Maurice Tutor

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

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 12 Oct 2017 My Price 5.00

Canterbury Corporation

Common Stock transactions and Stockholders’ Equity

P8. Canterbury Corporation began operations on September 1, 2014. The corporation’s charter authorized 300,000 shares of $8 par value common stock. Canterbury engaged in the transactions that follow during its first quarter.

Sept.    1     Issued 50,000 shares of common stock,  $500,000.

1      Paid an attorney $32,000 to help start up and organize the corporation and obtain a corporate charter from the state.

 

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Oct.      2      Issued 80,000 shares of common stock,  $960,000.

15     Purchased 10,000 shares of common stock for $150,000.

Nov.  30     Declared a cash dividend of $0.40 per share to be paid on December 15 to stockholders of record on December 10.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

rEQUIrED

1.    Prepare entries using T accounts to record the above transactions.

2.    Prepare the stockholders’ equity section of Canterbury’s balance sheet on Novem- ber 30, 2014. Net income for the quarter was $80,000.

3.    aCCountinG ConneCtion ▶ What effect, if any, will the cash dividend declaration on November 30 have on net income, retained earnings, and cash flows?

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Oct 2017 11:10 AM My Price 5.00

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