Questions 4-6 (of 9)> E11-9 Recording and Reporting Stockholders Equity Transact

Question

Questions 4-6 (of 9)> E11-9 Recording and Reporting Stockholders Equity Transactions, Including Closing Entry LO 11-2, LO 113 The following information applies to the questions displayed below The annual report for Malilbu Beachwear reported the following transactions affecting stockholders affecting stockholders' equity a. Purchased $351,200 of common stock now held in treasury b. Declared cash dividends in the amount of $260600 c. Paid the dividends in (b) d. Issued 112,000 new shares of $010 par value common shares for $2 per share e. Closed the Dividends account References Section Break E11-9 Recording ang Stockholders Equity Transactions inclucing Closing Entry [Lo 1-2 LO 11-3)

Explanation / Answer

1) Assets liabilities SE a -351,200 -351,200 b 260,600 -260,600 c -260,600 -260,600 d 224000 224,000 e 2) Event General Journal Debit Credit a) Treasury stock 351,200 cash 351,200 b) Cash dividend 260,600 Dividends payable 260,000 c) dividends payable 260,600 cash 260,000 d) Cash 224000 Common stock (112000*.1) 11200 paid in capital in excess of par 212800 e) Retained earnings 260,600 cash dividend 260,600 3) Statement of Stockholders Equity CS addittional RE TS Beginning 13,100 196,000 151,200 0 Stock issuances 11,200 212,800 -351,200 net income 282,000 dividends common -260,600 ending 24,300 408,800 172,600 -351,200

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