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Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 125 shares of preferred stock and 2,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 June 30 Issue 2,700 additional shares of common stock for $13 per share. Issue 175 additional shares of preferred stock for $37 per share. Declare a cash dividend on both common and preferred stock of $0.40 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. August 1 Purchase 175 shares of common treasury stock for $10 per share. October 1 Reissue 125 shares of treasury stock purchased on August 1 for $12 per share. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $2,700; Additional Paid-in Capital, $19,200; and Retained Earnings, $11,200. Net income for the year ended December 31, 2024, is $7,500. Required: 1. Record each of these transactions. 2. Select whether each of the following transactions increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet

Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 125 shares of preferred stock and 2,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 April 1 June 1 June 30 Issue 2,700 additional shares of common stock for $13 per share. Issue 175 additional shares of preferred stock for $37 per share. Declare a cash dividend on both common and preferred stock of $0.40 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. August 1 Purchase 175 shares of common treasury stock for $10 per share. October 1 Reissue 125 shares of treasury stock purchased on August 1 for $12 per share. Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $2,700; Additional Paid-in Capital, $19,200; and Retained Earnings, $11,200. Net income for the year ended December 31, 2024, is $7,500. Required: 1. Record each of these transactions. 2. Select whether each of the following transactions increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 84PSA: Statement of Stockholders' Equity At the end of 2019, Stanley Utilities Inc. had the following...
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Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 125 shares of preferred stock and 2,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: Issue 2,700 additional shares of common stock for $13 per share.. Issue 175 additional shares of preferred stock for $37 per share. Declare a cash dividend on both common and preferred stock of $0.40 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. June 30 August 1 Purchase 175 shares of common treasury stock for $10 per share. October 1 Reissue 125 shares of treasury stock purchased on August 1 for $12 per share. March 1 April 1 June 1 Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $2,700; Additional Paid-in Capital, $19,200; and Retained Earnings, $11,200. Net income for the year ended December 31, 2024, is $7,500. Required: 1. Record each of these transactions. 2. Select whether each of the following transactions increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Record the issuance of 2,700 additional shares of common stock for $13 per share. Note: Enter debits before credits. 6 Date March 01, 2024 General Journal Debit Credit >
Transcribed Image Text:Sweet Sixteen has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2024, 125 shares of preferred stock and 2,700 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: Issue 2,700 additional shares of common stock for $13 per share.. Issue 175 additional shares of preferred stock for $37 per share. Declare a cash dividend on both common and preferred stock of $0.40 per share to all stockholders of record on June 15. Pay the cash dividends declared on June 1. June 30 August 1 Purchase 175 shares of common treasury stock for $10 per share. October 1 Reissue 125 shares of treasury stock purchased on August 1 for $12 per share. March 1 April 1 June 1 Sweet Sixteen has the following beginning balances in its stockholders' equity accounts on January 1, 2024: Preferred Stock, $1,250; Common Stock, $2,700; Additional Paid-in Capital, $19,200; and Retained Earnings, $11,200. Net income for the year ended December 31, 2024, is $7,500. Required: 1. Record each of these transactions. 2. Select whether each of the following transactions increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < Record the issuance of 2,700 additional shares of common stock for $13 per share. Note: Enter debits before credits. 6 Date March 01, 2024 General Journal Debit Credit >
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Select whether each of the following transactions increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. (If none of the categories apply for a particular item, leave the cell blank.) Transaction Issue common stock Issue preferred stock Declare cash dividends Pay cash dividends Purchase treasury stock Resell treasury stock Total Assets Total Liabilities Total Stockholders' Equity
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 Select whether each of the following transactions increases (+) or decreases (-) total assets, total liabilities, and total stockholders' equity. (If none of the categories apply for a particular item, leave the cell blank.) Transaction Issue common stock Issue preferred stock Declare cash dividends Pay cash dividends Purchase treasury stock Resell treasury stock Total Assets Total Liabilities Total Stockholders' Equity
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