Recall 3 year-old Manny, at the beginning of the chapter, who has & a seizure disorder. He receives his care in a mobile van sent to his community by the….
Prepare a partial statement of financial position showing only the shareholders’ equity section at December 31, 2018.
Statement of Shareholders’ Equity
At the end of 2017, Jeffco Inc. had the following equity accounts and balances:
|Common shares, no par (175,000 shares issued and outstanding)||$1,926,400|
During 2018, Jeffco engaged in the following transactions involving its equity accounts:
- Issued 8,000 common shares for $35 per share.
- Issued 1,000 shares of 9%, $120 stated value preferred shares at $125 per share.
- Declared and paid cash dividends of $15,000.
- Repurchased and cancelled 500 common shares for $52 per share.
1. Prepare the journal entries for a through d. For a compound transaction, for those boxes in which no entry is required, leave the box blank.
|(Record issue of common shares)|
|Contributed Surplus-Preferred Shares|
|(Record issue of preferred shares)|
|c.||Retained Earnings (or Dividends)|
|(Record declaration and payment of dividends)|
|(Record repurchase of common shares)|
2. Assume that 2018 net income was $89,600. Prepare a partial statement of financial position showing only the shareholders’ equity section at December 31, 2018.
|Statement of Financial Position (Partial)|
|December 31, 2018|
|Preferred shares, 9%, $120 stated value||$|
|Common shares, no par|
|Total capital stock|
|Total shareholders’ equity|