Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 10.00

Madrid Jewelry Company

(Learning Objective 2, 3, 4: Accounting for stock issuance, dividends, and treasury stock) Madrid Jewelry Company reported the following summarized balance sheet at

 

December 31, 20X8:

 

Assets

Current assets

$33,400

Property and equipment, net

51,800

Total assets

$85,200

Liabilities and Equity

Liabilities

$37,800

Stockholders’ equity:

$0.50 cumulative preferred stock, $5 par, 400 shares issued

2,000

Common stock, $1 par, 6,000 shares issued

6,000

Paid-in capital in excess of par, common

17,400

Retained earnings

22,000

Total liabilities and equity

$85,200

 

During 20X9, Madrid completed these transactions that affected stockholders’ equity:

 

Feb. 13

Issued 5,000 shares of common stock for $4 per share.

June 7

Declared the regular cash dividend on the preferred stock.

24

Paid the cash dividend.

Aug. 9

Distributed a 10% stock dividend on the common stock. Market price of the common stock was $5 per share.

Oct. 26

Reacquired 500 shares of common stock as treasury stock, paying $6 per share.

Nov. 20

Sold 200 shares of the treasury stock for $8 per share.

 

Required

 

1. Journalize Madrid’s transactions. Explanations are not required.

 

2. Report Madrid Jewelry Company’s stockholders’ equity at December 31, 20X9. Net

income for 20X9 was $27,000

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 07:09 PM My Price 10.00

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