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Week_1_Homework_Answers

Week_1_Homework_Answers - Problem 13-2A(60 minutes Part 1...

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Problem 13-2A (60 minutes) Part 1 Jan. 1 Treasury Stock, Common ................................... 112,500 Cash ................................................................ 112,500 Purchased treasury stock (4,500 x $25). Jan. 5 Retained Earnings ............................................... 121,500 Common Dividend Payable .......................... 121,500 Declared $3 dividend on 40,500 outstanding shares. Feb. 28 Common Dividend Payable ................................ 121,500 Cash ................................................................ 121,500 Paid cash dividend. July 6 Cash* ..................................................................... 48,952 Treasury Stock, Common** .......................... 42,200 Paid-In Capital, Treasury Stock*** ................ 6,752 Reissued treasury stock. *(1,688 x $29) **(1,688 x $25) ***(1,688 x $4) Aug. 22 Cash* ..................................................................... 61,864 Paid-In Capital, Treasury Stock .......................... 6,752 Retained Earnings ............................................... 1,684 Treasury Stock, Common** .......................... 70,300 Reissued treasury stock. *(2,812 x $22) **(2,812 x $25) Sept. 5 Retained Earnings ............................................... 135,000 Common Dividend Payable .......................... 135,000 Declared $3 dividend on 45,000 outstanding shares. Oct. 28 Common Dividend Payable ................................ 135,000 Cash ................................................................ 135,000 Paid cash dividend. Dec. 31 Income Summary ................................................. 388,000 Retained Earnings ......................................... 388,000 Closed Income Summary account.
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Problem 13-2A ( Concluded) Part 2 ROCKLIN CORPORATION Statement of Retained Earnings For Year Ended December 31, 2010 Retained earnings, December 31, 2009 ........................ $ 460,000 Plus net income ............................................................... 388,000 848,000 Less:Cash dividends declared ...................................... (256,500) Treasury stock reissuances .................................... (1,684 ) Retained earnings, December 31, 2010 ........................ $ 589,816 Part 3
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