Class+Exercise+from+4-8-09

Class+Exercise+from+4-8-09 - December 15, payable January...

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ACCT 2101 CLASS EXERCISE DATE _____________ Topic: Dividends Name _____________________________ Section _____ On January 1, 2008, Anyway Corporation had these stockholders’ equity accounts: Common Stock ($10 par value, 60,000 shares issued and outstanding) $600,000 Paid-in Capital in Excess of Par Value 500,000 Retained Earnings 620,000 During the year, the following transactions occurred: Jan. 15 Declared a $0.50 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.55 per share cash dividend to stockholders of record on
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Unformatted text preview: December 15, payable January 10, 2009. Dec. 31 Determined that net income for the year was $370,000. Required: 1. Record journal entries for the transactions. 2. Prepare the stockholders equity section of the Balance Sheet at December 31. 2. Common Stock PIC in Excess of Par Retained Earnings Common Stock Dividends Distrib ANYWAY CORPORATION Partial Balance Sheet December 31, 2007 Stockholders equity Paid-in capital Capital stock Common stock, $10 par value, 66,000 shares issued and outstanding . . Paid-in capital in excess of par value . ............ Total paid-in capital. ......................... Retained earnings . ................................................ Total stockholders equity. ...............
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Class+Exercise+from+4-8-09 - December 15, payable January...

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