Financial Accounting Stockholders Equity Assignment Homework Help
- September 5, 2017
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The stockholders’ equity accounts of Motz Inc., at January 1, 2012, are as follows.
Preferred Stock, $100 par, 7% | $600,000 |
Common Stock, $10 par | 900,000 |
Paid-in Capital in Excess of Par—Preferred Stock | 100,000 |
Paid-in Capital in Excess of Par—Common Stock | 200,000 |
Retained Earnings | 500,000 |
There were no dividends in arrears on preferred stock. During 2012, the company had the following transactions and events.
July | 1 | Declared a $0.50 cash dividend on common stock. |
Aug. | 1 | Discovered a $72,000 overstatement of 2011 depreciation on equipment. Ignore income |
taxes. | ||
Sept. | 1 | Paid the cash dividend declared on July 1. |
Dec. | 1 | Declared a 10% stock dividend on common stock when the market value of the stock |
was $16 per share. | ||
15 | Declared a 7% cash dividend on preferred stock payable January 31, 2013. | |
31 | Determined that net income for the year was $350,000. |
Instructions
(a) Journalize the transactions and the closing entry for net income.
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(b) Enter the beginning balances in the accounts and post to the stockholders’ equity accounts.
(c) Prepare a retained earnings statement for the year.
(d) Prepare a stockholders’ equity section at December 31, 2012.
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