ACCT1021 Final: Chapter Eleven Thorough Review
Get access
Related Documents
Related Questions
Winslow Corporation reported stockholders' equity on December 31of the prior year as follows:
Common stock, $5 par value, 1,000,000 shares authorized, 500,000shares issued | $2,500,000 |
Paid-in capital in excess of par, common stock | 1,000,000 |
Retained earnings | 3,140,000 |
The following selected transactions occurred during the currentyear:
Jan 17 | Retained Earnings | 400,000 | |
Common Dividend Payable | 400,000 | ||
Feb 5 | Common Dividend Payable | 400,000 | |
Cash | 400,000 | ||
Feb 28 | Retained Earnings | 300,000 | |
Common Stock Dividend Distributable | 100,000 | ||
Paid-In Capital in Excess of Par Value | 200,000 | ||
March 14 | Common Stock Dividend Distributable | 100,000 | |
Common Stock, $5 par value | 100,000 | ||
March 25 | Memo â 2 for 1 stock split, Change the title | ||
Of the Common Stock account to reflect | |||
The new par value of $2.50 | |||
March 31 | Income Summary | 600,000 | |
Retained Earnings | 600,000 |
Using the schedule on the template, record the abovetransactions in the proper columns and calculate the endingbalances for each item.
Prepare a Stockholderâs Equity section of the Balance Sheet, ingood form, as of December 31 of the current year.