Question

he stockholders’ equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock...

he stockholders’ equity accounts of Castle Corporation on January 1, 2017, were as follows.

Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) $  375,000
Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000
Paid-in Capital in Excess of Par—Preferred Stock 140,000
Paid-in Capital in Excess of Stated Value—Common Stock 1,450,000
Retained Earnings 1,850,000
Treasury Stock (11,000 common shares) 55,000


During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Feb. 1 Issued 24,500 shares of common stock for $125,000.
Apr. 14 Sold 5,600 shares of treasury stock—common for $32,200.
Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35,000.
Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100.
Dec. 31 Determined that net income for the year was $420,000.


No dividends were declared during the year.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Journal Entries :-

Date

Transactions

Debit

Credit

Feb 1

Cash

125000

Common Stock

24500

Paid in Capital

100500

Apr 14

Cash

32200

Paid in Capital

4200

Treasury Stock

28000

Sep 3

Patents

35000

Common Stock

4700

Paid in Capital

30300

Nov 10

Treasury Stock

6100

Cash

6100

Dec 31

Income Summary

420000

Retained Earnings

420000
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The stockholders’ equity accounts of Sunland Company on January 1, 2019, were as follows. Preferred Stock...
The stockholders’ equity accounts of Sunland Company on January 1, 2019, were as follows. Preferred Stock (8%, $52 par, cumulative, 10,000 shares authorized) $  390,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,100,000 Paid-in Capital in Excess of Par—Preferred Stock 125,000 Paid-in Capital in Excess of Stated Value—Common Stock 1,400,000 Retained Earnings 1,750,000 Treasury Stock (10,000 common shares) 50,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 25,000 shares of...
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Eudaley Corporation at December...
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Eudaley Corporation at December 31, 2017. Common Stock ($4 stated value) $1,376,000 Paid-in Capital in Excess of Par—Preferred Stock 280,000 Paid-in Capital in Excess of Stated Value—Common Stock 918,000 Preferred Stock (8%, $103 par) 520,150 Retained Earnings 1,200,000 Treasury Stock (11,500 common shares) 138,000 Prepare the stockholders’ equity section of the balance sheet at December 31, 2017.
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...
Stockholders’ Equity: Information and Entries from Comparative Data Comparative stockholders’ equity sections from two successive years...
Stockholders’ Equity: Information and Entries from Comparative Data Comparative stockholders’ equity sections from two successive years of balance sheets from Farrow, Inc., are as follows: Dec. 31, 2018 Dec. 31, 2017 Paid-in Capital 8 Percent preferred stock, $40 par value, authorized 20,000 shares; issued and outstanding, 2017: 10,000 shares; 2018: 12,000 shares $480,000 $400,000 Common stock, no-par value, $5 stated value, authorized 80,000 shares; issued, 2017: 32,000 shares; 2018: 40,000 shares 200,000 160,000 Additional Paid-in Capital In excess of par...
Stockholders' Equity Section of Balance Sheet The following accounts and their balances appear in the ledger...
Stockholders' Equity Section of Balance Sheet The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $15 par $796,500 Paid-In Capital from Sale of Treasury Stock 32,700 Paid-In Capital in Excess of Par—Common Stock 21,240 Retained Earnings 1,250,000 Treasury Stock 16,435 Prepare the Stockholders’ Equity section of the balance sheet as of June 30 using Method 1 of Exhibit 8. Eighty thousand shares of common stock are...
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Ayayai Corporation at December...
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Ayayai Corporation at December 31, 2020. Common Stock ($4 stated value) $1,340,000 Paid-in Capital in Excess of Par—Preferred Stock 275,000 Paid-in Capital in Excess of Stated Value—Common Stock 850,000 Preferred Stock (8%, $100 par) 450,000 Retained Earnings 1,000,000 Treasury Stock (10,000 common shares) 120,000 Prepare the stockholders’ equity section of the balance sheet at December 31, 2020.
The stockholders' equity section of Case Corporation at December 31, 2022 included the following accounts: Preferred...
The stockholders' equity section of Case Corporation at December 31, 2022 included the following accounts: Preferred stock ............................ $240,000 Common stock ............................... $520,000 Paid-in capital – preferred stock .......... ? Paid-in capital – common stock ............. $584,000 Retained earnings .......................... $152,000 Treasury stock ............................. ? Paid-in capital – treasury stock ........... $ 18,000 Additional information appears below: 1. The preferred stock has a $40 par value and 6,000 shares are issued and outstanding. 2. The common stock has an $8...
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Riverbed Corp at December...
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Riverbed Corp at December 31, 2017. Common Stock ($4 stated value) $2,320,000 Paid-in Capital in Excess of Par Value—Preferred Stock 65,250 Paid-in Capital in Excess of Stated Value—Common Stock 1,522,500 Preferred Stock (6%, $100 par, noncumulative) 870,000 Retained Earnings 1,934,300 Treasury Stock (17,400 common shares) 104,400 Prepare the stockholders’ equity section of the balance sheet at December 31, 2017.
The following are selected accounts and balances from the records of Doran Corporation on June 30,...
The following are selected accounts and balances from the records of Doran Corporation on June 30, 2017. Common Stock, $10 par value, 75,000 shares authorized, 54,000 shares issued $540,000 Paid-in Capital in Excess of Par Value—Common Stock 150,000 Preferred Stock, $100 par value, 8%, 3,000 shares authorized and issued 300,000 Retained Earnings 280,000 Treasury Stock (10,000 common shares) 150,000 Paid-in Capital in Excess of Par Value—Preferred Stock 30,000 Prepare in proper form the stockholders’ equity section of the balance sheet.
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Flounder Corp. at December...
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Flounder Corp. at December 31, 2017. Common Stock ($4 stated value) $1,520,000 Paid-in Capital in Excess of Par Value—Preferred Stock 42,750 Paid-in Capital in Excess of Stated Value—Common Stock 997,500 Preferred Stock (6%, $100 par, noncumulative) 570,000 Retained Earnings 1,267,300 Treasury Stock (11,400 common shares) 68,400 Prepare the stockholders’ equity section of the balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT