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The stockholders’ equity accounts of Flounder Corp. on January 1, 2022, were as follows. Preferred Stock...

The stockholders’ equity accounts of Flounder Corp. on January 1, 2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 7,500 shares authorized) $450,000
Common Stock ($4 stated value, 450,000 shares authorized) 1,500,000
Paid-in Capital in Excess of Par Value—Preferred Stock 22,500
Paid-in Capital in Excess of Stated Value—Common Stock 720,000
Retained Earnings 1,032,000
Treasury Stock (7,500 common shares) 60,000

During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1 Issued 7,500 shares of common stock for $45,000.
Mar. 20 Purchased 1,500 additional shares of common treasury stock at $7 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, 2022.
Dec. 31 Determined that net income for the year was $430,000. Paid the dividend declared on December 1.

a)

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.)

(b)

Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Use T-accounts.)

(c)

Prepare the stockholders' equity section of the balance sheet at December 31, 2017.

Solutions

Expert Solution

Answer to Question a:

Answer to Question a:

Answer to Question b:

Answer to Question c:

ekkarill92 answered 2 years ago
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