accounting question 415362
Aug 29, 2021 | Uncategorized
| At September 30, the end of Excel Company’s third quarter, the following stockholders’ equity accounts are reported. |
|
| Common stock, $12 par value |
$ |
720,000 |
| Paid in capital in excess of par value, common stock |
|
180,000 |
| Retained earnings |
|
640,000 |
|
| In the fourth quarter, the following entries related to its equity are recorded. |
|
| Date |
General Journal |
Debit |
Credit |
| Oct. 2 |
Retained Earnings |
120,000 |
|
|
Common Dividend Payable |
|
120,000 |
|
|
|
|
| Oct. 25 |
Common Dividend Payable |
120,000 |
|
|
Cash |
|
120,000 |
|
|
|
|
| Oct. 31 |
Retained Earnings |
150,000 |
|
|
Common Stock Dividend Distributable |
|
72,000 |
|
Paid In Capital in Excess of Par Value, Common Stock |
|
78,000 |
|
|
|
|
| Nov. 5 |
Common Stock Dividend Distributable |
72,000 |
|
|
Common Stock, $12 Par Value |
|
72,000 |
|
|
|
|
| Dec. 1 |
Memo”Change the title of the common stock account to reflect the new par value of $4. |
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| Dec. 31 |
Income Summary |
420,000 |
|
|
Retained Earnings |
|
420,000 |
|
| Required: |
| 2. |
Complete the following table showing the equity account balances at each indicated date (include the balances from September 30). (Leave no cells blank be certain to enter “0” wherever required. Omit the “$” sign in your response.)
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Oct. 2 |
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Oct. 25 |
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Oct. 31 |
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Nov. 5 |
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Dec. 1 |
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Dec. 31 |
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| Common stock |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
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| Common stock dividend distributable |
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| Paid in capital in excess of par, common stock |
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| Retained earnings |
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| Total equity |
|
$ |
|
$ |
|
$ |
|
$ |
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$ |
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$ |
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