I have done some of these but I am not sure is right or not can you give me all
ID: 2485969 • Letter: I
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I have done some of these but I am not sure is right or not can you give me all the answers and explaintions Dont be disturbed by answer I filled Thank you! MCGRAW CONNECT
The following information applies to the questions displayed below. Kohler Corporation reports the following components of stockholders' equity on December 31, 2013: Common stock-$25 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $1,375,000 70,000 400,000 Total stockholders' equity $1,845,000 In year 2014, the following transactions affected its stockholders' equity accounts. Purchased 6,000 shares of its own stock at $25 cash per share. Directors declared a $4 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,250 of its treasury shares at $29 cash per share. Sold 3,750 of its treasury shares at $22 cash per share. Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Paid the dividend declared on September 5. Closed the $428,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Jan. Jan. 1 5 Feb. 28 July 6 Aug. 22 Sept. 5 Oct. 28 Dec. 31Explanation / Answer
Date :::::::::::::::Particulars::::::::::::::::::::::::::::::::::::::::::::::::::::::LF:::::::::::::::::::Debit::::::::::Credit
Jan 1, 2014::::Treasury Stock a/c Dr:::::::::::::::::::::::::::::::::::N/A::::::::::::::$150,000
:::::::::::::::::::::::::::::To Cash a/c ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::$150,000
6,000 shares *$25=$150,000
______________________________________________________________________________
Jan 5, 2014:::::Retained Earnings a/c Dr::::::::::::::::::::::::::::N/A::::::::::::::$196,000
:::::::::::::::::::::::::::::::To Dividend payable a/c:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::$196,000
(55,000 issued - 6,000 treasury stock =49,000 shares *$4=$196,000
_______________________________________________________________________________
Feb 28, 2014:: Dividend payable A/c Dr:::::::::::::::::::::::::::::::N/A:::::::::::::$196,000
::::::::::::::::::::::::::::To Cash a/c :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::$196,000
_______________________________________________________________________________
July 06, 2014::::Cash a/c Dr::::::::::::::::::::::::::::::::::::::::::::::N/A::::::::::::::::::::::$65,250
::::::::::::::::::::::::::::::To Common Stock treasury stock A/c:::::::::::::::::::::::::::::::::::::::::::::::$56,250
:::::::::::::::::::::::::::::To paid in capital A/c:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::$9,000
2250*$29=$65,250
2250*$25=$56,250
2250*$4=$9,000
_________________________________________________________________________________
August 22,2014:::::Cash a/c Dr::::::::::::::::::::::::::::::::::::::::::::::N/A::::::::::::::::::::::$82,500
:::::::::::::::::::::::::::::Retained earning loss::::::::::::::::::::::::::::::::::::::::::::::::::::::::::$11250
::::::::::::::::::::::::::::::To Common Stock treasury stock A/c:::::::::::::::::::::::::::::::::::::::::::::::$82,500
3750 shares*$22=$82,500
3750 shares*$3=$11250
____________________________________________________________________________
Sep 05,2014::::::::Retained Earnings a/c Dr::::::::::::::::::::::::::::N/A::::::::::::::$220,000
:::::::::::::::::::::::::::::::To Dividend payable a/c:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::$220,000
(55,000 issued - 6,000 treasury stock +3750+2250=55,000 shares *$4=$220,000
___________________________________________________________________________
October 28, 2014::::Dividend payable A/c Dr:::::::::::::::::::::::::N/A:::::::::::::$220,000
::::::::::::::::::::::::::::To Cash a/c :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::$220,000
____________________________________________________________________________
Dec 31, 2014::::Income Summary:::::::::::::::::::::::::::::::::::::::N/A::::::::::::::::$428,000
:::::::::::::::::::::::::::::To Retained earnings:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::$428,000
____________________________________________________________________________
2) Statement of retained Earnings
Particulars:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::Amount
Beginning Retained earnings::::::::::::::::::::::::::::::::::::::::::::::::::::::$400,000
Add:
Net Income:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::$428,000
Less:
Cash dividend:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::$416,000
____________________________________________________________
Ending Balance Retained earnings:::::::::::::::::::::::::::::::::::::::::::$412,000
Calculations:
Cash dividend:=$196,000+$220,000=$416,000
____________________________________________________________
Stock holder Equity section:
Particulars:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::Amount
Common stock:::::::::::::::::::::::::::::::::::::::::::::::::::$1,363,750
Add:
Paid In capital::::::::::::::::::::::::::::::::::::::::::::::::::::$9,000
Retained Earnings:::::::::::::::::::::::::::::::::::::::::::::$412,000
_________________________________________________
Stock holder Equity section:::::::::::::::::::::::::::$1,784,750
___________________________________________________
calculation:
2,250* $4(29-25=4reissued)$9,000
Common stock:::::::::::::::::::::::::::::::::::::::::::::::::::$1,363,750
49,000 *$25=$1225=$1,225,000
ADD
2250*25=$56,250
3750*22=$82,500
____________________________________
total=$1,363,750
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