During the year the following transactions occurred

Assignment Help Accounting Basics

Reference no: EM131012459

Prepare dividend entries and stockholders' equity section.(LO 1, 3)

On January 1, 2014, Geffrey Corporation had the following stockholders' equity accounts.

Common Stock ($20 par value, 60,000 shares issued and outstanding)	$1,200,000
Paid-in Capital in Excess of Par—Common Stock	200,000
Retained Earnings	600,000

During the year, the following transactions occurred.

Instructions :

(a)	Journalize the transactions and the closing entries for net income and dividends.
(b)	Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.)
(c)	Prepare a stockholders' equity section at December 31.

Reference no: EM131012459

Questions Cloud

Prepare financial forecast for the coming year : You have been asked by the CFO to prepare a financial forecast for the coming year, using an Excel model, and then to present your forecast to the executive officers. Would you want to set up the model with a number of scenarios? Explain why.

Analyze the communication theories : Analyze the communication theories, models, and concepts discussed throughout the course in relation to your selected movie or television show. Be sure to address the following: Self-awareness of the movie or television show's characters

What will the investment amount to in eight years : Jen invested $1000 at 9% interest compounded semi-annually. What will the investment amount to in 8 years?

What was the firms cash flow due to financing activities : Last year Asley company generated $936million in cash from operating activities and had negative cash flow generated from investing activities ( $512million ). At the end of the first year, Asley company had $160million in cash on its balance sheet a..

During the year the following transactions occurred : On January 1, 2014, Geffrey Corporation had the following stockholders' equity accounts.

What is the total value of the policy today : An insurance policy will pay you or your heirs $5000 a year for 40 years. If the first payment is received 15 years from today and the discount rate is 5%, what is the total value of the policy today? A. $41,269 B. $42,189 C. $43,333 D. $43,546 E. $4..

What tensile force will cause the bar to yield : What is the Modulus of Elasticity for the material of the bar. What tensile force will cause the bar to yield? What will be the length of the bar after a 540 kip force is applied?

Investment bankers association has an agreement : Investment Bankers Association (IBA) has an agreement with Northern Airlines to underwrite an equity issue with a market value equal to $11 million. a) If IBA's underwriting fee is 5 percent and its out-of-pocket expenses associated with the issue ar..

Discuss the role of committee and sub-committee work : Make sure to discuss the role of committee and sub-committee work, meeting with other politicians, drafting pieces of legislation, etc. that would occur in Washington, but also activities like meeting with constituents, answering questions, and po..

User Account

All Pages