of Par Value 481,500 Retained Earnings 615,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.40 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...
On January 1, 2022, Marigold Corp. had these stockholders’ equity accounts. Common Stock ($10 par value,...
On January 1, 2022, Marigold Corp. had these stockholders’ equity accounts. Common Stock ($10 par value, 68,500 shares issued and outstanding) $685,000 Paid-in Capital in Excess of Par Value 483,500 Retained Earnings 635,000 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...
On January 1, 2022, Blue Spruce Corp. had these stockholders’ equity accounts. Common Stock ($10 par...
On January 1, 2022, Blue Spruce Corp. had these stockholders’ equity accounts. Common Stock ($10 par value, 72,500 shares issued and outstanding) $655,000 Paid-in Capital in Excess of Par Value 480,500 Retained Earnings 605,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on...
On January 1, 2017, Indigo Corporation had these stockholders’ equity accounts. Common Stock ($ 10 par...
On January 1, 2017, Indigo 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 503,000 Retained Earnings 635,000 During the year, the following transactions occurred. Jan. 15 Declared a $ 0.40 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...
On January 1, 2017, Concord Corporation had these stockholders’ equity accounts. Common Stock ($ 10 par...
On January 1, 2017, Concord Corporation had these stockholders’ equity accounts. Common Stock ($ 10 par value,  75,500 shares issued and outstanding) $ 755,000 Paid-in Capital in Excess of Par Value 484,500 Retained Earnings 685,000 During the year, the following transactions occurred. Jan. 15 Declared a $ 0.40 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...
On January 1, 2017, Concord Corporation had these stockholders’ equity accounts. Common Stock ($ 10 par...
On January 1, 2017, Concord Corporation had these stockholders’ equity accounts. Common Stock ($ 10 par value,  75,500 shares issued and outstanding) $ 755,000 Paid-in Capital in Excess of Par Value 484,500 Retained Earnings 685,000 During the year, the following transactions occurred. Jan. 15 Declared a $ 0.40 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...
On January 1, 2017, Monty Corp. had these stockholders’ equity accounts. Common Stock ($10 par value,...
On January 1, 2017, Monty Corp. had these stockholders’ equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 Paid-in Capital in Excess of Par Value 523,000 Retained Earnings 620,000 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...
On January 1, 2017, Getsi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par...
On January 1, 2017, Getsi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par value, 100,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of Par—Common Stock 200,000 Retained Earnings 450,000 During the year, the following transactions occurred. Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Mar. 1 Issued 10,000 shares of common stock at $12 per share....
On January 1, 2020, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par...
On January 1, 2020, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par value, 50,000 shares issued and outstanding) $500,000 Paid-in Capital in Excess of Par—Common Stock 495,000 Retained Earnings 635,000 During 2020, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Apr. 15 Declared and paid a 10% stock dividend. The market price of the stock was $13 per share. May 15 Reacquired 2,200 common shares at a...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT