STEINER CORPORATION Partial Balance Sheet December 31, 2018 Stockholders’ equity 8% Preferred stock, $100 par value,...
STEINER CORPORATION
Partial Balance Sheet
December 31, 2018
Stockholders’ equity
8% Preferred stock, $100 par value, cumulative, 5,000 shares issued ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ$500,000
In excess of par value— preferred stock ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $280,000
Common stock, $5 par
value, 440,000 shares issued
ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ$2,200,000
In excess of par
value—common stock
ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ
$800,000
Total paid-in capital ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $3,780,000
Retained earnings ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $1,334,000
Total paid-in capital and retained earnings ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ$5,114,000
Less: Treasury stock (10,000 common shares) ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ($120,000)
Total stockholders’ equity ˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑˑ $4,994,000
On December 1, 2018, the board of directors declared cash dividends. This is the only cash dividend declared during 2018. The dividend in arrears as of December 1, 2018 is $30,000. The net income was $600,000 for the entire year of 2018. The balance of retained earnings at the end of 2017 was $900,000. Compute the amount of cash dividend on common stock declared on December 1, 2018 in .
On January 12, 2019, Steiner issued 20,000 shares of common stock with an issue price of $20 per share, $5 par value. Record the journal entry for this transaction in .
On January 28, 2019, Steiner reissued 5,000 shares of its treasury stock for $15 per share. Record the journal entry for this transaction in .
On March 28, 2019, Steiner reissued 4,000 shares of its treasury stock for $10 per share. Record the journal entry for this transaction in .
On December 20, 2019, Steiner declared a 10% stock dividend to common shareholders. The market value of common stock was $25 per share at the declaration of the stock dividend. Enter the value of the stock dividend to common shareholders in .
Homework Answers
| Steiner Corporation | - | |||
| 1-Dec-18 | Cash Dividends Declared | 166,000 | =900,000+600,000-1,334,000 | |
| Preferred Dividends in Arrears | (30,000) | (Op RE + Net Income - Clsg RE) | ||
| Common Dividends Declared | 136,000 | |||
| Date | Account | Debit | Credit | Calculation |
| 12-Jan-19 | Cash | 400,000 | =20,000*20 | |
| Common Stock | 100,000 | =20,000*5 | ||
| Paid in Capital in Excess of Par-Common Stock | 300,000 | |||
| 28-Jan-19 | Cash | 75,000 | =5,000*15 | |
| Treasury Stock | 60,000 | =5,000*(120,000/10,000) | ||
| Paid in Capital from Sale of Treasury Stock | 15,000 | |||
| 28-Mar-19 | Cash | 40,000 | =4,000*10 | |
| Paid in Capital from Sale of Treasury Stock | 8,000 | |||
| Treasury Stock | 48,000 | =4,000*(120,000/10,000) | ||
| 20-Dec-19 | Retained Earnings | 1,147,500 | =45,900*25 | |
| Common Stock Dividends Distributable | 229,500 | =45,900*5 | ||
| Paid in Capital in Excess of Par-Common Stock | 918,000 | |||
| Workings | ||||
| Stock dividends | ||||
| Opening Shares | 440,000 | |||
| Shares Issued | 20,000 | |||
| Number of Common Shares Issued | 460,000 | |||
| Opening Shares - Treasury Stock | (10,000) | |||
| Treasury Stock reissued | 5,000 | |||
| Treasury Stock reissued | 4,000 | |||
| Number of Common Shares O/s | 459,000 | |||
| 10% stock dividend | 10% | |||
| Stock dividends | 45,900 | =459,000*10% | ||
Add Answer to:
STEINER CORPORATION
Partial Balance Sheet
December 31, 2018
Stockholders’ equity
8% Preferred stock,
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Kohler Corporation reports the following components of
stockholders’ equity at December 31, 2018.
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Common stock—$20 par value, 100,000 shares authorized,
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$
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Retained earnings
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Jan.
5
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