Reference no: EM13258518
Prepare the stockholders' equity section ofthe corporate balance sheet for each company for the year endingDecember 31, 2007.
S&X Co. is a retail store owned by PaulTuner. During the month of November, the equity accounts wereaffected by the following events:
Nov.9 Turner invested an additional $15,000 inthe business.
Nov.15 Tuner withdrew $1,500 for his salaryfor the first two weeks of the month.
Nov.30 Turner withdrew $1,500 for his salary for the second twoweeks of the month.
Nov.30 S&X distributed $1,000 or earnings to Turner.
A. Assuming that the business is organized asa corporation:
1. Prepare the journal entries to record above events in theaccounts of S & X. . Assume that distribution of earnings onNovember 30 was payment of a dividend that was declared on November20.
2. Prepare the closing entries for the month ofNovember. Assume that after closing all of the revenue and expenseaccounts (except Income Tax Expense) the Income Summary account hasa balance of $2000. Before preparing the closing entries, preparethe entries to accrue income tax expense for the month and to closeIncome Tax Expense account to the Income Summary account. Assumethat the corporate income tax rate is at 30%.
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