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ACC206 - Principles of Accounting II � AU

This assignment focuses on advanced principles of accounting, covering topics such as income recognition, budgeting, and financial statement preparation.

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ACC206-Principles of Accounting II–AUP13-25A-Lennox Health Foods-ACC206-Principles of Accounting II-AUP13-25AJournalizing dividend and treasury stock transactions,and preparing stockholders’ equity [10–30 min]The balance sheet of Lennox Health Foods, at December 31, 2011, reported 120,000shares of no-par common stock authorized, with 25,000 shares issued and a Commonstock balance of $190,000. Retained earnings had a balance of $115,000. During2012, the company completed the following selected transactions:Mar15Purchased 9,000 shares of treasury stock at $8 per share.Apr30Distributed a 10% stock dividend on theoutstandingshares ofcommon stock.The market value of common stock was $9 per share.Dec31Earned net income of $110,000 during the year. Closed net incometo Retained earnings.Requirements1.Record the transactions in the general journal. Explanations are notrequired.2.Prepare the stockholders’ equity section of Lennox Health Foods’ balancesheet at December 31, 2012.(10-30 min.)P 13-25AReq. 1Journal EntryDATEACCOUNTS AND EXPLANATIONSPOST.REF.DEBITCREDIT

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Document Details

University
Ashford University
Subject
Accounting

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