calculate ending retained earnings and journal entry and prepare stock holders e

Question

calculate ending retained earnings and journal entry and prepare stock holders equity section of the balance sheet in good format. M&C corporations was established in 2016. M&C has authorized 50,000 common stock , par value $3 per share, and 10,000 authorized shares of 7% preferred stock, par value $25 per share. Net income for 2016 was 265,000. The following transactions took place during 2016: calculate ending retained earnings and journal entry and prepare stock holders equity section of the balance sheet in good format. M&C corporations was established in 2016. M&C has authorized 50,000 common stock , par value $3 per share, and 10,000 authorized shares of 7% preferred stock, par value $25 per share. Net income for 2016 was 265,000. The following transactions took place during 2016: calculate ending retained earnings and journal entry and prepare stock holders equity section of the balance sheet in good format. M&C corporations was established in 2016. M&C has authorized 50,000 common stock , par value $3 per share, and 10,000 authorized shares of 7% preferred stock, par value $25 per share. Net income for 2016 was 265,000. The following transactions took place during 2016: Voice& video calling tu.edu/courses/25091/quizzes/58214/take/questions/1140231 M&C Corporation was established in 2016. M&C has authorized 50,000 shares of common stock, par value $3 per share, and 10,000 authorized shares of 7% preferred stock, par value $25 per share. Net Income for 2016 was $265,000. The following transactions took place during 2016 January 1Issued 35,000 shares of common stock for cash at $28 per share Issued 6.000 shares of preferred stock for cash of $65 per share. Repurchased 5,000 shares of L&D common stock at $24 per share Reissued 3.000 shares of the treasury stock at $27 per share February 1 June 1 August 1 Declared cash dividends on Common Stock only totaling $125,000 to be paid on January 15,2017 to owners on record as of December 31, 2016. December 1 Required: Please show calculations a)Prepare journal entries for each of the above transactions b) Calculate Ending Retained Earnings c.)Prepare the Stockholders' Equity section of the Balance Sheet in good format. Use the MSWord link for the table to write your journal entries. Atter you'have writter the journal entries on the table in the MSWord document provided type in your name below the table on the document, save the document and then upload it to this problem in the upload space provided at the bottom of this box

Explanation / Answer

Solution a:

Solution b:

Solution c:

Journal Entries - M&C Corporation Date Particulars Debit Credit 1-Jan Cash Dr (35000*$28) $980,000.00        To Common Stock (35000*$3) $105,000.00        To Paid in capital in excess of par - Common Stock $875,000.00 (To record issue of common shares) 1-Feb Cash Dr (6000*$65) $390,000.00        To Preferred Stock (6000*$25) $150,000.00        To Paid in capital in excess of par -Preferred Stock $240,000.00 (To record issue of Preferred shares) 1-Jun Treasury Stock Dr (5000*24) $120,000.00        To Cash $120,000.00 (To record purchase of own stock) 1-Aug Cash Dr (3000*$27) $81,000.00        To Treasury stock (3000*24) $72,000.00        To Additional paid in capital - Treasury Stock $9,000.00 (To record reissue of treasury shares) 1-Dec Retained Earnings Dr $125,000.00        To Dividend payable $125,000.00 (To record dividend declared on common stock)

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.