Accounting 101 class hwk help

May 16, 2012
Reaction score

Can anyone help me with this please?

I'm also having a very difficult time understanding this question.

Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $.01 par value common. As of the beginning of 2012, 220 shares of preferred stock and 3,690 shares of common stock have been issued. The following transactions affect stockholders' equity during 2012:

Mar. 1 Issues 900 shares of common stock for $37 per share.
May 15 Repurchases 680 shares of treasury stock for $20 per share.
Jul. 10 Reissues 90 shares of treasury stock purchased on May 15 for $26 per share.
Oct. 15 Issues 60 shares of preferred stock for $38 per share.
Dec. 1 Declares a cash dividend on both common and preferred stock of $1.00 per
share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.)
Dec. 31 Pays the cash dividends declared on December 1.

Donnie Hilfiger has the following beginning balances in its stockholders' equity accounts on January 1, 2012: Preferred Stock, $220; common Stock, $36.90; Additional Paid-in Capital, $57,000; and Retained Earnings, $25,500. Net income for the year ended December 31, 2012, is $10,400.

For the second one, I am supposed to journalize the events. "Record each of these transactions. (Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)"

I have all the tables selected correctly i'm just confused on how to calculate the numbers.

Last edited:


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

USA Accounting 101 0
I need help!!! Acct 101 4
Accounting 101 help! 1
USA accounting 101 0
Accounting 101 Question 4
please help!! Accounting class problem 2
Need help with managerial accounting class 1
USA RCT 101 1