This is for problems P21-11B 1 & 2 also P21-11B 3 RETAINED


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This is for problems P21-11B 1 & 2 also P21-11B 3 RETAINED EARNINGS ACCOUNTS AND STATEMENT On January 1, 20–, Nguyen Company’s retained earnings accounts had the following balances: Appropriated for land acquisition$ 75,000 Unappropriated retained earnings825,000 $900,000 During the year ended December 31, 20–, Nguyen completed the following selected transactions: ✓ 3. Retained Earnings, Dec. 31: $989,000 Appropriated for computer Appropriated for warehouse Unappropriated retained earnings $ 50,000 70,000 800,000 $920,000 Mar. 20 Apr. 15 June 16 Oct. 10 Declared a semiannual dividend of $0.75 per share on preferred stock and $0.20 per share on common stock to shareholders of record on April 10, payable on April 15. Currently, 12,000 shares of $50 par preferred stock and 90,000 shares of $2 par common stock are outstanding. Paid the cash dividends. Last year, Nguyen’s board of directors appropriated $150,000 over a two- year period for the purchase of land for a future building site. Made this year’s appropriation for $75,000. Declared semiannual dividend of $0.75 per share on preferred stock and $0.20 per share on common stock to shareholders of record on November 5, payable on November 10. Paid the cash dividends. Nov. 10 17Declared a 10% stock dividend to shareholders of record on December 8, distributable on December 15. Market value of the common stock was estimated at $13 per share. Issued certificates for common stock dividend. Dec. 15 31Net income for 20– was $260,000. Closed the income summary account. 31Closed the cash dividends and stock dividends accounts. 1. Prepare journal entries for the transactions. 2. Post all entries affecting the appropriated and unappropriated retained earnings accounts to T accounts. 3. Prepare a statement of retained earnings for the year ended December 31, 20–. ATTACHMENT PREVIEW Download attachment AC216 Week 5 HW – 2015(2).xlsx AC 216 GRADING RUBRIC WEEK 5 Total Points Available P 21-9A 10 7 Entries @ 1.43 each P 21-11B (1&2) 15 9 Entries @ 1.11 each / 2 T-Accounts @ 2.5 each P 21-11B (3) 5 1 Schedule @5 points Quickbooks 10 6 reports @ 1.66 each Points 40.0 Total points earned will be added and then rounded to the nearest 1/10th point. Student Score 0.0 Problem 21-9A Date Account 20-April 15 Cash Dividends May 10 Preferred Dividends Payable Common Dividends Payable Oct 15 Cash Dividends Nov 20 Preferred Dividends Payable Common Dividends Payable Nov. 22 Stock Dividend Dec. 16 Stock Dividends Distributable Memo Entry: The Boadrd of Directors declaired 2 for 1 common shares ouststanding after the split is 176,000 (88,0 divided 2) Name: GENERAL JOURNAL Account Debit 41,000 Preferred Dividends Payable Common Dividends Payable ends Payable nds Payable Cash 9,000 32,000 41,000 Preferred Dividends Payable Common Dividends Payable ends Payable nds Payable Cash 9,000 32,000 56,000 Stock Dividends Distributable Common Stock Distributable Common Stock Directors declaired 2 for 1 common stock split. Number of common ding after the split is 176,000 (88,000x 2) and par value per share 8,000 Credit 9,000 32,000 41,000 9,000 32,000 41,000 8,000 48,000 8,000 Problem 21-11B Name: 1. GENERAL JOURNAL Date 20-Mar. Account April June Oct. Nov. Dec. 2. Retained Earnings – Appropriated for Land Acquisition Bal. ### Bal. Retained Earnings – Unappropriated Bal. ### Bal. Debit 3. Statement paper for requirement 3 is provided in a separate worksheet (tab). Credit Problem 21-11B Name: 3. Nguyen Company Retained Earnings Statement For Year Ended December 31, 20-Appropriated: Appropriated for land acquisition, Jan. 1 Current year appropriation (see below) Retained earnings appropriated, Dec. 31 Unappropriated: Balance, January 1 Add net income for year Less: Cash dividends Less: Stock dividends Transfer to appropriated for land acquisition Retained earnings unappropriated, Dec. 31 Total retained earnings, Dec. 31 Read more patriciafarr355

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