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Category > Management Posted 08 Apr 2018 My Price 8.00

Batteries Company

P8-3B. Analyze  and  record stock  transactions and prepare  equity section of balance sheet.  ( LO 1, 2, 3, 4, 5)

The following information  pertains  to All  Batteries  Company Inc.

1. Contributed capital on October 1, 2006, consisted of 50,000 issued and  outstanding shares of common stock with par value of  $1; additional paid-in  capital  in excess  of par of  $250,000; and retained  earnings of  $400,000.

2.    During the first quarter of the fiscal year, All Batteries Company issued an additional 20,000 shares of common  stock for $8 per   share.

3.    On March  15, the company  declared  a 2-for-1  stock split.

4. On June 30, the company distributed a 5% stock dividend. The market  price  of  the  stock on that date was  $6 per  share.

5.    On July  1, the company declared  a dividend of $0.50 per  share to be paid  on July   31.

6.    During September 2007, All Batteries Company's CEO decided the  company should buy 600 shares of its own stock. At that time, the stock was trading  for $7 per share.

7.    Net  income for the year  ended  September  30, 2007,  was $87,500.

Required

a.    Show each  of  the transactions  in the accounting equation.

b.  Prepare the shareholders' equity section of the balance sheet at September 30,  2007.

 

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Maurice Tutor
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Status NEW Posted 08 Apr 2018 08:04 AM My Price 8.00

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