Business, 15.02.2021 19:50 neftalirojas14

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par value, 100,000 shares authorized,
50,000 shares issued and outstanding$1,000,000
Paid-in capital in excess of par value, common stock 70,000
Retained earnings 430,000
Total stockholders' equity$1,500,000
In year 2017, the following transactions affected its stockholders’ equity accounts. jan. 2 Purchased 5,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,875 of its treasury shares at $24 cash per share. Aug. 22 Sold 3,125 of its treasury shares at $17 cash per share. Sept. 5 Directors declared a $4 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 $388,000 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 2017.2. Prepare a statement of retained earnings for the year ended December 31, 2017.3. Prepare the stockholders' equity section of the company’s balance sheet as of December 31, 2017.Record the purchase of 4,500 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. Date General Journal Debit CreditJan 01 Record the declaration of a cash dividend of $4 per share. Note: Enter debits before credits. Date General Journal Debit CreditJan 05 Record the payment of the cash dividend. Note: Enter debits before credits. Date General Journal Debit CreditFeb 28 Record the reissue of 1,688 shares of the treasury stock for $29 cash per share. Note: Enter debits before credits. Date General Journal Debit CreditJul 06 Record the reissue of 2,812 shares of the treasury stock for $22 cash per share. Note: Enter debits before credits. Date General Journal Debit CreditAug 22 Record the declaration of a cash dividend of $4 per share. Note: Enter debits before credits. Date General Journal Debit CreditSep 05 Record the payment of the cash dividend. Note: Enter debits before credits. Date General Journal Debit CreditOct 28 Record the entry to close the income summary account having a credit balance of $408,000.Note: Enter debits before credits. Date General Journal Debit CreditDec 31 Prepare a statement of retained earnings for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.)KOHLER CORPORATIONStatement of Retained EarningsFor Year Ended December 31, 2017Prepare the stockholders' equity section of the company’s balance sheet as of December 31, 2017.KOHLER CORPORATIONStockholders' Equity Section of the Balance SheetDecember 31, 2017Total contributed capital Total stockholders' equity

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 20:30

Max fischer is a beekeeper. his annual group insurance costs 11,700. his employer pays 60% of the cost. how much does max pay semimonthly for it?

Answers: 1

Answer

Business, 22.06.2019 15:30

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.

Answers: 3

Answer

Business, 22.06.2019 21:10

The chromosome manufacturing company produces two products, x and y. the company president, jean mutation, is concerned about the fierce competition in the market for product x. she notes that competitors are selling x for a price well below chromosome's price of $13.50. at the same time, she notes that competitors are pricing product y almost twice as high as chromosome's price of $12.50.ms. mutation has obtained the following data for a recent time period: product x product y number of units 11,000 3,000 direct materials cost per unit $3.23 $3.09 direct labor cost per unit $2.22 $2.10 direct labor hours 10,000 3,500 machine hours 2,100 1,800 inspection hours 80 100 purchase orders 10 30ms. mutation has learned that overhead costs are assigned to products on the basis of direct labor hours. the overhead costs for this time period consisted of the following items: overhead cost item amount inspection costs $16,200 purchasing costs 8,000 machine costs 49,000 total $73,200using direct labor hours to allocate overhead costs determine the gross margin per unit for product x. choose the best answer from the list below.a. $1.93b. $3.12c. $7.38d. $2.43e. $1.73using activity-based costing for overhead allocation, determine the gross margin per unit for product y. choose best answer from list below.a. $10.07b. ($2.27)c. ($5.23)d. ($7.02)e. $7.02

Answers: 3

Answer

Business, 23.06.2019 00:30

Suppose the government decides to issue a new savings bond that is guaranteed to double in value if you hold it for 20 years. assume you purchase a bond that costs $25. a. what is the exact rate of return you would earn if you held the bond for 20 years until it doubled in value? (do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. if you purchased the bond for $25 in 2017 at the then current interest rate of .27 percent year, how much would the bond be worth in 2027? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. in 2027, instead of cashing in the bond for its then current value, you decide to hold the bond until it doubles in face value in 2037. what annual rate of return will you earn over the last 10 years? (do not

Answers: 3

Answer

You know the right answer?

Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016:...

Questions