Homework Answers
(1) -- Prepare journal entries to record each of these transactions for 2019.
Answer -
Journal of Kohler Corporation
| Date | General Journal | Debit ($) | Credit ($) |
| Jan. 02 |
Treasury stock, Common [5000 shares * $20] Cash |
100000 - |
- 100000 |
| Jan. 05 |
Retained earnings [(60000 shares - 5000 share) * $4] Common dividend payable |
220000 - |
- 220000 |
| Feb. 28 |
Common dividend payable Cash |
220000 - |
- 220000 |
| July 06 |
Cash [1875 shares * $24] Treasury stock, Common [1875 shares * $20] Paid-In capital, Treasury stock [Balancing figure] |
45000 - - |
- 37500 7500 |
| Aug. 22 |
Cash [3125 shares * $17] Paid-In capital, Treasury stock Retained earnings [Balancing figure] Treasury stock, Common [3125 shares * $20] |
53125 7500 1875 - |
- - - 62500 |
| Sept. 05 |
Retained earnings [60000 shares * $4] Common dividend payable |
240000 - |
- 240000 |
| Oct. 28 |
Common dividend payable Cash |
240000 - |
- 240000 |
| Dec. 31 |
Income summary Retained earnings |
388000 - |
- 388000 |
.
(2) -- Prepare a statement of retained earnings for the year ended December 31, 2019.
Answer -
KOHLER CORPORATION
Statement of Retained Earnings For Year Ended December 31, 2019
| Amount ($) | |
| Retained Earnings, December 31, 2018 | 370000 |
| Add: Net income | 388000 |
| Less: Cash dividends declared [$220000 + $240000] | (460000) |
| Less: Treasury stock reissuances | (1875) |
| Retained Earnings, December 31, 2019 | 296125 |
.
(3) -- Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019.
Answer -
KOHLER CORPORATION
Stockholders' Equity Section of the Balance Sheet as of December 31, 2019
| Amount ($) | |
| Common Stock | 600000 |
| Paid-in capital in excess of par value, common stock | 60000 |
| Retained Earnings | 296125 |
| Total Stockholders' Equity | 956125 |
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Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. ints Common stock-$10...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 825,000 70,000 370,000 $1,265,000 Total stockholders' equity During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 4,000 shares of its own stock at $25 cash per share. 5 Directors declared a $6 per share cash dividend payable on February 28 to...
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$10 par...
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$10 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $ 500,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 430,000 Total stockholders' equity $ 1,000,000 During 2019, the following transactions affected its stockholders’ equity accounts. Jan. 2 Purchased 4,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018 Common stock-515 par...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018 Common stock-515 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 750,000 79.000 400,000 $1,220,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $2 per share cash dividend payable...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10 par...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600,000 70,000 460,000 $1,130,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,500 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 180,0e0 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 675,000 80,000 400,000 $1,155,000 Total stockholders' equity ed During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $15 cash per share. 5 Directors declared a $4 per share cash dividend payable on February...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. $ 1.125,000 Common...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. $ 1.125,000 Common stock-$25 par value, 100,000 shares authorized 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 60,000 430,000 $1,615,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,500 shares of its own stock at $15 cash per share Jan. 5 Directors declared a $6 per share cash dividend payable on...
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$20 par...
Kohler Corporation reports the following components of
stockholders’ equity at December 31, 2018.
Common stock—$20 par value, 100,000 shares authorized,
50,000 shares issued and outstanding
$
1,000,000
Paid-in capital in excess of par value, common stock
60,000
Retained earnings
430,000
Total stockholders' equity
$
1,490,000
During 2019, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 5,500 shares of its own stock at $15 cash per
share.
Jan.
5
Directors declared a $6 per share cash dividend payable...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10 par...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 80,000 400,000 $ 980,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 5,000 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$20 par...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$20 par value, lee, 800 shares authorized, 55,eee shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,180,800 70,000 370,00 $1,540, eee During 2019, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. Oct. Dec. 2 Purchased 5,580 shares of its own stock at $15 cash per share. 5 Directors declared a...
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$15 par...
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $ 825,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 400,000 Total stockholders' equity $ 1,295,000 During 2019, the following transactions affected its stockholders’ equity accounts. Jan. 2 Purchased 4,500 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 825,000 70,000 370,000 $1,265,000 Total stockholders' equity During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 4,000 shares of its own stock at $25 cash per share. 5 Directors declared a $6 per share cash dividend payable on February 28 to...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018 Common stock-515 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 750,000 79.000 400,000 $1,220,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,000 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $2 per share cash dividend payable...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 600,000 70,000 460,000 $1,130,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,500 shares of its own stock at $25 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 180,0e0 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 675,000 80,000 400,000 $1,155,000 Total stockholders' equity ed During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $15 cash per share. 5 Directors declared a $4 per share cash dividend payable on February...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. $ 1.125,000 Common stock-$25 par value, 100,000 shares authorized 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 60,000 430,000 $1,615,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,500 shares of its own stock at $15 cash per share Jan. 5 Directors declared a $6 per share cash dividend payable on...
Kohler Corporation reports the following components of
stockholders’ equity at December 31, 2018.
Common stock—$20 par value, 100,000 shares authorized,
50,000 shares issued and outstanding
$
1,000,000
Paid-in capital in excess of par value, common stock
60,000
Retained earnings
430,000
Total stockholders' equity
$
1,490,000
During 2019, the following transactions affected its stockholders’
equity accounts.
Jan.
2
Purchased 5,500 shares of its own stock at $15 cash per
share.
Jan.
5
Directors declared a $6 per share cash dividend payable...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$10 par value, 100,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 80,000 400,000 $ 980,000 During 2019, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 5,000 shares of its own stock at $15 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$20 par value, lee, 800 shares authorized, 55,eee shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,180,800 70,000 370,00 $1,540, eee During 2019, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. Oct. Dec. 2 Purchased 5,580 shares of its own stock at $15 cash per share. 5 Directors declared a...
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