Menu
support@businesspapershelp.com
+1(805) 568 7317

london jewelry company reported the following summarized balance sheet at december 3 4238790

London Jewelry Company reported the following summarized balance sheet at December 31, 2014:AssetsCurrent assets……………………………………………………. $ 59,400Property and equipment, net…………………………………. 101,300Total assets……………………………………………………… $160,700Liabilities and EquityLiabilities ……………………………………………………… $ 34,500Stockholders’ equity:$0.40 cumulative preferred stock, $10 par,800 shares issued…………………………………………….. 8,000Common stock, $8 par, 6,700 shares issued……………. 53,600Paid-in capital in excess of par—common………………. 18,600Retained earnings……………………………………………….. 46,000Total liabilities and equity…………………………………. $160,700During 2015, London Jewelry completed the following transactions that affected stockholders’ equity:Feb 13 Issued 6,200 shares of common stock for $11 per share.Jun 7 Declared the regular cash dividend on the preferred stock.24 Paid the cash dividend.Aug 9 Declared and distributed a 5% stock dividend on the common stock. Market price of the common stock was $15 per share.Oct 26 Reacquired 200 shares of common stock as treasury stock, paying $17 per share.Nov 20 Sold 50 shares of the treasury stock for $19 per share.Dec 31 Declared a cash dividend of $0.25 per share on the outstanding common stock; dividends will be paid in January, 2016.Requirements1. Journalize London Jewelry’s transactions. Explanations are not required.2. Report London Jewelry’s stockholders’ equity at December 31, 2015. Net income for 2015 was $31,000.View Solution:
London Jewelry Company reported the following summarized balance sheet at

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon
"GET15"

Order Now