PLEASE, PLEASE HELP! CALLING ON EXPERTS! Part ONE: Journalize the following: The

Question

PLEASE, PLEASE HELP! CALLING ON EXPERTS!

Part ONE: Journalize the following:

The stockholders' equity accounts of Miley Corporation on Jan 1, 2014 were:

Preferred Stock (7%m $100 par noncumulative, 4,700 shares authorized)

Common Stock ($3 stated value, 328,000 shares authorized)

Paid-in Capital in Excess of Par Value - Preferred Stock

Paid-in Capital in Excess of Stated Value -- Common Stock

Retained Earnings

Treasury Stock (4,700 common shares)

During 2014, the corporation had the following transactions and events:

Feb. 1- Issued 4,600 shares of common stock for $27,600

Mar 20- Purchased 1,470 additional shares of common treasury stock at $8 per share

Oct 1- Declared a 7% cash dividend on preferred stock, payable November 1

Dec 1 - Declared a $0.70 per share cash dividend to common shareholders of December 31, 2014

Dec 31 - Determined that net income for the year was $281,000. Paid the dividends.

Part 2---Enter the beginning balance in the accounts and post the Journal entries to the stockholders equity accounts. (Post entries in the order of journal entries posted in previous Part One).

Preferred Stock (date - amount)

Common Stock (date - amount)

Paid-in Capital in Excess of Par Value - Preferred Stock

Paid-in Capital in Excess of Par Value - Common Stock

Retained Earnings

Cash Dividends

Treasury Stock

Part THREE: Prepare the stockholders' equity section of the Balance Sheet at December 31, 2014.

      Miley Corporation

      (partial balance sheet)

      December 31, 2014

Calculate the Payout Ratio; Calculate the Earnings Per Share & Return on Common Stockholders' Equity.

PLEASE, PLEASE, HELP!

Explanation / Answer

Part One

Journal entries for dividend could not be made as the balance of the accounts hhas not been provided in the question.

Also Part 2 and part 3 cannot be solved in the absence of the beginning balances of accounts in the question.

Date Account Title Calculation Debit Credit Feb. 1 Cash $27,600 Common stock 4600 * $3 $13,800 Paid up capital in excess of stated value - Common stock $13,800 March 20 Treasury stock - Common 1470 * $8 $11,760 Cash $11,760

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