Project #61116 - Accounting Problem 1

On January 1, 2014, Everett Corporation had these stockholders’ equity accounts.
Common Stock ($10 par value, 77,600 shares issued and outstanding) $776,000
Paid-in Capital in Excess of Par Value 500,500
Retained Earnings 667,700
During the year, the following transactions occurred.
Jan. 15 Declared a $0.40 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb. 15 Paid the dividend declared in January.
Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share.
May 15 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2015.
Dec. 31 Determined that net income for the year was $355,700.
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.)
Date Account Titles and Explanation Debit Credit
(To close net income)
(To close stock dividends)
(To close cash dividends)
Enter the beginning balances and post the entries to the stockholders’ equity T-accounts. (Post entries in the order of journal entries posted in the previous part)
Common Stock
Retained Earnings
Paid-in Capital in Excess of Par Value
Cash Dividends

Subject Mathematics
Due By (Pacific Time) 03/07/2015 12:00 am
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