Question
In: Accounting
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2017. Common stock—$25 par...
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2017.
| Common stock—$25 par value, 100,000 shares authorized, 55,000 shares issued and outstanding |
$ | 1,375,000 |
| Paid-in capital in excess of par value, common stock | 70,000 | |
| Retained earnings | 400,000 | |
| Total stockholders' equity | $ | 1,845,000 |
In year 2018, the following transactions affected its stockholders’
equity accounts.
| Jan. | 1 | Purchased 5,500 shares of its own stock at $20 cash per share. | ||
| Jan. | 5 | Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. | ||
| Feb. | 28 | Paid the dividend declared on January 5. | ||
| July | 6 | Sold 2,063 of its treasury shares at $24 cash per share. | ||
| Aug. | 22 | Sold 3,437 of its treasury shares at $17 cash per share. | ||
| Sept. | 5 | Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. | ||
| Oct. | 28 | Paid the dividend declared on September 5. | ||
| Dec. | 31 | Closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings. |
Required:
1. Prepare journal entries to record each of these
transactions for 2018.
2. Prepare a statement of retained earnings for
the year ended December 31, 2018.
3. Prepare the stockholders' equity section of the
company’s balance sheet as of December 31, 2018.
Solutions
ekkarill92 answered 3 years agoRelated Solutions
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
$
1,250,000
Paid-in capital in excess of par
value, common stock
60,000
Retained earnings
430,000
Total stockholders' equity
$
1,740,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan.
1
Purchased 5,000 shares of its own
stock at $15 cash per share.
Jan.
5
Directors declared a $6 per share
cash dividend...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2017. Common stock—$15 par...
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2017.
Common stock—$15 par value, 100,000 shares authorized,
50,000 shares issued and outstanding
$
750,000
Paid-in capital in excess of par value, common stock
70,000
Retained earnings
400,000
Total stockholders' equity
$
1,220,000
In year 2018, the following transactions affected its stockholders’
equity accounts.
Jan.
1
Purchased 6,000 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, 2017. Common stock—$20 par...
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2017.
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
400,000
Total stockholders' equity
$
1,370,000
In year 2018, the following transactions affected its
stockholders’ equity accounts.
Jan.
1
Purchased 5,500 shares of its own stock at $20 cash per
share.
Jan.
5
Directors declared a $6 per share cash dividend...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2017. Common stock—$10 par...
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2017.
Common stock—$10 par value, 100,000 shares authorized,
50,000 shares issued and outstanding
$
500,000
Paid-in capital in excess of par value, common stock
80,000
Retained earnings
460,000
Total stockholders' equity
$
1,040,000
In year 2018, the following transactions affected its stockholders’
equity accounts.
Jan.
1
Purchased 6,000 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, 2017. Common stock—$20 par...
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2017.
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 460,000 Total
stockholders' equity $ 1,430,000 In year 2018, the following
transactions affected its stockholders’ equity accounts. Jan. 1
Purchased 5,500 shares of its own stock at $20 cash per share. Jan.
5 Directors declared a $2 per share cash dividend...
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2017. Common stock—$25 par...
Alexander Corporation reports the following components of
stockholders’ equity on December 31, 2017.
Common stock—$25 par value, 50,000 shares authorized,
34,000 shares issued and outstanding
$
850,000
Paid-in capital in excess of par value, common stock
68,000
Retained earnings
354,000
Total stockholders’ equity
$
1,272,000
In year 2018, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 3,400 shares of its own stock at $25 cash per
share.
Jan.
7
Directors declared a $1.50 per share cash dividend...
Chiefs Corporation reports the following components of stockholders’ equity at December 31, 2017. Common stock—$25 par...
Chiefs Corporation reports the following components of
stockholders’ equity at December 31, 2017.
Common stock—$25 par value, 70,000 shares authorized,
50,000 shares issued and outstanding $1,250,000
Paid-in capital in excess of par value, common stock 100,000
Retained earnings 410,000
Total stockholders’ equity $1,760,000
During the year, the following transactions affected its
stockholders’ equity accounts.
Jan. 2 Purchased 6,000 shares of its own stock at $30 cash per
share.
Jan. 7 Directors declared a $1.50 per share cash dividend
payable...
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$15 par...
Kohler Corporation reports the following components of
stockholders’ equity at December 31, 2018. Common stock—$15 par
value, 100,000 shares authorized, 55,000 shares issued and
outstanding $ 825,000 Paid-in capital in excess of par value,
common stock 70,000 Retained earnings 400,000 Total stockholders'
equity $ 1,295,000 During 2019, the following transactions affected
its stockholders’ equity accounts. Jan. 2 Purchased 5,000 shares of
its own stock at $20 cash per share. Jan. 5 Directors declared a $6
per share cash dividend payable...
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par...
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2016:
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
460,000
Total stockholders' equity
$
1,430,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan.
1
Purchased 4,000 shares of its own stock at $25 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, 2016: Common stock—$15 par...
Kohler Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$15 par value, 100,000 shares authorized,
50,000 shares issued and outstanding
$
750,000
Paid-in capital in excess of par value, common stock
70,000
Retained earnings
370,000
Total stockholders' equity
$
1,190,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan.
1
Purchased 5,500 shares of its own stock at $20 cash per
share.
Jan.
5
Directors declared a $6 per share cash dividend...
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