Question
In: Accounting
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Alexander Corporation reports the following components of
stockholders’ equity on December 31, 2016:
| Common stock—$25 par
value, 50,000 shares authorized, 31,000 shares issued and outstanding |
$ | 775,000 | |
| Paid-in capital in excess of par value, common stock | 62,000 | ||
| Retained earnings | 343,000 | ||
| Total stockholders’ equity | $ | 1,180,000 | |
In year 2017, the following transactions affected its stockholders’
equity accounts.
| Jan. | 2 | Purchased 3,100 shares of its own stock at $25 cash per share. | ||
| Jan. | 7 | Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. | ||
| Feb. | 28 | Paid the dividend declared on January 7. | ||
| July | 9 | Sold 1,240 of its treasury shares at $30 cash per share. | ||
| Aug. | 27 | Sold 1,550 of its treasury shares at $20 cash per share. | ||
| Sept. | 9 | Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. | ||
| Oct. | 22 | Paid the dividend declared on September 9. | ||
| Dec. | 31 | Closed the $53,000 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 2017.
2. Prepare a statement of retained earnings for
the year ended December 31, 2017.
3. Prepare the stockholders’ equity section of the
company’s balance sheet as of December 31, 2017.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Alexander Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$25 par value, 70,000 shares authorized,
46,000 shares issued and outstanding
$
1,150,000
Paid-in capital in excess of par value, common stock
92,000
Retained earnings
396,000
Total stockholders’ equity
$
1,638,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 4,600 shares of its own stock at $25 cash per
share.
Jan.
7
Directors declared a $1.50 per share cash dividend...
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Alexander Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$25 par value, 60,000 shares authorized,
36,000 shares issued and outstanding $ 900,000
Paid-in capital in excess of par value, common stock 72,000
Retained earnings 361,000
Total stockholders’ equity $ 1,333,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan. 2 Purchased 3,600 shares of its own stock at $25 cash per
share.
Jan. 7 Directors declared a $1.50 per share cash dividend...
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Alexander Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$25 par value, 60,000 shares authorized,
36,000 shares issued and outstanding $ 900,000
Paid-in capital in excess of par value, common stock 72,000
Retained earnings 361,000
Total stockholders’ equity $ 1,333,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan. 2 Purchased 3,600 shares of its own stock at $25 cash per
share.
Jan. 7 Directors declared a $1.50 per share cash dividend...
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Alexander Corporation reports the following components of
stockholders’ equity on December 31, 2016:
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 2017, 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...
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Alexander Corporation
reports the following components of stockholders’ equity on
December 31, 2016:
Common stock—$25 par value, 60,000 shares authorized,
40,000 shares issued and outstanding
$
1,000,000
Paid-in capital
in excess of par value, common stock
80,000
Retained
earnings
375,000
Total
stockholders’ equity
$
1,455,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 4,000
shares of its own stock at $25 cash per share.
Jan.
7
Directors declared
a $1.50 per share cash dividend...
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Alexander Corporation
reports the following components of stockholders’ equity on
December 31, 2016:
Common stock—$25 par value, 60,000 shares authorized,
35,000 shares issued and outstanding
$
875,000
Paid-in capital
in excess of par value, common stock
70,000
Retained
earnings
357,000
Total
stockholders’ equity
$
1,302,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 3,500
shares of its own stock at $25 cash per share.
Jan.
7
Directors declared
a $1.50 per share cash dividend...
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Alexander Corporation reports the following components of
stockholders’ equity on December 31, 2016: Common stock—$25 par
value, 70,000 shares authorized, 42,000 shares issued and
outstanding $ 1,050,000 Paid-in capital in excess of par value,
common stock 84,000 Retained earnings 382,000 Total stockholders’
equity $ 1,516,000 In year 2017, the following transactions
affected its stockholders’ equity accounts. Jan. 2 Purchased 4,200
shares of its own stock at $25 cash per share. Jan. 7 Directors
declared a $1.50 per share cash dividend...
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Alexander Corporation reports the following components of
stockholders’ equity on December 31, 2016:
Common stock—$25 par value, 60,000 shares authorized,
37,000 shares issued and outstanding
$
925,000
Paid-in capital in excess of par value, common stock
74,000
Retained earnings
364,000
Total stockholders’ equity
$
1,363,000
In year 2017, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 3,700 shares of its own stock at $25 cash per
share.
Jan.
7
Directors declared a $1.50 per share cash dividend...
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par...
Alexander Corporation reports the following components of
stockholders’ equity on December 31, 2016: Common stock—$25 par
value, 50,000 shares authorized, 33,000 shares issued and
outstanding $ 825,000 Paid-in capital in excess of par value,
common stock 66,000 Retained earnings 350,000 Total stockholders’
equity $ 1,241,000 In year 2017, the following transactions
affected its stockholders’ equity accounts. Jan. 2 Purchased 3,300
shares of its own stock at $25 cash per share. Jan. 7 Directors
declared a $1.50 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...
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