The accounting of the organization profit and loss is done through the preparation of journal entries through which income statement can be prepared which denotes the net income of the organization from its operations and also the preparation of balance sheet helps in analyzing the financial performance of the organization on the basis of the ratio analysis tool.
Here we are crediting cash account as the cash has gone out under the principle of debit what comes in and credit what goes out. Here we are debiting retained earnings account as it is and income and crediting of common stock and paid in excess capital accounts is done as the cash outflow occurred through their dividend payout.
Here we are debiting the treasury stock account as it is acquired and crediting the cash account as the cash outflow happened through purchase. Here we are debiting the cash account as we acquired the cash and increased the asset value, credited the treasury stock account to show the balance of treasury stock.
The difference is the paid-in capital from the treasury stock purchase and issue. Here we have debited Income summary account as the income is reported and credited the retained earnings account as the income is transferred to retained earnings account. The following are the formulas to examine the dividend payout ratio and the return on common stock equity ratio. Hence with the substitution of given values as per the relevance in the above formula we get the dividend payout ratio and return on common stock equity ratio as,.
Treasury stock do not result any gain or loss from the sale of stock irrespective of sale above or below cost of stock this is due to the reason that the treasury stock do not come under the asset class. However it is an un-issued equity. Unlike static PDF Intermediate Accounting 15th Edition solution manuals or printed answer keys, our experts show you how to solve each problem step-by-step.
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Copyright © John Wiley & Sons, Inc. Kieso Intermediate: IFRS Edition, Solutions Manual Questions Chapter 15 (Continued) 9. The general rule to be applied. Kieso, Weygandt, Warfield: Intermediate Accounting, 15th Edition. Home. Browse by Chapter. Browse by Chapter.