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Problem 11-2A (part level submission) The stockholders’ equity accounts of Miley Corporation on January 1, 2014, were as follows.

The stockholders’ equity accounts of Miley Corporation on January 1, 2014, were as follows.

Preferred Stock (7%, $100 par noncumulative, 5,400 shares authorized)   $324,000
Common Stock ($5 stated value, 297,800 shares authorized)   1,191,200
Paid-in Capital in Excess of Par Value—Preferred Stock   12,960
Paid-in Capital in Excess of Stated Value—Common Stock   476,480
Retained Earnings   690,900
Treasury Stock—(5,400 common shares)   43,200

Journalize the transactions. (Include entries to close net income to Retained Earnings. List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Enter the beginning balances in the accounts and post the journal entries to the stockholders’ equity accounts. (Use T accounts.) (If answer is zero please enter 0, do not leave any fields blank.)

Complete the stockholders’ equity section of the balance sheet at December 31, 2010 below. (If amount should be deducted please put either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).)

Calculate the payout ratio, earnings per share, and return on common stockholders’ equity ratio. (Note: Use the common shares outstanding on January 1 and December 31 to determine average shares outstanding.) (Round all ratios to 1 decimal place, e.g. 25.5 and earnings per share to 2 decimal places, e.g. 2.25.)

 

During 2014, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Feb. 1   Issued 4,800 shares of common stock for $33,600.
Mar. 20   Purchased 1,180 additional shares of common treasury stock at $8 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, 2014.
Dec. 31   Determined that net income for the year was $279,600. Paid the dividend declared on December 1.

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