Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 9.00

Motz Inc.,


The stockholders’ equity accounts of Motz Inc., at January 1, 2012, are as follows.

Preferred Stock, $100 par, 7%

$600,000

Common Stock, $10 par

900,000

Paid-in Capital in Excess of Par—Preferred Stock

100,000

Paid-in Capital in Excess of Par—Common Stock

200,000

Retained Earnings

500,000

There were no dividends in arrears on preferred stock. During 2012, the company had the following transactions and events.

July

1

Declared a $0.50 cash dividend on common stock.

Aug.

1

Discovered a $72,000 overstatement of 2011 depreciation on equipment. Ignore income
   

taxes.

Sept.

1

Paid the cash dividend declared on July 1.

Dec.

1

Declared a 10% stock dividend on common stock when the market value of the stock
   

was $16 per share.
 

15

Declared a 7% cash dividend on preferred stock payable January 31, 2013.
 

31

Determined that net income for the year was $350,000.

Instructions

(a) Journalize the transactions and the closing entry for net income.

(b) Enter the beginning balances in the accounts and post to the stockholders’ equity accounts.

(c) Prepare a retained earnings statement for the year.

(d) Prepare a stockholders’ equity section at December 31, 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 05:09 PM My Price 9.00

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