Paid the cash dividend declared on december 31 2012 issued

Assignment Help Accounting Basics

Reference no: EM13601009

Davis Corporation was authorized to issue 100,000 shares of $10 par common stock and 50,000 shares of $50 par, 6 percent, cumulative preferred stock. Davis Corporation completed the fol- lowing transactions during its first two years of operation.
2012
Jan. 2 Issued 5,000 shares of $10 par common stock for $28 per share.
15 Issued 1,000 shares of $50 par preferred stock for $70 per share.

Feb. 14 Issued 15,000 shares of $10 par common stock for $30 per share.
Dec. 31 During the year, earned $170,000 of cash service revenue and paid $110,000 of cash operating expenses.
31 Declared the cash dividend on outstanding shares of preferred stock for 2012. The dividend will be paid on January 31 to stockholders of record on January 15, 2013."

2013
Jan. 31 Paid the cash dividend declared on December 31, 2012.
Mar. 1 Issued 2,000 shares of $50 par preferred stock for $58 per share.
June 1 Purchased 500 shares of common stock as treasury stock at $43 per share. stock
Dec. 31 During the year, earned $210,000 of cash service revenue and paid $175,000 of cash operating expenses.
31 Declared the dividend on the preferred stock and a $0.60 per share dividend on the common stock.

Required
Issued 15,000 shares of $10 par common stock for $30 per share. During the year, earned $170,000 of cash service revenue and paid $110,000 of cash operating expenses. Declared the cash dividend on outstanding shares of preferred stock for 2012. The dividend will be paid on January 31 to stockholders of record on January 15, 2013.

Paid the cash dividend declared on December 31, 2012. Issued 2,000 shares of $50 par preferred stock for $58 per share. Purchased 500 shares of common stock as treasury stock at $43 per share. During the year, earned $210,000 of cash service revenue and paid $175,000 of cash operating expenses. Declared the dividend on the preferred stock and a $0.60 per share dividend on the common stock.

a. Organize the transaction data in accounts under an accounting equation.
b. Prepare the stockholders' equity section of the balance sheet at December 31, 2012"

Reference no: EM13601009

Questions Cloud

Daughdrill corporation is developing direct labor standards : daughdrill corporation is developing direct labor standards. the basic direct labor wage rate is 10.95 per hour.

Gildon corporation produces metal telephone poles in the : gildon corporation produces metal telephone poles. in the most recent month the company budgeted production of 7200

Assume that the assembly department of advanced : advanced technologies produces notebook computers in three departments assembly testing and packing. prior to the start

Prepare an income statement an owners equity statement and : prepare an income statement an owners equity statement and a balance sheet for the accupuncture practice of bi loi from

Paid the cash dividend declared on december 31 2012 issued : davis corporation was authorized to issue 100000 shares of 10 par common stock and 50000 shares of 50 par 6 percent

In october 5000 meters of raw material were purchased at an : in october 5000 meters of raw material were purchased at an actual cost of 4.50 per meter. during october 4850 meters

Acme company used a predetermined overhead rate of 36 per : acme company used a predetermined overhead rate of 36 per direct labor hour for the year. assume the only inventory

This year barney purchased 500 shares of bell common stock : this year barney purchased 500 shares of bell common stock for 20 per share. at year - end the bell shares were only

Airborne manufacturing co completed the following : airborne manufacturing co completed the following transactions during 2009 jan 16 declared a cash dividend on the 4 102

User Account

All Pages