70.2K

Verified Solution

Link Copied!

[The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: a. Purchased $350,900 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,450. c. Paid the dividends in (b). d. Issued 109,000 new shares of $0.10 par value common shares for $2 per share. e. Closed the Dividends account. :11-9 (Algo) Part 1 tequired: Indicate the effect (+ for increase, - for decrease, +/- for increase/decrease) of each of these transactions on total assets, liabilities, and stockholders' equity. (Leave cell blank if there is no effect.) The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: a. Purchased $350,900 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,450. c. Paid the dividends in (b). d. Issued 109.000 new shares of $0.10 par value common shares for $2 per share. e. Closed the Dividends account. E11-9 (Algo) Part 2 Prepare journal entrles to record each of these events. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: a. Purchased $350,900 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,450. c. Paid the dividends in (b). d. Issued 109,000 new shares of $0.10 par value common shares for $2 per share. e. Closed the Dividends account. E11-9 (Algo) Part 3 Prepare a statement of stockholders' equity, assuming the following opening balances. Net income for the current year was $279,000

Answer & Explanation Solved by verified expert

See Answer