Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. gl1101 -based on problem 11-2a lo c3, p2, p3 mycon

GL1101 -Based on Problem 11-2A LO C3, P2, P3 Myconos Company reports the following components...

50.1K

Verified Solution

Question

Accounting

image
image
GL1101 -Based on Problem 11-2A LO C3, P2, P3 Myconos Company reports the following components of stockholders' equity on December 31, 2016: stock-$10 par value, 130,000 chares authorized 50,000 Paid-in capital in excess of and outstanding s 500,000 75,000 410,000 985,000 Total In year 2017, the following transactions affected its stockholders' equity accounts Jan. 1 Purchased 5,000 shares of its own stock at $23 cash per share. Jan. s Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of Feb. 28 Paid the dividend declared on January 5. ug: 22 Sold 3,100 of istrsu shares at $20 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of Oct. 28 Paid the dividend declared on September 5 Dec. 31 closed the $238,000 credit balance (from net income) in the Income Sunmary account to Retained Earnings. of Feb. 28 Paid the dividend declared on January Aug. 22 Sold 3,100 of its treasury shares at $20 cash per share Oct. 28 Paid the dividend declared on September 5 Dec. 31 Closed the $238,000 credit balance (from net incone) in the Ine RE the 31, 2017 Statement of Retained Earnings earnings, Dec. 31, 2017 $ 410,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students