Prepare journal entries to record each of these transactions

Assignment Help Financial Accounting

Reference no: EM133337230

Question: Kohler Corporation reports the following components of stockholders equity at December 31 of the prior year Common stock-$20 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 800. 060 Paid-in capital in excess of par value, common stock 70. 000 370, 060 Retained earnings Total stockholders' equity $ 1 240 090 During the current year, the following transactions affected its stockholders equity accounts January 2 Purchased 5,000 shares of its own stock at $20 cash per share. January 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $24 cash per share. August 22 Sold 2,500 of its treasury shares at $16 cash per share. September 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $388,090 credit balance ( from net income ) in the Income Summary account to Retained Earnings.

Questions:

1. Prepare journal entries to record each of these transactions.

2. Prepare a statement of retained earnings for the current year ended December 31.

3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year

Reference no: EM133337230

Questions Cloud

Surfacing on violations of health care laws : Federal agencies are increasingly becoming active in investigating violations of health care laws. In addition, private lawsuits are surfacing on violations

Which tiffany and her family could get benefits from social : describe three ways in which Tiffany and her family could get benefits from Social Security. Make sure that the three situations are completely different.

How does the communication plan integrate : How does the communication plan integrate with other sections of the Integrated Project Plan? List and explain at least three (3) integrations.

Provide an example of a community in crisis : Provide an example of a community in crisis that became stronger as a result. How does this example relate to our readings

Prepare journal entries to record each of these transactions : Prepare journal entries to record each of these transactions. Prepare a statement of retained earnings for the current year ended December 31.

Explain how important money is to you in your career : However, many of us value and prioritize other things more than direct compensation such as benefits, time off, career growth etc

Create the work breakdown structure : Instead of identifying deliverables, the group keeps suggesting activities they need to do to complete their part of the project.

Evaluation of success in remote jobs : Make a Power Point presentation that includes information from the literature on the concern she chose and recommendations

How they influence us consumers buying habits : Identify the core values that have strongly influenced American attitudes and lifestyles and how they influence U.S. consumers' buying habits.

User Account

All Pages