Question
In: Accounting
The stockholders’ equity accounts of Culver Corporation on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Culver Corporation on January 1, 2022, were as follows.
| Preferred Stock (7%, $100 par noncumulative, 8,000 shares authorized) | $480,000 | |
| Common Stock ($4 stated value, 480,000 shares authorized) | 1,600,000 | |
| Paid-in Capital in Excess of Par Value—Preferred Stock | 24,000 | |
| Paid-in Capital in Excess of Stated Value—Common Stock | 768,000 | |
| Retained Earnings | 1,100,800 | |
| Treasury Stock (8,000 common shares) | 64,000 |
During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity.
| Feb. | 1 | Issued 8,000 shares of common stock for $48,000. | |
| Mar. | 20 |
Purchased 1,600 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 $450,000. 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.
(d) Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Note: Use the common shares outstanding on January 1 and December 31 to determine the average shares outstanding.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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 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 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 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 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 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
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Mar
1
Issued 6,900...
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...
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