* 50%. ed ugen.wileyplus.com Business i Chron.com Top 10 Diversity Issues at Wor

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* 50%. ed ugen.wileyplus.com Business i Chron.com Top 10 Diversity Issues at Work I Chron.com WileyPLUS US Kimmel, Accounting, 4 Heln I Problem 11-2A The stockholders' equity accounts of Omega Corporation on January 1, 2012, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,400 shares authorized) Common Stock ($3 stated value, 346,200 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-Common (5,400 shares) $324,000 830,880 16,200 553,920 683,100 43,200 During 2012, the corporation had the following transections and events pertaining to its stockholders' equity Feb. 1 Mar. 20 Oct. 1 Nov. 1 Dec. 1 Issued 5,200 shares of common stock for $36,400. Purchased 1,390 additional shares of common treasury stock at $8 per share Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1 Declared a $0.60 per share cash dividend 31, 2012 Determined that net income for the year was $284,200. Paid the dividend declared on December 1. to common stockholders of record on December 15, payable December (a) Your answer is partially correct. Try again. Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Explanation / Answer

2.

Date Accounts Debit$ Credit$ Feb.1 Cash        36,400 Common Stock (5200*$3)        15,600 Paid-in Capital in Excess of Stated Value—Common Stock        20,800 March.20 Treasury Stock—Common (1390 X $8)        11,120 Cash        11,120 Oct.1 Cash Dividends ($324,000 X .07)        22,680 Dividends Payable        22,680 Nov.1 Dividends Payable        22,680 Cash        22,680 Dec.1 Cash Dividends       165,222    [276,960* + 5,200 – (5,400 + 1,390)] X $0.60 Dividends Payable       165,222 *($830,880/$3 = 276960 shares) Dec.31 Income Summary       284,200 Retained Earnings       284,200 Dec.31 Dividends Payable       165,222 Cash       165,222 Dec.31 Retained Earnings       187,902 Cash Dividends ($22,680+ $165,222)       187,902

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