The stockholders’ equity accounts of Culver Corporation on January 1, 2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 8,000 shares authorized) $480,000
Common Stock ($4 stated value, 480,000 shares authorized) 1,600,000
Paid-in Capital in Excess of Par Value—Preferred Stock 24,000
Paid-in Capital in Excess of Stated Value—Common Stock 768,000
Retained Earnings 1,100,800
Treasury Stock (8,000 common shares) 64,000
During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1 Issued 8,000 shares of common stock for $48,000.
Mar. 20
Purchased 1,600 additional shares of common treasury stock at $7 per share

Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1.
Nov. 1 Paid the dividend declared on October 1.
Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022.
Dec. 31 Determined that net income for the year was $450,000. Paid the dividend declared on December 1.
(a) Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.)
(b) Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Use T-accounts.)
(c) Prepare the stockholders' equity section of the balance sheet at December 31, 2017.
(d) Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Note: Use the common shares outstanding on January 1 and December 31 to determine the average shares outstanding.)

Answer:

a) Feb. 1 Issued 8,000 shares of common stock for $48,000.

Dr Cash 48,000

    Cr Common stock 32,000

    Cr Paid-in Capital in Excess of Stated Value - Common Stock 16,000

Mar. 20  Purchased 1,600 additional shares of common treasury stock at $7 per share

Dr Treasury stock 11,200

    Cr Cash 11,200

Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1.

Dr Retained earnings (4,800 x 100 x 7%) 33,600

    Cr Preferred dividends payable 33,600

Nov. 1 Paid the dividend declared on October 1.

Dr Preferred dividends payable 33,600

    Cr Cash 33,600

Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022.

Dr Retained earnings (398,400 x $0.50) 199,200

    Cr Common dividends payable 199,200

Dec. 31 Determined that net income for the year was $450,000. Paid the dividend declared on December 1.

Dr Common dividends payable 199,200

    Cr Cash 199,200

Dr Income summary 450,000

    Cr Retained earnings 450,000

b) T-accounts

Common stock

debit                credit

                       $1,600,000

                       $32,000      

                       $1,632,000

Paid-in capital in excess of par value - common stock

debit                credit

                       $768,000

                       $16,000  

                       $784,000

Treasury stocks

debit                credit

$64,000

$11,200  

$75,200

Retained earnings

debit                credit

                       $1,100,800

$33,600

$199,200

                       $450,000

                       $1,318,000

Preferred stocks

debit                credit

                       $480,000

Paid-in Capital in Excess of Stated Value - Common Stock

debit                credit

                       $24,000

c) Stockholders' equity section

Paid-in capital:

Preferred Stock (7%, $100 par                     $480,000

noncumulative, 8,000 shares authorized)

Paid-in Capital in Excess of Par                    $24,000                 $504,000

Value - Preferred Stock

Common Stock ($4 stated value,               $1,632,000

480,000 shares authorized)

Paid-in capital in excess of par                   $784,000           $2,416,000

value - common stock

Total paid-in capital                                                                   $2,920,000

Retained Earnings                                                                       $1,318,000

Treasury Stock (9,600 common shares)                                    ($75,200)

Total stockholders' equity                                                        $4,162,800

d) payout ratio = dividends per share / EPS

dividends per share = $0.50

EPS = $1.04

payout ratio = $0.50 / $1.04 = 0.48 = 48%

EPS = (net income - preferred dividends) / weighted average shares outstanding

net income = $450,000

preferred dividends = $33,600

weighted average shares outstanding = 400,000 - 8,000 + (8,000 x 11/12) - (1,600 x 79/365) = 398,987

EPS = ($450,000 - $33,600) / 398,987 = $1.0436 ≈ $1.04

return on common stockholders' equity = (net income - preferred dividends) / average stockholder's equity

average stockholders' equity = ($3,404,800 + $3,658,800) / 2 = $3,531,800

return on common stockholders' equity = $416,400 / $3,531,800 = 0.1179 = 11.79%

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2.
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om
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