Accounting SQ #1, Q #3 - 160,000 PIC 200,000 Aug. 1...

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Supplemental Question #1 Dec. 31 Cash Non-Cash Accounts Payable King,Capital Queen, Capital 7,000 163,000 63,000 24,000 66,000 103,000 -163,000 -9000 -36000 110,000 0 63,000 15,000 30,000 -63,000 -63,000 47,000 0 0 15,000 30,000 -47,000 -15,000 -30,000 0 0 0 0 0
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Page, Capital Total Liabilities and Capital 17,000 0 170,000 -15000 0 2,000 0 0 2,000 0 -2,000 0 0 0
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Question #3 (a) 3 Dates 1) Declaration date - 2) Record date - 3) The date dividend checks are mailed to stockholders (b) Accounting entry dates 1) Declaration date Retained earnings is Debited and Dividends payable is Credited 2) Record date no entry is made 3) Payment date Dividends payable is Debited and Cash is Credited The date the board of directors formally declares a dividend and  announces it to stockholders The date when ownership of outstanding shares is determined  for dividend purposes Payment date -
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(a) Jan. 10 Cash 320,000 Common Stock 160,000 PIC 160,000 Mar. 1 Cash 525,000 Preferred Stock 500,000 PIC 25,000 Apr. 1 Land 85,000 Common Stock 48,000 PIC 37,000 May. 1 Cash 360,000 Common Stock
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Unformatted text preview: 160,000 PIC 200,000 Aug. 1 Organization Expense 30,000 Common Stock 20,000 PIC 10,000 Sept. 1 Cash 50,000 Common Stock 20,000 PIC 30,000 Nov. 1 Cash 109,000 Preferred Stock 100,000 PIC 9,000 FRANCO CORPORATION (c) PIC Preferred Stock 600,000 600,000 Common Stock 408,000 408,000 Total Stock 1,008,000 1,008,000 APIC Preferred Stock 34,000 34,000 Common Stock 437,000 437,000 total APIC 471,000 471,000 Total PIC 1,479,000 1,479,000 P13-2A (a) (a) Mar. 1 Treasury Stock 45,000 Cash 45,000 June. 1 Cash 12,000 Treasury Stock 9,000 PIC 3,000 Sept. 1 Cash 20,000 Treasury Stock 18,000 PIC 2,000 Dec. 1 Cash 6,000 APIC 3,000 Treasury Stock 9,000 31 Income Summary 30,000 Retained Earnings 30,000 E14-3 21000 (a) Retained Earnings 378,000 378000 Common Stock 210,000 210000 APIC 168,000 168000 378,000 378,000 (b) Retained Earnings 720,000 Common Stock 180,000 APIC 540,000 720,000 720,000...
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Accounting SQ #1, Q #3 - 160,000 PIC 200,000 Aug. 1...

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