1) Use information for Alexander Corporation from Question 5 of HW3 on CONNECT a
ID: 2339106 • Letter: 1
Question
1) Use information for Alexander Corporation from Question 5 of HW3 on CONNECT and prepare a partial COMPARATIVE balance sheet showing balances as of 12/31/2017 and 12/31/2018 in good format.
Check my wo 5 Alexander Corporation reports the following components of stockholders' equity on December 31, 2017 4 Common stock-$25 par value, 60,e00 shares points authorized, eBook Hint Print References 36,880 shares issued and outstanding Paid-in capital in excess of par value, commorn stock Retained earnings Total stockholders' equity $ 900,800 72,eee 361,800 $1,333,000 In year 2018, the following transactions affected its stockholders' equity accounts. Jan. Jan. Purchased 3,600 shares of its own stock at $25 cash per share 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. Feb. 28 Paid the dividend declared on January 7 July 9 Sold 1,440 of its treasury shares at $30 cash per share Aug. 27 Sold 1,800 of its treasury shares at $20 cash per share Sept. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record Oct. 22 Paid the dividend declared on September 9 Dec. 31 Closed the $58,000 credit balance (from net income) in the Income Summary account to Retained Earnings Required 1. Prepare journal entries to record each of these transactions for 2018Explanation / Answer
Since, the question is asking for only partial comparative balance sheet therefore, the format is as below as per given information.
Notes for adjustments are provided in below.
Comparative Balance Sheet as at 31st December, 2018 Alexander Corporation ASSETS Figures as at 31st December, 2018 Figures as at 31st December, 2017 Current Assets Cash Accounts Receivable Inventory Prepaid Expenses Short-Term Investment Total Current Assets Fixed Assets Long-Term Investments Property, Plant & Equipment (Less Accumulated Depreciation) Intangible Assets Total Fixed Assets Other Assets Deferred Income Tax Others Total Other Assets TOTAL ASSETS LIABILITIES & OWNER'S EQUITY Current Liabilities Accounts Payable Short Term Loans Income Taxes Payable Accrued Salaries & Wages Unearned Revenue Current portion of long-term debt Total Current Liabilities Long Term Liabilities Long-Term Debt Deferred Income Tax Other Total Fixed Assets Owner's Equity Common Stock $ 8,91,000 $ 9,00,000 Paid-in-capital in excess of par value, common stock $ 72,000 $ 72,000 Retained Earnings $ 2,97,320 $ 3,61,000 Others Total Owners Equity $ 12,60,320 $ 13,33,000 TOTAL LIABILITIES & OWNER'S EQUITY $ 12,60,320 $ 13,33,000 Notes: 1. Shares bought back will be reduced from common stock 2. Dividends declared will be reduced from retained earnings 3. Shares sold on Jul 9 and Aug 27 are sold at premium and discount. The value above and below par value will be adjusted from retained earnings.
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