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Stockholder's equity, statement of retained earnings

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13-2A Contex Corporation reports the following components of stockholders' equity on December 31, 2011.

Common stock - $10 par value, 50,000 shares authorized,
20,000 shares issued and outstanding..................................$200,000
Paid-in capital in excess of par value, common stock................ 30,000
Retained earnings......................................................................135,000
Total stockholders' equity...........................................................$365,00

In year 2012, the following transactions affected its stockholders' equity accounts.

Jan. 1 - Purchased 2,000 shares of its own stock at $20 each per share.
Jan. 5 - Directors declared a $2 per share cash dividend payable on Feb. 28 to Feb. 5 stockholders of record.
Feb. 28 - Paid the dividend declared on January 5.
July 6 - Sold 750 of its treasury shares at $24 cash per share
Aug. 22 - Sold 1,250 of its treasury shares at $17 cash per share.
Sept 5 - Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.
Oct. 28 - Paid the dividend declared on September 5.
Dec 31 - Closed the $194,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

Required:
1. Prepare journal entries to record each of these transactions for 2012.
2. Prepare a statement of retained earnings for the year ended December 31, 2012.
3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2012.

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Interrelationship among financial statements

Problem 1 -30a Interrelationship among financial statements, complete the Problem:O'Shea Enterprises start the 2002 accounting period with:(O'Shea Enterprise accounting Equation)
Total assets (all cash) of
Liabilities of
Common stock of

During the year ...there is more show problem
O'Shea Enterprises start the 2002 accounting period with:(O'Shea Enterprise accounting Equation)
Total assets (all cash) of
Liabilities of
Common stock of

During the year, O'Shea recorded the following transactions:
Cash revenues of
Paid cash expenses of
Paid cash dividends to stockholders of
Acquired additional cash from sale of common stock of
Paid cash to reduce a liability with the bank of

Required
Prepare an income statement, statement or changes in stockholders equity, period-end balance sheet, and statement of cash flows for the 2002 accounting period. (Hint; determine the amount of beginning retained earning before considering the effects of the current period events. It also might help to record all events under an accounting equation before preparing the statements.) hide problem

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