Question
In: Accounting
Exercise 11-12 The stockholders’ equity accounts of Blossom Company on January 1, 2022, were as follows....
Exercise 11-12
The stockholders’ equity accounts of Blossom Company on January 1, 2022, were as follows.
| Preferred Stock (9%, $100 par noncumulative, 5,000 shares authorized) | $475,000 | |
| Common Stock ($10 stated value, 800,000 shares authorized) | 1,560,000 | |
| Paid-in Capital in Excess of Par Value—Preferred Stock | 56,000 | |
| Paid-in Capital in Excess of Stated Value —Common Stock | 820,000 | |
| Retained Earnings | 760,000 | |
| Treasury Stock (8,300 common shares) | 66,400 |
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
| Mar | 1 | Issued 6,700 shares of common stock for $85 per share. | |
| June | 22 | Purchased 1,600 additional shares of common treasury stock at $11 per share. | |
| Sept. | 1 | Declared a 9% cash dividend on preferred stock, payable October 1. | |
| Oct. | 1 | Paid the dividend declared on September 1. | |
| Dec. | 1 | Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. | |
| 31 | Determined that net income for the year was $123,000. Paid the dividend declared on December 1. |
Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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The stockholders’ equity accounts of Bramble Corp. on January 1,
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Value—Preferred Stock 13,500 Paid-in Capital in Excess of Stated
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The stockholders’ equity accounts of Swifty Corporation on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Swifty Corporation on
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Preferred Stock (7%, $100 par noncumulative, 11,000 shares
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Paid-in Capital in Excess of Par Value—Preferred Stock
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events pertaining to its stockholders’ equity.
Feb.
1
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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
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Common Stock ($10 stated value, 800,000 shares authorized)
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Paid-in Capital in Excess of Stated Value —Common Stock
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Retained Earnings
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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 Riverbed Corp on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Riverbed Corp on January 1,
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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)
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During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
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Issued 15,000 shares...
The stockholders’ equity accounts of Wildhorse Co. on January 1, 2022, were as follows. Preferred Stock...
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Preferred Stock (9%, $100 par noncumulative, 5,000 shares
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Common Stock ($10 stated value, 800,000 shares authorized)
1,410,000
Paid-in Capital in Excess of Par Value—Preferred Stock
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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 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...
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 Coronado Industries on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Coronado Industries on
January 1, 2022, were as follows.
Preferred Stock (8%, $100 par noncumulative, 5,000 shares
authorized)
$495,000
Common Stock ($10 stated value, 800,000 shares authorized)
1,550,000
Paid-in Capital in Excess of Par Value—Preferred Stock
65,000
Paid-in Capital in Excess of Stated Value —Common Stock
910,000
Retained Earnings
760,000
Treasury Stock (8,400 common shares)
67,200
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events pertaining to its stockholders’ equity.
Mar
1
Issued 6,900...
The stockholders’ equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows. Preferred...
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Preferred Stock (7%, $100 par noncumulative, 3,500 shares
authorized)
$210,000
Common Stock ($4 stated value, 210,000 shares authorized)
700,000
Paid-in Capital in Excess of Par Value—Preferred Stock
10,500
Paid-in Capital in Excess of Stated Value—Common Stock
336,000
Retained Earnings
481,600
Treasury Stock (3,500 common shares)
28,000
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 3,500...
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