The stockholders' equity of Kinney Company at December 31, 2021, is shown...
60.1K
Verified Solution
Link Copied!
Question
Accounting
The stockholders' equity of Kinney Company at December 31, 2021, is shown below: (1) 4,900 shares at $100 par value. (2) 63,000 shares at $5 par value. The following transactions, among others, occurred during 2022. Apr. 1 Declared and issued a 100\% stock dividend on all outstanding shares of common stock. The market value of the stock was $11 per share. Dec. 7 Declared and issued a 3\% stock dividend on all outstanding shares of common stock. The market value of the stock was $14 per share. Dec. 20 Declared and paid (1) the annual cash dividend on the preferred stock and (2) a cash dividend of 80 cents per common share. a. Prepare the journal entries for these transactions. b. Post the journal entries to the related T-accounts. b. Post the journal entries to the related T-accounts. Note: Enter your answers, in transaction order, in the first open field of the appropriate column in each account. c. Prepare a 2022 retained earnings reconciliation assuming that the company reports 2022 net income of $227,700. Note: Use negative signs with your answers, when appropriate
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
