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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 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 of common stock for $66,000.
Mar. 20 Purchased 2,200 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 $616,000. Paid the dividend declared on December 1.

question:

what is the "Enter the beginning balances in the accounts and post the journal entries to the stockholders’ equity accounts."

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ekkarill92 answered 1 year ago
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