Ch 14 Homework part I - Chapter 14 E141 Req.1 Journal POST...

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Chapter 14 E 14-1 Req. 1 Journal DATE ACCOUNTS AND EXPLANATIONS POST. REF. DEBIT CREDIT Apr. 30 Retained Earnings (50,000 × .10 × $16) 80,000 Common Stock (50,000 × .10 × $1) 5,000 Paid-in Capital in Excess of Par—Common 75,000 Distributed a stock dividend. Req. 2 Stockholders’ equity Paid-in capital: Common stock, $1 par, 100,000 shares authorized, 55,000 shares issued $ 55,000 Paid-in capital in excess of par ($400,000 + $75,000) 475,000 Total paid-in capital 530,000 Retained earnings ($120,000 – $80,000) 40,000 Total stockholders’ equity $570,000 Chapter 14 Retained Earnings, Treasury Stock, and the Income Statement 129
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E 14-3 June 30 Called in the outstanding $10 par common stock and distributed 2 shares of $5 par ($10 / 2) common stock for each old share previously outstanding. Stockholders’ equity Paid-in capital: Common stock, $5 par, 400,000 (200,000 × 2) shares authorized, 100,000 (50,000 × 2) shares issued $500,000 Paid-in capital in excess of par 100,000 Retained earnings 200,000 Total stockholders’ equity $800,000 E 14-8 Schindler Corporation Income Statement Year 20X8 Sales revenue $410,000 Cost of goods sold 245,000 Gross profit 165,000 Operating expenses 106,000
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