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Equity transactions.Foley Corporation has the following capital structure at the beginning of the year: 6% Preferred stock, $50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding $ 300,000 Common stock, $10 par value, 60,000 shares authorized, 40,000 shares issued and outstanding 400,000 Paid-in capital in excess of par 110,000 Total paid-in capital 810,000 Retained earnings 440,000 Total stockholders’ equity $1,250,000 Instructions(a) Record the following transactions which occurred consecutively (show all calculations). 1. A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts. 2. A 10% common stock dividend was declared. The average market value of the common stock is $18 a share. 3. Assume that net income for the year was $150,000 (record the closing entry) and the board of directors appropriated $70,000 of retained earnings for plant expansion. (b) Construct the stockholders’ equity section incorporating all the above information.

Equity transactions.Foley Corporation has the following capital structure at the beginning of the year:	6% Preferred stock, $50 par value, 20,000 shares authorized, 
		6,000 shares issued and outstanding	$    300,000
	Common stock, $10 par value, 60,000 shares authorized, 
		40,000 shares issued and outstanding	400,000
	Paid-in capital in excess of par	     110,000
	Total paid-in capital	810,000
	Retained earnings	     440,000
	Total stockholders' equity	$1,250,000
Instructions(a)	Record the following transactions which occurred consecutively (show all calculations).
1.	A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.
2.	A 10% common stock dividend was declared. The average market value of the common stock is $18 a share.
3.	Assume that net income for the year was $150,000 (record the closing entry) and the board of directors appropriated $70,000 of retained earnings for plant expansion.
(b)	Construct the stockholders' equity section incorporating all the above information.

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