Question
In: Accounting
The stockholders’ equity accounts of Bridgeport Corp. on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Bridgeport Corp. on January 1, 2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 5,500 shares authorized) $330,000
Common Stock ($4 stated value, 330,000 shares authorized) 1,100,000
Paid-in Capital in Excess of Par Value—Preferred Stock 16,500
Paid-in Capital in Excess of Stated Value—Common Stock 528,000
Retained Earnings 756,800
Treasury Stock (5,500 common shares) 44,000
During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity.
Feb. 1 Issued 5,500 shares of common stock for $33,000.
Mar. 20 Purchased 1,100 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 $308,000. 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.
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
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Paid-in Capital in Excess of Stated Value—Common Stock
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1
Issued 15,000 shares...
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1, 2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 7,500 shares
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$450,000
Common Stock ($4 stated value, 450,000 shares authorized)
1,500,000
Paid-in Capital in Excess of Par Value—Preferred Stock
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Paid-in Capital in Excess of Stated Value—Common Stock
720,000
Retained Earnings
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Issued 7,500 shares...
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900,000 shares authorized) 3,000,000 Paid-in Capital in Excess of
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corporation had the following transactions and events pertaining to
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Common Stock ($4 stated value, 630,000 shares authorized)
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700,000
Paid-in Capital in Excess of Par Value—Preferred Stock
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Retained Earnings
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Feb.
1
Issued 3,500...
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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
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Treasury
Stock (11,000 common shares) 55,000 During 2020, the
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2,200,000
Paid-in Capital in Excess of Par Value—Preferred Stock
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Paid-in Capital in Excess of Stated Value—Common Stock
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Retained Earnings
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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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59,200
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Mar
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Issued 6,600...
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