{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

132PROBLEMs14 - PROBLEM 14-1B(a Jan 15 200,000 Feb 15...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
PROBLEM 14-1B (a) Jan. 15 Retained Earnings (200,000 X $1) ......... 200,000 Dividends Payable .......................... 200,000 Feb. 15 Dividends Payable .................................. 200,000 Cash .................................................. 200,000 Apr. 15 Retained Earnings (20,000 X $15) ......... 300,000 Common Stock Dividends Distributable (20,000 X $5) .......... 100,000 Paid-in Capital in Excess of Par Value (20,000 X $10) ............. 200,000 May 15 Common Stock Dividends Distributable ........................................ 100,000 Common Stock (20,000 X $5) ......... 100,000 July 1 Memo—two-for-one stock split increases the number of shares outstanding to 440,000, or (220,000 X 2) and reduces par value to $2.50 per share. Dec. 1 Retained Earnings (440,000 X $.50) ....... 220,000 Dividends Payable ........................... 220,000 31 Income Summary .................................... 250,000 Retained Earnings ........................... 250,000 (b)
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Common Stock Date Explanation Ref. Debit Credit Balance Jan. 1 May 15 July 1 Balance 2 for 1 stock split— new par value = $2.50 100,000 1,000,000 1,100,000
Image of page 2
PROBLEM 14-1B (Continued) Common Stock Dividends Distributable Date Explanation Ref. Debit Credit Balance Apr. 15 May 15 100,000 100,000 100,000 0 Paid-in Capital in Excess of Par Value Date Explanation Ref. Debit Credit Balance Jan. 1 Apr. 15 Balance 200,000 200,000 400,000 Retained Earnings Date Explanation Ref. Debit Credit Balance Jan. 1 15 Apr. 15 Dec. 1 31 Balance Cash dividends Stock dividends Cash dividends Net income 200,000 300,000 220,000 250,000 840,000 640,000 340,000 120,000 370,000 (c) WEISER CORPORATION Balance Sheet (Partial) December 31, 2010
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern