Problem 11-2A (Part Level Submission) The stockholders’ equity accounts of Cheyenne Corp. on January

FIRST GRADER essay writing company is the ideal place for homework help. If you are looking for affordable, custom-written, high-quality and non-plagiarized papers, your student life just became easier with us. Click the button below to place your order.


Order a Similar Paper Order a Different Paper

Problem 11-2A (Part Level Submission)

The stockholders’ equity accounts of Cheyenne Corp. on January 1, 2017, were as follows.

Preferred Stock (7%, $100 par noncumulative, 4,400 shares authorized) $264,000
Common Stock ($4 stated value, 310,000 shares authorized) 1,033,333
Paid-in Capital in Excess of Par Value—Preferred Stock 13,200
Paid-in Capital in Excess of Stated Value—Common Stock 496,000
Retained Earnings 683,500
Treasury Stock (4,400 common shares) 35,200

During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Feb. 1 Issued 4,620 shares of common stock for $32,340.
Mar. 20 Purchased 1,250 additional shares of common treasury stock at $8 per share.
Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1.
Nov. 1 Paid the dividend declared on October 1.
Dec. 1 Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec. 31 Determined that net income for the year was $278,200. Paid the dividend declared on December 1.

1, Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

2. Enter the beginning balances in the accounts and post the journal entries to the stockholders’ equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.)

Got stuck with another paper? We can help! Use our paper writing service to score better grades and meet your deadlines.

Get 15% discount for your first order


Order a Similar Paper Order a Different Paper
Writerbay.net