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Problem 11-8A On January 1, 2014, Everett Corporation had these stockholders equity accounts. Common Stock ($10 par value, 77,500 shares issued and outstanding) $775,000 Paid-in Capital in Excess of Par Value 520,300 Retained Earnings 658,700 During the year, the following transactions occurred. Jan. 15 Declared a $0.50 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2015. Dec. 31 Determined that net income for the year was $394,700. Partially correct answer. Your answer is partially correct. Try again. Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Entry field with correct answer Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31 Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer (To close net income) Entry field with correct answer Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer (To close stock dividends) Entry field with correct answer Jan. 15Feb. 15Apr. 15May 15Dec. 1Dec. 31 Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer (To close cash dividends) Show List of Accounts Link to Text Partially correct answer. Your answer is partially correct. Try again. Enter the beginning balances and post the entries to the stockholders equity T-accounts. (Post entries in the order of journal entries posted in the previous part) Common Stock Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Retained Earnings Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Paid-in Capital in Excess of Par Value Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Cash Dividends Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Common Stock Dividends Distributable Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with correct answer Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with correct answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Stock Dividends Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Entry field with incorrect answer 1/1 Bal.1/154/155/1512/112/3112/31 Bal. Entry field with incorrect answer Show List of Accounts Link to Text Link to Text Partially correct answer. Your answer is partially correct. Try again. Prepare the stockholders equity section of the balance sheet at December 31. EVERETT CORPORATION Partial Balance Sheet December 31, 2014 Entry field with correct answer Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital Entry field with correct answer Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital Entry field with correct answer Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital Entry field with correct answer $ Entry field with incorrect answer Entry field with incorrect answer Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid-in Capital Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with incorrect answer Current Assets Current Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Net Income / (Loss) Property, Plant and Equipment Revenues Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid-in Capital $ Entry field with incorrect answer Show List of Accounts Link to Text Link to Text Link to Text Incorrect answer. Your answer is incorrect. Try again. Calculate the payout ratio and return on common stockholders equity. (Round answers to 1 decimal place, e.g. 12.5%.) Payout ratio Entry field with incorrect answer % Return on common stockholders equity Entry field with incorrect answer % Show List of Accounts Link to Text Link to Text Question Attempts: 2 of 3 used Save for later Submit Answer

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