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Orillia Outfitters LTD Had The Following Shareholders Equity On January
Orillia Outfitters LTD Had The Following Shareholders Equity On January
on January #8378
Orillia Outfitters Ltd had the following shareholders equity on January
Orillia Outfitters Ltd. had the following shareholders' equity on January 1, 2017:
of $5.00, 50,000 shares authorized, 15,000 shares issued and outstanding ...... $150,000
Jan. 28 Declared a $25,000 cash dividend, payable on March 1 to the shareholders of record on
February 15. Indicate the amount payable to each class of shareholder.
Apr. 4 Declared a 10 percent stock dividend on the common shares, distributable on May 15 to
the shareholders of record on April 15. The market value of the shares was $8.00 per share.
Jul. 6 Repurchased 10,000 of the company's own common shares at $8.50 per share.
Dec. 31 Reported net income of $100,000. Closed the Income Summary account.
Required
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1. Record the transactions in the general journal. Explanations are not required.
2. Prepare the statement of shareholders' equity for the year ended December 31, 2017.
ANSWER
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