number 6 ACC 102 01 SP18 Homework: Chapter 6 Graded Homework HW Score: 12%, 12 o

Question

number 6

ACC 102 01 SP18 Homework: Chapter 6 Graded Homework HW Score: 12%, 12 of 100 pts Score: 0 of 10 pts E13-29 (similar to) Mare Info Credit Date was $13 per share and the company declared a 10% stock didend. The stock was distributed on May 15. Print Done authorized, 500 shares issued and outstanding $ Paid-In Capital in Excess of Par-Common 1,000 2,000 3,000 126,000 S 129.000 1. Jounalize the declaration and dstribution of the stock dvidend. 2. Prepare the stockholders equity section ot the balance sheet as of May 31 Retained Earnings s are $126,000 on April 30, 2018, before the 2018. Assume stock dividend and the only c Print Done Print Done 2

Explanation / Answer

If any doubt please comment

Date Accounts Title Dr Cr 30-Apr Retained Earnings (500*10%*13) 650 Stock Dividend Distributable (50*2) 100 Paid in capital in excess of par-Common stock 550 (being stock dividend declared) 15-May Stock Dividend Distributable (50*2) 100 Common stock 100 (being stock dividend distributed) Alternatively the entry could be 30-Apr Stock dividend 650 Stock Dividend Distributable 650 15-May Stock Dividend Distributable 650 Common stock 100 Paid in capital in excess of par-Common stock 550 closing entry Retained eranings 650 Stock diviend 650 ans 2 Stockholder Equity Paid in capital Common stock-$2 parvalue, 550 shares issued and outstanding $1,100 Paid in capital in excess of par-Common stock 2550 Total Paid in capital $3,650 Retained Earnings (1260000-650) 125350 Total stockholder equity $129,000

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

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