Question
In: Accounting
The following is the stockholders’ equity of Piesco Corporation on October 1, 201X: Paid-In Capital Preferred...
The following is the stockholders’ equity of Piesco Corporation on October 1, 201X:
|
Paid-In Capital |
|||
|
Preferred 17% Stock, $11 par value, authorized 6,300 shares, shares, 3,300 shares issued and outstanding |
$36,300 |
||
|
Common Stock, $8 par value, authorized 24,000
shares, |
80,000 |
||
|
Additional Paid-In Capital |
|||
|
Paid-In Capital in Excess of Par Value – Preferred |
$10,000 |
||
|
Paid-In Capital in Excess of Par Value – Common |
7,000 |
||
|
Paid-In Capital in Excess of Par Value – Stock Dividend |
2,500 |
||
|
Total Additional Paid-In Capital |
19,500 |
||
|
Total Paid-In Capital |
$135,800 |
||
|
Retained Earnings |
180,000 |
||
|
Total Stockholders’ Equity |
$315,800 |
||
Figure 5
1. Journalize the transactions in general journal form.
2. Prepare the stockholders’ equity section of the balance sheet using the legal capital approach as of December 31, 201X.
The working papers that accompany this text have accounts to update ledger balances. Be sure to put in the beginning balances. Use the Blueprint as a guide to the setup of stockholders’ equity.
Oct. 3 Declared a $0.50 per shared dividend on the common stock and a $1.20 per share dividend on the preferred. (The Dividends Payable account will record amounts for both common and preferred, although companies could set up Common Dividend Payable and Preferred Dividend Payable accounts.)
Nov. 15 Dividends were paid that were declared on October 3.
Nov. 18 Purchased 340 shares of its own common stock at $14 per share.
Nov. 25 Reissued 90 shares at $17 per shared.
Nov. 26 Declared a 15% stock dividend on common. Market value of stock is $48 per share.
Dec. 29 Distributed stock dividend declared on November 26.
Dec. 30 Reissued 80 shares of treasury stock at $12 per share.
Dec. 31 Closed the Income Summary account, which had net income of $89,000, to Retained Earnings.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
At the beginning of January 201X, the stockholders’ equity of Mountain View Corporation consisted of the...
At the beginning of January 201X, the stockholders’ equity of
Mountain View Corporation consisted of the following:
Paid-In Capital
Common Stock, $30 par value, authorized 60,000 shares, 15,000
shares issued and outstanding
$450,000
Paid-In Capital in Excess of Par Value - Common
80,000
Total Paid-In Capital by Common
Stockholders
$530,000
Retained Earning
170,000
Total Stockholders’ Equity
$700,000
Figure 4
1. Record the transactions in general journal form.
2. Prepare the stockholders’ equity section at year-end using
the Blueprint as a...
At the beginning of January 201X, the stockholders’ equity of Mountain View Corporation consisted of the...
At the beginning of January 201X, the stockholders’ equity of
Mountain View Corporation consisted of the following:
Paid-In Capital:
Common Stock, $30 par value, authorized 60,000 shares,
15,000 shares issued and outstanding
$450,000
Paid-In Capital in Excess of Par Value-Common
80,000
Paid-In Capital by Common
Stockholders
$530,000
Retained Earnings
170,000
Total Stockholders’ Equity
$700,000
Figure 8
Tasks:
a. Record the transactions in general journal form.
b. Prepare the stockholders’ equity section at year-end using
the Blueprint as a guide.
c....
Partlow Company has the following stockholders’ equity: Paid-in-capital Preferred stock, 5%,$15par, 7000 shares authorized, 5,500 shares...
Partlow Company has the following stockholders’
equity:
Paid-in-capital
Preferred stock, 5%,$15par, 7000 shares authorized, 5,500 shares
issued. 82,500
common stock, $0.30 par, 1,200,000 shares authorized and issued
360,000
paid-in-capital in excess of par-common 400,000
Total paid in capital 842,500
Retained Earning 260,000
Total stockholder's Equity 1,102,500
Requirements:
1. Is Partlow’s preferred stock cumulative or noncumulative? How
can you tell?
2. Partlow declares cash dividends of $30,000 for 2010. How much of
the dividends goes to preferred. How much goes to...
Stockholders' Equity Paid-In Capital: Preferred Stock—4%, $12 Par Value; 150,000 shares authorized, 30,000 shares issued and...
Stockholders' Equity
Paid-In Capital:
Preferred Stock—4%, $12 Par Value; 150,000
shares
authorized, 30,000 shares issued and outstanding
$360,000
Common
Stock—$3 Par Value; 575,000 shares
authorized, 330,000 shares issued and
outstanding
990,000
Paid-In
Capital in Excess of Par—Common
990,000
Total
Paid-In Capital
2,340,000
Retained Earnings
140,000
Total Stockholders'
Equity
$2,480,000
Requirement 1. Assuming the preferred stock is
cumulative, compute the amount of dividends to preferred
stockholders and to common stockholders for
2018
and
2019
if total dividends are
$13,400
in
2018...
The stockholders’ equity section of Fleming Corporation at December 31, 2009, included the following: 6% preferred...
The stockholders’ equity section of Fleming Corporation at
December 31, 2009, included the following: 6% preferred stock, $100
par value, cumulative, 15,000 shares authorized, 10,000 shares
issued and outstanding $1,000,000 Common stock, $10 par value,
250,000 shares authorized, 200,000 shares issued and outstanding
$2,000,000 Dividends were not declared on the preferred stock in
2009 and are in arrears. On September 15, 2010, the board of
directors of Fleming Corporation declared dividends on the
preferred stock to stockholders of record on...
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 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 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 Bridgeport Corporation on January 1, 2020, were as follows. Preferred Stock...
The stockholders’ equity accounts of Bridgeport Corporation
on
January 1, 2020, were as follows. Preferred Stock (8%, $48
par,
10,000 shares authorized) $ 384,000 Common Stock ($1 stated
value,
1,950,000 shares authorized) 1,150,000 Paid-in Capital in Excess
of
Par—Preferred Stock 145,000 Paid-in Capital in Excess of
Stated
Value—Common Stock 1,400,000 Retained Earnings 1,800,000
Treasury
Stock (11,000 common shares) 55,000 During 2020, the
corporation
had the following transactions and events pertaining to its
stockholders’ equity. Feb. 1 Issued 26,000 shares of...
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