the stockholders equity accounts of Gonzalez edugenwileyplus.com Weygandt, Accou

Question

the stockholders equity accounts of Gonzalez edugenwileyplus.com Weygandt, Accounting Principles, 12e ce Assignment Gradebook ORION Downloadable eTextbook ent MESSAGE MY INSTRUCTOR Broadening Your Perspective 14-5 The stockholders' equity accounts of Gonzalez, Inc., at January 1, 2017, are as follows Preferred Stock, no par, 6,800 shares issued $680,000 Common Stock, no par, 138,000 shares issued 690,000 Retained Earnings 460,000 During 2017, the company had the following transactions and events July 1 Declared a $o.s0 cash dividend per share on common stock. Aug. Sept. 1 Paid the cash dividend declared on July 1 1 Discovered a $68,000 overstatement of 2016 depreciation expense. (Ignore income taxes.) 1 Declared a 10% stock dividend on common stock when the market price of the stock was $12 per share. 15 Declared a $7 per share cash dividend on preferred stock, payable January 31, 2018 31 Determined that net income for the year was $430,000. Prepare a retained earnings statement for the year. There are no preferred dividends in arrears. (List items that increas GONZALEZ, INC. Retained Earnings Statement I 2000-2017.Johnyyiley & Sons, Inc. All Rights Reserved. A Division of Polky

Explanation / Answer

GONZALEZ, INC. Retained Earnings Statement For the Year Ended December 31, 2017 $ $ Net Income 430000 Add: Depreciation Overstated in Previous Year 68000 Less: Cash Dividend On Common Stock 69000 (1,38,000 Shares*0.50 Per Share) Proposed Divided on Common Stock 69000 ($5*0.10*1,38,000 Shares) Proposed Divided on Preferred Stock 47600 ($7 Per Stock *6800 Shares) 185600 Retained Earnings Balance 312400

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