Question

In: Accounting

The stockholders’ equity accounts of Auburn Concept . on January 1, 2013 were as follows. Preferred...

The stockholders’ equity accounts of Auburn Concept . on January 1, 2013 were as follows.
Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) $300,000
Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000
Paid-in Capital in Excess of Par Value—Preferred Stock 15,000
Paid-in Capital in Excess of Stated Value—Common Stock 480,000
Retained Earnings 693,000
Treasury Stock (5,000 common shares) 40,000

During 2013, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1 Issued 5,000 shares of common stock for $30,000.
Mar. 20 Purchased 1,000 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 $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec. 31 Paid the dividend declared on December 1.
(a) Prepare a tabular summary that includes the January 1, 2013, balances. Do not include the beginning balance in Retained Earnings in the tabular summary.
(b) Record the 2017 transactions in the tabular summary.

Solutions

Expert Solution

Requirement a:

Calculations:

Requirement b:

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

The stockholders’ equity accounts of Bramble Corp. on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Bramble Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,500 shares authorized) $270,000 Common Stock ($4 stated value, 270,000 shares authorized) 900,000 Paid-in Capital in Excess of Par Value—Preferred Stock 13,500 Paid-in Capital in Excess of Stated Value—Common Stock 432,000 Retained Earnings 619,200 Treasury Stock (4,500 common shares) 36,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,500 shares...
The stockholders’ equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Preferred Stock...
The stockholders’ equity accounts of Ayayai Corp. on January 1, 2017, were as follows. Preferred Stock ( 7%, $ 100 par noncumulative,  4,200 shares authorized) $ 252,000 Common Stock ($ 3 stated value,  336,000 shares authorized) 840,000 Paid-in Capital in Excess of Par Value—Preferred Stock 12,600 Paid-in Capital in Excess of Stated Value—Common Stock 537,600 Retained Earnings 691,500 Treasury Stock ( 4,200 common shares) 33,600 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1...
The stockholders’ equity accounts of Swifty Corporation on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Swifty Corporation on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 11,000 shares authorized) $660,000 Common Stock ($4 stated value, 660,000 shares authorized) 2,200,000 Paid-in Capital in Excess of Par Value—Preferred Stock 33,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,056,000 Retained Earnings 1,513,600 Treasury Stock (11,000 common shares) 88,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 11,000 shares...
The stockholders’ equity accounts of Concord Corporation on January 1, 2020, were as follows. Preferred Stock...
The stockholders’ equity accounts of Concord Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $48 par, 11,000 shares authorized) $  360,000 Common Stock ($1 stated value, 2,100,000 shares authorized) 1,300,000 Paid-in Capital in Excess of Par—Preferred Stock 150,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (10,500 common shares) 52,500 During 2020, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 24,000 shares of common...
The stockholders’ equity accounts of Sheffield Corp. on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Sheffield Corp. on January 1, 2022, were as follows. Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized) $450,000 Common Stock ($10 stated value, 800,000 shares authorized) 1,550,000 Paid-in Capital in Excess of Par Value—Preferred Stock 67,000 Paid-in Capital in Excess of Stated Value —Common Stock 800,000 Retained Earnings 810,000 Treasury Stock (8,400 common shares) 67,200 During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Mar 1 Issued 6,000...
The stockholders equity accounts of Warden Corporation on January 1, 2014, were as follows. Preferred stock...
The stockholders equity accounts of Warden Corporation on January 1, 2014, were as follows. Preferred stock (9%, $50 par cumulative, 10000 shares authorized) $200000 Common stock ($1 stated value, 2000000 shares authorized) 100000 Paid-in capital in Excess of Par value-Preferred stock $16000 Paid in Capital in Excess of Stated Value-Common stock $1400000 Retained Earnings $1716000 Treasury Stock (8000 common shares) $20000 During 2014 the corporation had these transactions and events pertaining to its stockholders' equity Feb 1. Issued 20000 shares...
The stockholders’ equity accounts of Riverbed Corp on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Riverbed Corp on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 15,000 shares authorized) $900,000 Common Stock ($4 stated value, 900,000 shares authorized) 3,000,000 Paid-in Capital in Excess of Par Value—Preferred Stock 45,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,440,000 Retained Earnings 2,064,000 Treasury Stock (15,000 common shares) 120,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 15,000 shares...
The stockholders’ equity accounts of Wildhorse Co. on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Wildhorse Co. on January 1, 2022, were as follows. Preferred Stock (9%, $100 par noncumulative, 5,000 shares authorized) $350,000 Common Stock ($10 stated value, 800,000 shares authorized) 1,410,000 Paid-in Capital in Excess of Par Value—Preferred Stock 50,000 Paid-in Capital in Excess of Stated Value —Common Stock 890,000 Retained Earnings 790,000 Treasury Stock (7,400 common shares) 59,200 During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Mar 1 Issued 6,600...
The stockholders’ equity accounts of Swifty Corporation on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Swifty Corporation on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 11,000 shares authorized) $660,000 Common Stock ($4 stated value, 660,000 shares authorized) 2,200,000 Paid-in Capital in Excess of Par Value—Preferred Stock 33,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,056,000 Retained Earnings 1,513,600 Treasury Stock (11,000 common shares) 88,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 11,000 shares...
The stockholders’ equity accounts of Tamarisk, Inc. on January 1, 2019, were as follows. Preferred Stock...
The stockholders’ equity accounts of Tamarisk, Inc. on January 1, 2019, were as follows. Preferred Stock (8%, $52 par, cumulative, 10,000 shares authorized) $  390,000 Common Stock ($1 stated value, 2,000,000 shares authorized) 1,300,000 Paid-in Capital in Excess of Par—Preferred Stock 105,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,500,000 Retained Earnings 1,800,000 Treasury Stock (11,000 common shares) 44,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 24,000 shares of...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT