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The stockholders equity accounts of Hashmi Company at January

Resolved Question:

The stockholders' equity accounts of Hashmi Company at January 1, 2010, are as follows.


Preferred Stock, 6%, $50 par $600,000
Common Stock, $5 par 800,000
Paid-in Capital in Excess of Par Value-Preferred Stock 200,000
Paid-in Capital in Excess of Par Value-Common Stock 300,000
Retained Earnings 800,000

There were no dividends in arrears on preferred stock. During 2010, the company had the following transactions and events.

July 1 Declared a $0.50 cash dividend on common stock.
Aug. 1 Discovered $25,000 understatement of 2009 depreciation. Ignore income taxes.
Sept. 1 Paid the cash dividend declared on July 1.
Dec. 1 Declared a 10% stock dividend on common stock when the market value of the stock was $18 per share.
Dec. 15 Declared a 6% cash dividend on preferred stock payable January 15, 2011.
Dec. 31 Determined that net income for the year was $355,000.
Dec. 31 Recognized a $200,000 restriction of retained earnings for plant expansion.


Journalize the transactions, events, and closing entries. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. If there is no transaction, enter No entry as the account and 0 for the amount.)

Date Account/Description Debit Credit
July 1

Aug.1

Sept.1

Dec. 1


Dec. 15

Dec. 31

(To record net income)
Dec. 31




Enter the beginning balances in the accounts, and post to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (If answer is zero, please enter 0. Do not leave any fields blank.)

Preferred Stock




Date





Explanation


Ref.


Debit


Credit


Balance
Jan. 1 Balance P

Common Stock




Date





Explanation


Ref.


Debit


Credit


Balance
Jan. 1 Balance P

Common Stock Dividends Distributable




Date





Explanation


Ref.


Debit


Credit


Balance
Dec. 1

Paid-in Capital in Excess of Par Value - Preferred Stock




Date





Explanation


Ref.


Debit


Credit


Balance
Jan 1 Balance P

Paid-in Capital in Excess of Par Value - Common Stock




Date





Explanation


Ref.


Debit


Credit


Balance
Jan. 1 Balance P
Dec. 1

Retained Earnings




Date





Explanation


Ref.


Debit


Credit


Balance
Jan. 1 Balance P
July 1 Cash dividend
- common
Aug. 1 Prior period


adj.- depr.

Dec. 1

Stock div.-

common
Dec. 15 Cash dividend


- preferred

Dec. 31

Net income




Prepare a retained earnings statement for the year. (List amounts from largest to smallest eg 10, 5, 3, 2.)

HASHMI COMPANY
Retained Earnings Statement

For the Year Ended December 31, 2010
$



Add:


Less: $





Balance, December 31

$



Complete the stockholders' equity section at December 31, 2010. (List amounts from largest to smallest eg 10, 5, 3, 2.)

HASHMI COMPANY
Balance Sheet (Partial)

December 31, 2010
Stockholders equity


,
$ par value,
shares issued $
,
$ par value
shares issued $













(see Note B)

Total stockholders' equity

$

Note B: Retained earnings is restricted for plant expansion, $200,000.
Submitted: 5 months ago.
Category: Multiple Problems
Expert:  getsetgo replied 5 months ago.

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