Question PLEASE, PLEASE HELP! CALLING ON EXPERTS! Part ONE: Journalize the follo

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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!

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

Journal entries

T- Accounts

Common stoch holders

                                                            opening balance $787,200

                                                           Feb                            13,800

Balance CR $801,000

Paid in excess of par - common stockholders

                                                                      opening       $ 524,800

                                                                     feb                     13,800

Balance CR $538,600

Preferred stock

                                                                opening           $ 282,000

    Balnce CR    $282,000

Paid in excess of par

                                                      opening          $73,320

Balance CR $73,320

3) Balance sheet

Stockholders Equity

Common stock                             $801,000

Paid in excess                                538,600

Preferred stockholders                 282,000

paid in excess                                  73,320

Retained earnings                           78,679

Total   stockholders equity        $1,773,599

Feb 1 Cash $27,600 Common stock $13,800 Paid in capital in excess of stated value(4600 @6) $13,800 Feb 20 Treasury stock $11,760 To Cash (1470 *8) $11,760 Oct 1 Dividned to preferred holders $19,740 To Dividend payable(2820*100*7%) $19,740 Nov 1 Dividend payable $19,740 To cash $19,740 Dec 1 Dividend to common shareholders $182,581 To Dividend payable(262400-4700 +4600-1470)*.7 $182,581 Dec 31 Dividend payable $182,581 to cash $182,581 Dec 31 Income summary $281,000 To retaiend earnings $281,000

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