ACCT 2001 : Take Home Quiz 10
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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, 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. |
Problem 11-4A (Part Level Submission)
On January 1, 2019, Geffrey Corporation had the following stockholdersâ equity accounts.
Common Stock ($20 par value, 60,000 shares issued and outstanding) | $1,200,000 | |
Paid-in Capital in Excess of ParâCommon Stock | 200,000 | |
Retained Earnings | 600,000 |
During the year, the following transactions occurred.
Feb. 1 | Declared a $1 cash dividend per share to stockholders of record on 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 market price per share was $36. | |
July 1 | Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $13 per share. | |
31 | Issued the shares for the stock dividend. | |
Dec. 1 | Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2020. | |
31 | Determined that netnincome for the year was $350,000. |
Enter the beginning balances, and post the entries to the stockholdersâ equity accounts. (Use T-accounts.) (Post entries in the order of journal entries presented in the previous part. Select the date for closing balances even in case of zero balance.)