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Common stock $5 stated value (900,000 shares authorized, 620,000 shares issued)................. $3,100,000Paid-in capital in excess o stated value-common stock ....1,240,000Retained Earnings ....$4,875,000Treasury Stock (48,000 shares at cost) .... 288,000The following selected transactions occurred during the year:Jan 15: Paid cash dividends of $0.06 per share on common stock. The dividend had been properly recorded when declared on Dec. 1 of the preceding fiscal year for $34320Mar.15 Sold all the treasury stock for $6.75 per share.Apr 13. Issued 200,000 shares of common stock for $8 per share.June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock which is $7.50 per share.July 16. Issued the certificates for the dividend declared on June 14Oct 30. Purchased 50,000 shares of treasury stock for $6 per share.Dec 30 Declared a $0.08 per share dividend on common stock31 Closed the credit balance of the income summary account, $775,000.31. Closed the two dividends accounts to retained earnings.ENTER INTO ACCOUNTS.It grades as I go and everything I enter into it is wrong. Im so lost any help is greatly appreciated!
Purchases office supplies on account costing $12,600 during July. It pays $5,500 for these purchases during July and the remainder during August. Office supplies on hand on July 1
Q. What do you understand by Partnership? Partnership - Relationship between two or more persons based on anoral, written or implied agreement whereby they agree to carry on a
#Which of the two ratios are the greatest? 1.67.1 or 0.29.1
ASSOCIATE COMPANIES (IAS 28) An associate company is a company in which the investing company owns more than 20% but less than 50% of the voting rights. This means that the inve
Q. What do you mean by Fiscal Year? Fiscal Year - Period of 12 consecutive months chosen by an entity as its ACCOUNTING period that may or may not be a calendar year. Fixed Ass
On January 1, 2011, Doty Co. redeemed its 15-year bonds of $2,500,000 par value for 102. They were originally issued on January 1, 1999 at 98 with a maturity date of January 1, 201
Star Corporation issued both common and preferred stock during 19X6. The stockholders' equity sections of the company's balance sheets at the end of 19X6 and 19X5 follow.
How Accounting objectives can be achieved There are two main ways by which this can be achieved: All the accounting records are maintained at the head office; or Each
Provisions of the Partnership Act In the event of absence of a partnership agreement/deed or in the event of ambiguity therein, the provisions to the partnership Act will apply
State the Nature of the reports produced - Financial accounting Financial accounting reports tend to be general-purpose which is, they contain financial information which would
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