P1339A similar to Help Data Table The balance sheet of Heit

%) P13-39A (similar to) Help Data Table The balance sheet of Heitman Management Consulting, Inc at December 31, 2015, reported the following stockholders\' equity EEB (Click the icon to view the stockholders\' equity section of the balance sheet.) During 2016, Heitman completed the following selected transactions ?(Click the icon to view the transactions.) Paid-In Capital: Requirements 1 Record the transactions in the general jounal. 2. Prepare a retained earnings statement for the year ended December 31, 2016. Assume Heitman\'s net income for the year was $89,000 3. Prepare the stockholders\' equity section of the balance sheet at December 31, 2016 Common Stock-$12 Par Value 150,000 shares authorized, 15,000 shares issued and outstanding Paid-In Capital in Excess of Par Common Total Paid-In Capital 180,000 380,000 560,000 164,000 $ 724,000 Requirement 3. Prepare the stockholders\' equity section of the balance sheet at December 31, 2016. (Use parentheses or a minus sign for a Retained Eanings Heitman Management Consulting, Inc. Balance Sheet (Partial) December 31, 2016 Total Stockholders Equity Stockholders Equity More Info Paid-In Capital: Declared a 10% stock dividend on common stock The market value o Heitman\'s stock was $29 per share. eb. 15 Distributed the stock dividend Jul 29 Purchased 2,500 shares of treasury stock at 529 per share Nov. 27 Declared a $0.10 per share cash dividend on the common stock outstandin Total Paid-In Capital Print Done Total Stockholders\' Equity Choose from any list or enter any number in the input fields and then click Check Answer

Solution

Journal entries

Date

General Journal

Debit

Credit

6-Feb

Cash Dividends

$ 18,000.00

      Dividends Payable

$ 18,000.00

(dividends payable)

15-Feb

Dividends Payable

$ 18,000.00

      Cash

$ 18,000.00

(cash Dividends paid)

29-Jul

Tresury stock

$ 72,500.00

       Cash

$ 72,500.00

(tresury stock purchased at $ 29 per stock)

27-Nov

Cash Dividends

$    1,250.00

      Dividends Payable

$    1,250.00

(dividends payable)

Note* Dividends are not declared on Treasury stock.

Heitman\'s Management Consulting, Inc

Statement of Retained Earnings

For the year ended December 31 2016

Retained Earnings at December 31 2015

$ 164,000.00

Net income for the year ended December 31 2016

$    89,000.00

Dividends Paid to Shareholders

$ (19,250.00)

Retained Earnings at December 31 2016

$ 233,750.00

Heitman\'s Management Consulting Inc

Balance sheet

As at December 31 2016

Shareholder\'s Equity

Paid in capital

Common Stock $ 12 par Value : 150000 shares Authorized , 15000 shares issued and outstanding

$ 180,000.00

Paid in capital in Excess of Par-Common stock

$ 380,000.00

Total Paid in Capital

$ 560,000.00

Retained Earnings

$ 233,750.00

Treasury Stock

$ (72,500.00)

Total Shareholder\'s Equity

$ 721,250.00

Journal entries
Date	General Journal	Debit	Credit
6-Feb	Cash Dividends	$ 18,000.00
	Dividends Payable		$ 18,000.00
	(dividends payable)
15-Feb	Dividends Payable	$ 18,000.00
	Cash		$ 18,000.00
	(cash Dividends paid)
29-Jul	Tresury stock	$ 72,500.00
	Cash		$ 72,500.00
	(tresury stock purchased at $ 29 per stock)
27-Nov	Cash Dividends	$    1,250.00
	Dividends Payable		$    1,250.00
	(dividends payable)