80.2K

Verified Solution

Link Copied!

please help!!! need answers in 1 hour!!!!! thank youuuu!

CARICHI work Required information E11-2 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy (LO 11-2, LO 11-3] The following information applies to the questions displayed below) Incentive Corporation was nothided to issue 12,000 shares of common stock, each with a $2 parvaro. During it year, the following selected transactions were completed a issued 5,500 shares of common stock for cash at $20 por share b.issued 1,500 shares of common stock for cash at $23 per share E11-2 (Algo) Part 1 Required: 1. Complete the table below, indicating the account, amount and direction of the effect for the above transactions. (Enter any decreases to account balances with a minus sign.) Assets Llabilities Stockholders' Equity B b b Journal entry worksheet Record the issuance of 1,500 shares of common stock with a par value $2 for a price of $23 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal a. Issued 5,500 shares of common stock for cash at $20 per share, b. Issued 1,500 shares of common stock for cash at $23 per share E11-2 (Algo) Part 3 3. Prepare the stockholders' equity section as it should be reported on the year-end balance sheet At year-end, the accounts reflected a profit of $100 INCENTIVE CORPORATION Balance Sheet (Partial) At December 31 Stockholders' Equity Contributed Capital: Total Contributed Capital Total Stockholders' Equity ! Required information E11-2 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy (LO 11-2, LO 11-3) [The following information applies to the questions displayed below) Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: a. Issued 5,500 shares of common stock for cash at $20 per share, b. Issued 1,500 shares of common stock for cash at $23 per share. E11-2 (Algo) Part 4 4. Incentive Corporation has $45,000 in the company's bank account. At year-end, the accounts reflected a profit of $100. What is the maximum amount of cash dividends the company can declare and distribute? Maximum amount of cash dividends

Answer & Explanation Solved by verified expert

See Answer