Maurice Tutor

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    Oct-2001 - Nov-2016

Category > Algebra Posted 10 Aug 2017 My Price 11.00

Excel Company

At September 30, the end of Excel Company's third quarter, the following stockholders' equity accounts are reported.

 
Common stock, $12 par value $ 720,000
Paid-in capital in excess of par value, common stock   180,000
Retained earnings   640,000

 

In the fourth quarter, the following entries related to its equity are recorded.
 
Date General Journal Debit Credit
Oct. 2 Retained Earnings 120,000  
  Common Dividend Payable   120,000
       
Oct. 25 Common Dividend Payable 120,000  
  Cash   120,000
       
Oct. 31 Retained Earnings 150,000  
  Common Stock Dividend Distributable   72,000
  Paid-In Capital in Excess of Par Value, Common Stock   78,000
       
Nov. 5 Common Stock Dividend Distributable 72,000  
  Common Stock, $12 Par Value   72,000
       
Dec. 1 Memo"Change the title of the common stock account to reflect the new par value of $4.    
       
Dec. 31 Income Summary 420,000  
  Retained Earnings   420,000

 

Required:
2.

Complete the following table showing the equity account balances at each indicated date (include the balances from September 30). (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

 

    Oct. 2   Oct. 25   Oct. 31   Nov. 5   Dec. 1   Dec. 31  
Common stock   $   $   $   $   $   $  
Common stock dividend distributable                          
Paid-in capital in excess of par, common stock                          
Retained earnings                          
   
 
 
 
 
 
 
Total equity   $   $   $   $   $   $

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Aug 2017 11:08 PM My Price 11.00

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