Required 1 record each of these transactions 2

Info iconThis preview shows page 1. Sign up to view the full content.

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

Unformatted text preview: all stockholders of record on June 15 6/30 Pay the cash dividend declared on June 1 8/1 Repurchase 200 shares of common treasury stock for $12 per share 10/1 Reissue 100 shares of treasury stock purchased on 8/1 for $14 per share Nautical has the following beginning balances in its stockholders’ equity accounts on 1/1/10: Preferred stock $1,000 Common Stock $2,000 Additional Paid in Capital $18,500 Retained Earnings $10,500 Net income for the year ended 12/31/10 is $7,150. Required: 1) Record each of these transactions 2) Indicate whether each of these transactions would increase, decrease, or have no effect on total assets, total liabilities, and total stockholders’ equity. Accounting 215 Autumn 2013 Requirement 1 3/1/10 Cash (2,000 x $15) 30,000 Common Stock (2,000 x $1.00) 2,000 Additional Paid- in Capital (difference) 28,000 (Issue common stock) 4/1/10 Cash (200 shares x $30) 6,000 Preferred Stock (200 shares x $10) 2,000 Additional Paid- in Capital (difference) 4,000 (Issue preferred stock) 6/1/10 Retained Ear...
View Full Document

Ask a homework question - tutors are online