ACCT 211 Homework 11 Corporate Reporting and Analysis Problems Assignment solutions complete answers

ACCT 211 Homework 11 Corporate Reporting and Analysis Problems Assignment solutions complete answers 

 

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Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders’ equity during its first year of operations.
 

Transaction
General Journal
Debit
Credit
a.
Cash
280,000
 
 
Common Stock, $25 Par Value
 
230,000
 
Paid-In Capital in Excess of Par Value, Common Stock
 
50,000
b.
Organization Expenses
200,000
 
 
Common Stock, $25 Par Value
 
130,000
 
Paid-In Capital in Excess of Par Value, Common Stock
 
70,000
c.
Cash
43,000
 
 
Accounts Receivable
18,000
 
 
Building
82,800
 
 
Notes Payable
 
59,800
 
Common Stock, $25 Par Value
 
54,000
 
Paid-In Capital in Excess of Par Value, Common Stock
 
30,000
d.
Cash
137,000
 
 
Common Stock, $25 Par Value
 
79,000
 
Paid-In Capital in Excess of Par Value, Common Stock
 
58,000
 
Required:
2. How many shares of common stock are outstanding at year-end?
3. What is the total paid-in capital at year-end?

 

Kohler Corporation reports the following components of stockholders’ equity at December 31 of the prior year.
 

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
400,000
Total stockholders' equity
$ 980,000
 
During the current year, the following transactions affected its stockholders’ equity accounts.
 

January 2
Purchased 4,000 shares of its own stock at $15 cash per share.
January 5
Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.
February 28
Paid the dividend declared on January 5.
July 6
Sold 2,000 of its treasury shares at $19 cash per share.
August 22
Sold 2,000 of its treasury shares at $11 cash per share.
September 5
Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.
October 28
Paid the dividend declared on September 5.
December 31
Closed the $428,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
 
Required:
1. Prepare journal entries to record each of these transactions.
2. Prepare a statement of retained earnings for the current year ended December 31.
3. Prepare the stockholders’ equity section of the balance sheet as of December 31 of the current year.

 

At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported.
 

Common stock, $12 par value
$ 300,000
Paid-in capital in excess of par value, common stock
110,000
Retained earnings
340,000

In the fourth quarter, the following entries related to its equity are recorded.
 

Date
General Journal
Debit
Credit
October 2
Retained Earnings
70,000
 
 
Common Dividend Payable
 
70,000
October 25
Common Dividend Payable
70,000
 
 
Cash
 
70,000
October 31
Retained Earnings
91,000
 
 
Common Stock Dividend Distributable
 
44,000
 
Paid-In Capital in Excess of Par Value, Common Stock
 
47,000
November 5
Common Stock Dividend Distributable
44,000
 
 
Common Stock, $12 Par Value
 
44,000
December 1
Memo—Change the title of the common stock
 
 
 
account to reflect the new par value of $4.
 
 
December 31
Income Summary
260,000
 
 
Retained Earnings
 
260,000
 
Required:
2. Complete the following table showing the equity account balances at each indicated date.

 

The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow.
 

Stockholders’ Equity (January 1)
 
Common stock—$6 par value, 100,000 shares authorized, 35,000 shares issued and outstanding
$ 210,000
Paid-in capital in excess of par value, common stock
170,000
Retained earnings
360,000
Total stockholders’ equity
$ 740,000
 

Stockholders’ Equity (December 31)
 
Common stock—$6 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury
$ 247,200
Paid-in capital in excess of par value, common stock
219,600
Retained earnings ($60,000 restricted by treasury stock)
420,000
 
886,800
Less cost of treasury stock
(60,000)
Total stockholders’ equity
$ 826,800

The following transactions and events affected its equity during the year.
 

January 5
Declared a $0.40 per share cash dividend, date of record January 10.
March 20
Purchased treasury stock for cash.
April 5
Declared a $0.40 per share cash dividend, date of record April 10.
July 5
Declared a $0.40 per share cash dividend, date of record July 10.
July 31
Declared a 20% stock dividend when the stock’s market value was $14 per share.
August 14
Issued the stock dividend that was declared on July 31.
October 5
Declared a $0.40 per share cash dividend, date of record October 10.
Required:
1. How many common shares are outstanding on each cash dividend date?

 

2. What is the total dollar amount for each of the four cash dividends?

 

3. What is the amount of retained earnings transferred to paid-in capital accounts (capitalized) for the stock dividend?

 

4. What is the per share cost of the treasury stock purchased? (Round your answer to 2 decimal places.)

 

5. How much net income did the company earn this year?

 

Raphael Corporation’s balance sheet shows the following stockholders’ equity section.
 

Preferred stock—5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding
$ 80,000
Common stock—$___ par value, 4,000 shares authorized, issued, and outstanding
160,000
Retained earnings
350,000
Total stockholders' equity
$ 590,000
Required:
1. Determine the par values of the corporation’s preferred stock and its common stock.

 

2. If two years’ preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $17,400, compute the total amount paid to (a) preferred shareholders and (b) common shareholders.

 

Raphael Corporation’s balance sheet shows the following stockholders’ equity section.
 

Preferred stock—5% cumulative, $___ par value, 1,000 shares authorized, issued, and outstanding
$ 50,000
Common stock—$___ par value, 4,000 shares authorized, issued, and outstanding
80,000
Retained earnings
150,000
Total stockholders' equity
$ 280,000
Required:
1. Determine the par values of the corporation’s preferred stock and its common stock.

 

2. If two years’ preferred dividends are in arrears at the current date and the board of directors declares cash dividends of $11,500, compute the total amount paid to (a) preferred shareholders and (b) common shareholders.