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Category > Accounting Posted 23 Jul 2017 My Price 9.00

Summerborn Manufacturing, Co

Journalizing stockholders’ equity transactions Summerborn Manufacturing, Co., completed the following transactions during 2012:

16Jan

Declared a cash dividend on the 5%, $100 par preferred stock

 

(900 shares outstanding). Declared a $0.30 per share dividend on the

 

80,000 shares of common stock outstanding. The date of record is January 31,

 

and the payment due date is February 15.

15Feb

Paid the cash dividends.

10Jun

Split common stock 2 for 1. Before the split, Summerborn had 80,000 shares

 

of $6 par common stock outstanding.

30Jul

Distributed a 50% stock dividend on the common stock. The market value

 

of the common stock was $9 per share.

26Oct

Purchased 1,000 shares of treasury stock at $13 per share.

8Nov

Sold 500 shares of treasury stock for $15 per share.

30Nov

Sold 300 shares of treasury stock for $8 per share.

Requirement

1. Record the transactions in Summerborn’s general journal.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 09:07 PM My Price 9.00

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