On January 1, 2014, Ven Corporation had the followingstockholdersâ equity accounts.
Common Stock (no par value, 90,000 shares issued andoutstanding) $1,380,700 Retained Earnings 533,300
During the year, the following transactions occurred.
Feb. 1 Declared a $1 cash dividend per share to stockholders of recordon February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 3-for-1 stock split. Prior to the split, the marketprice per share was $39. July 1 Declared a 6% stock dividend to stockholders of record on July15, distributable July 31. On July 1, the market price of the stockwas $11 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of recordon December 15, payable January 5, 2015. 31 Determined that net income for the year was$306,400.
On January 1, 2014, Ven Corporation had the followingstockholdersâ equity accounts.
| Common Stock (no par value, 90,000 shares issued andoutstanding) | $1,380,700 | |
| Retained Earnings | 533,300 |
During the year, the following transactions occurred.
| Feb. 1 | Declared a $1 cash dividend per share to stockholders of recordon February 15, payable March 1. | |
| Mar. 1 | Paid the dividend declared in February. | |
| Apr. 1 | Announced a 3-for-1 stock split. Prior to the split, the marketprice per share was $39. | |
| July 1 | Declared a 6% stock dividend to stockholders of record on July15, distributable July 31. On July 1, the market price of the stockwas $11 per share. | |
| 31 | Issued the shares for the stock dividend. | |
| Dec. 1 | Declared a $0.40 per share dividend to stockholders of recordon December 15, payable January 5, 2015. | |
| 31 | Determined that net income for the year was$306,400. |
Related questions
On January 1, 2014, Geffrey Corporation had the followingstockholdersâ equity accounts.
| Common Stock ($24 par value, 65,000 shares issued andoutstanding) | $1,560,000 | |
| Paid-in Capital in Excess of ParâCommon Stock | 209,700 | |
| Retained Earnings | 581,000 |
During the year, the following transactions occurred.
| Feb. 1 | Declared a $1 cash dividend per share to stockholders of recordon February 15, payable March 1. | |
| Mar. 1 | Paid the dividend declared in February. | |
| Apr. 1 | Announced a 2-for-1 stock split. Prior to the split, the marketprice per share was $38. | |
| July 1 | Declared a 14% stock dividend to stockholders of record on July15, distributable July 31. On July 1, the market price of the stockwas $14 per share. | |
| 31 | Issued the shares for the stock dividend. | |
| Dec. 1 | Declared a $0.40 per share dividend to stockholders of recordon December 15, payable January 5, 2015. | |
| 31 | Determined that net income for the year was $396,000. |
On January 1, 2017, Geffrey Corporation had the followingstockholdersâ equity accounts.
| Common Stock ($26 par value, 55,500 shares issued andoutstanding) | $1,443,000 | |
| Paid-in Capital in Excess of ParâCommon Stock | 202,000 | |
| Retained Earnings | 637,000 |
During the year, the following transactions occurred.
| Feb. 1 | Declared a $3 cash dividend per share to stockholders of recordon February 15, payable March 1. | |
| Mar. 1 | Paid the dividend declared in February. | |
| Apr. 1 | Announced a 2-for-1 stock split. Prior to the split, the marketprice per share was $35. | |
| July 1 | Declared a 10% stock dividend to stockholders of record on July15, distributable July 31. On July 1, the market price of the stockwas $15 per share. | |
| 31 | Issued the shares for the stock dividend. | |
| Dec. 1 | Declared a $0.30 per share dividend to stockholders of recordon December 15, payable January 5, 2018. | |
| 31 | Determined that net income for the year was $361,500. |
(a) Journalize the transactions and the closing entries for netincome and dividends.
(b) Enter the beginning balances, and post the entries to thestockholders' equity account. (Note: Open additional stockholdersequity accounts as needed.)
(c) Prepare a stockholders' equity section at December 31.
Problem 14-4A
On January 1, 2014, Ven Corporation had the followingstockholdersâ equity accounts.
| Common Stock (no par value, 86,000 shares issued andoutstanding) | $1,396,800 | |
| Retained Earnings | 528,200 |
During the year, the following transactions occurred.
| Feb. 1 | Declared a $1 cash dividend per share to stockholders of recordon February 15, payable March 1. | |
| Mar. 1 | Paid the dividend declared in February. | |
| Apr. 1 | Announced a 3-for-1 stock split. Prior to the split, the marketprice per share was $36. | |
| July 1 | Declared a 5% stock dividend to stockholders of record on July15, distributable July 31. On July 1, the market price of the stockwas $11 per share. | |
| 31 | Issued the shares for the stock dividend. | |
| Dec. 1 | Declared a $0.70 per share dividend to stockholders of recordon December 15, payable January 5, 2015. | |
| 31 | Determined that net income for the year was $369,900. |
(Enter account name only and do not provide descriptiveinformation.)
(a) Prepare the stockholdersâ equity section ofthe balance sheet at March 31.
| VEN CORPORATION _____________________ _____________________ _____________________ ________________ $_________________ ________________ $_________________ _____________________ $__________________ (b) Prepare the stockholdersâ equity section ofthe balance sheet at June 30.
(c) Prepare the stockholdersâ equity section ofthe balance sheet at September 30.
_____________________ _____________________ _____________________ ________________ $_________________ ________________ $_________________ _____________________ $__________________ | ||||||||||||||||||||
