Maurice Tutor

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Teaching Since: May 2017
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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 > Accounting Posted 12 Aug 2017 My Price 9.00

Dawls Corporation

Dawls Corporation reported stockholders' equity on December 31 of the prior year as follows:

common stock, $5 par value, 1,000,000

share authorized, 500,000 shares Issued---------2,500,000

paid-in capital in excess of par common stock------1,000,000

Retaind earnings-----------------------------------3,000,000

The following selected transactions occurred during the current year:

Feb.15 The board of directors declared a 5% stock divided to stock of record on March 1. payable March 20.The Stock was selling for $8 oar share.

Mar.9 Paid the stock divined.

May.1 A cash dividend of $0.30par share was declared by the board of directors to stockholders of record on May 20. Payable June 1

June.1 Paid the cash Dividend.

Aug.20 The board decided to split the stock 4-for -1 effective on September 1.

Sept.1 Stock split 4-for-1.

Dec.31Earned a net income of $800,000 for the curent year.

Prepare a statement of retained earnings as of December 31 of the current year.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 02:08 PM My Price 9.00

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