Question & Answer: The stockholders' equity section of Stuffgoose Corporation's balance sheet as of December 31, 2017 is as follows: Stockholders' Equ…..

The stockholders’ equity section of Stuffgoose Corporation’s balance sheet as of December 31, 2017 is as follows: Stockholders’ Equity Common stock, $6 par value; authorized, 3,000,000 shares; issued, 600,000 shares $3,600,000 Paid-in capital in excess of par 940,000 Retained earnings 5,400,000 $9,940,000 The following events occurred during 2018:

1. Jan. 5 45,000 shares of authorized and unissued common stock were sold for $13 per share.

Don't use plagiarized sources. Get Your Custom Essay on

GET AN ESSAY WRITTEN FOR YOU FROM AS LOW AS $13/PAGE

Order Essay

2. Jan. 16 Declared a cash dividend of 17 cents per share, payable February 15 to stock-holders of record on February 5.

3. Feb. 10 60,000 shares of authorized and unissued common stock were sold for $12 per share.

4. March 1 A 30% stock dividend was declared and issued. Fair value per share is currently $18.

5. April 1 A three-for-one split was carried out. Fair value on March 31 was $18 per share.

6. July 1 A 15% stock dividend was declared and issued. Fair value is currently $10 per share.

7. Aug. 1 A cash dividend of 20 cents per share was declared, payable September 1 to stockholders of record on August 21.

Expert Answer

Journal Entry
Date	Particulars	Dr. Amt.	Cr. Amt

5-Jan	Cash Dr.	585,000		45,000 Shares X $13
	To Common Stock		270,000	45,000 Shares X $6
	To Paid in capital in excess of par		315,000	45,000 Shares X $7

16-Jan	Retained Earnings Dr.	109,650		645,000 Shares X $0.17
	To Cash Dividends		109,650

10-Feb	Cash Dr.	720,000		60,000 Shares X $12
	To Common Stock		360,000	60,000 Shares X $6
	To Paid in capital in excess of par		360,000	60,000 Shares X $6

15-Feb	Cash Dividends Dr.	109,650
	To Cash		109,650

1-Mar	Retained Earnings Dr.	3,807,000		705,000 Shares X 30% $18
	To Common Stock		1,269,000	705,000 Shares X 30% $6
	To Paid in capital in excess of par		2,538,000	705,000 Shares X 30% $12


1-Apr	No Entry.
	Only Memo to be issued

1-Jul	Retained Earnings Dr.	1,374,750		916,500 Shares X 15% X $10
	To Common Stock		274,950	916,500 Shares X 15% X $2
	To Paid in capital in excess of par		1,099,800	916,500 Shares X 15% X $8

1-Aug	Retained Earnings Dr.	210,795		1,053,975 Shares X $0.20
	To Cash Dividends		210,795

1-Sep	Cash Dividends Dr.	210,795
	To Cash		210,795

Plagiarism Free Papers

All papers are written by the best professional writers to ensure 100% originality. We always provide plagiarism reports whenever we deliver completed papers.

Free Revisions

All papers by Grand Paper Writers are completed and submitted on time. This timely delivery of papers gives you time to go through the paper before the official deadline.

Title-page

As an additional service, we will provide a title page that precedes the contents of your paper. Here, you will provide your personal details.

Bibliography

We also ensure that we provide an extra page for the references or bibliographies following referencing rules.

Originality & Security

At Grandpaperwriters.com, we guarantee students for the provision of security and original work. All your personal information is handled with confidentiality and is not shared with third parties. Additionally, we ensure that we provide original content with accompanying plagiarism reports to show originality.

24/7 Customer Support

Our customer support team is always available 24/7 to provide instant responses to any queries raised by students.

Try it now!

Calculate the price of your order

Type of paper needed:

Pages:

Academic level:

We'll send you the first draft for approval by at

Total price:

$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

Grandpaperwriters.com has the best professional essay writers for quality services.

Pricing

Flexible Pricing

Here, a Grandpaperwriters.com, we do not compromise on the time of our clients. We always deliver all completed papers on or before the deadlines.

Communication

Admission Help & Client-Writer Contact

Grandpaperwriters.com provides an interactive portal where students can communicate directly to their writers.

Deadlines

Paper Submission

Here, a Grandpaperwriters.com, we do not compromise on the time of our clients. We always deliver all completed papers on or before the deadlines.

Reviews

Customer Feedback

Grandpaperwriters.com appreciates feedback from our clients to help us improve the delivery of essay writing services. As such, we are constantly changing our policies to ensure maximum customer and writer satisfaction.