Reference no: EM132017942
Problem - On January 1, 2014, Everett Corporation had these stockholders' equity accounts.
Common Stock ($10 par value, 69,700 shares issued and outstanding) $697,000
Paid-in Capital in Excess of Par Value 484,300
Retained Earnings 684,900
During the year, the following transactions occurred.
Jan. 15 Declared a $0.50 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb. 15 Paid the dividend declared in January.
Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $13 per share.
May 15 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2015.
Dec. 31 Determined that net income for the year was $401,800.
Required -
Journalize the transactions.
Enter the beginning balances and post the entries to the stockholders' equity T-accounts.
Prepare the stockholders' equity section of the balance sheet at December 31.
Calculate the payout ratio and return on common stockholders' equity.
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