Financial Accounting Dividend And Retained Earnings Assignment Homework Help
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Recording cash dividends, stock dividends, and appropriation of retained earnings; preparing statement of retained earnings
The stockholders’ equity accounts of Solomon Corporation on January 1, 2010, contained the following balances
Preferred Stock (10%, $50 par value, 4,000 shares authorized)
Issued and Outstanding, 1,200 Shares $60,000
Paid-in Capital in Excess of Par Value-Preferred $1,200
Common Stock ($20 par value, 20,000 shares authorized)
Issued and Outstanding, 10,000 shares $200,000
Retained Earnings $197,200
Total Stockholders’ Equity $458,400
Transactions affecting stockholders’ equity during 2010 follow.
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1. Set up a ledger account for RETAINED EARNINGS and record the January 1, 2010 balance.
2. Record the transactions in general journal form and post them to the RETAINED EARNINGS account only.
3. Prepare a statement of retained earnings for the year 2010.
|June15||Declared a semiannual dividend of 5 percent on preferred stock, payable on July 15 to stockholders of record on June 30.|
|July 15||Paid the dividend on preferred stock.|
|Dec15||Declared a semiannual dividend of 5 percent on preferred stock, payable on January 15, 2011, to stockholders of record on December 31, 2010, and a cash dividend of $3 per share on common stock, payable on January 15, 2011, to stockholders of record on December 31, 2010. Make separate entries.|
|Dec15||Declared a 5 percent common stock dividend to common stockholders of record on December 31, 2010. The new shares are to be issued on January 15, 2011. A market price of $30 per share is expected for the new shares of common stock.|
|Dec31||Created an “appropriation of retained earnings for contingencies” of $50,000 because of the poor economic outlook.|
|Dec31||The INCOME SUMMARY account contained a debit balance of $15,000. The board had anticipated a net loss for the year and no quarterly deposits of estimated income taxes were made, so income taxes may be ignored.|
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