Maurice Tutor

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Teaching Since: May 2017
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Education

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

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 Jul 2017 My Price 11.00

Aerotronics Enterprises Inc.

Aerotronics Enterprises Inc. produces aeronautical navigation equipment. The stockholders’  eq-

 

                                                     uity accounts of Aerotronics Enterprises Inc., with balances on January 1, 2007, are as follows:

 

 

Common Stock, $10 stated value (100,000 shares autho

60,000 shares issued)

rized,

$600,000

 

Paid-In Capital in Excess of Stated  Value

150,000

 

Retained Earnings

497,750

 

Treasury Stock (7,500 shares, at   cost)

120,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following selected transactions occurred during the  year:

 

Jan.   19        Paid cash dividends of $0.60 per share on the common stock. The dividend had   been properly recorded when declared on December 28 of the preceding fiscal year   for

$31,500.

Feb.       2        Sold all of the treasury stock for $150,000.

Mar.  15       Issued 20,000 shares of common stock for    $480,000.

July   30        Declared a 2% stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 a share.

Aug.  30        Issued the certificates for the dividend declared on July  30. Oct.  10                Purchased 5,000 shares of treasury stock for $105,000.

Dec.  30        Declared a $0.50-per-share dividend on common stock.

 

In addition, net income was $182,500 for the  year.

 

Instructions

1.        Enter the January 1 balances in T-accounts for the stockholders’ equity accounts listed. Also prepare T-accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable.

2.        Journalize the entries to record the transactions, and post to the six selected accounts.

3.        Prepare a retained earnings statement for the year ended December 31, 2007.

4.        Prepare the Stockholders’ Equity section of the December 31, 2007, balance sheet.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 12:07 PM My Price 11.00

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