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Category > Accounting Posted 25 Aug 2017 My Price 8.00

Worthy Company

Exercise 11-11 Stock Dividends

 

The Stockholders’ Equity category of Worthy Company’s balance sheet as of January 1, 2014, appeared as follows:

 

Common stock, $10 par, 40,000 shares

 

LO6

 

EXAMPLE 11-7

 

issued  and outstanding

$400,000

Additional paid-in capital

100,000

Retained earnings

400,000

Total stockholders’ equity

$900,000

 

The following transactions occurred during 2014:

 

a.      Declared a 10% stock dividend to common stockholders on January 15. At the time of the dividend, the common stock was selling for $30 per share. The stock dividend was to be issued to stockholders on January 30, 2014.

 

b.      Distributed the stock dividend to the stockholders on January 30, 2014.

 

Required

 

1.        Record the 2014 events in journal form.

 

2.        Develop the Stockholders’ Equity category of Worthy Company’s balance sheet as of January 31, 2014, after the stock dividend was issued. What effect did those transactions have on total stockholders’ equity?

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Aug 2017 12:08 AM My Price 8.00

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