The stockholders’ equity accounts of Whispering Winds Corp. on January 1, 2022, were as follows. Preferred...
The stockholders’ equity accounts of Whispering Winds Corp. on
January 1, 2022, were as follows.
| Preferred Stock (7%, $100 par noncumulative, 6,000 shares authorized) | $360,000 | |
| Common Stock ($4 stated value, 360,000 shares authorized) | 1,200,000 | |
| Paid-in Capital in Excess of Par Value—Preferred Stock | 18,000 | |
| Paid-in Capital in Excess of Stated Value—Common Stock | 576,000 | |
| Retained Earnings | 825,600 | |
| Treasury Stock (6,000 common shares) | 48,000 |
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
| Feb. | 1 | Issued 6,000 shares of common stock for $36,000. | |
| Mar. | 20 | Purchased 1,200 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 $336,000. Paid the dividend declared on December 1. |
Journalize (include entries to close net income and dividends to Retained Earnings).
Homework Answers
Journal entries
| Date | account and explanation | Debit | credit |
| Feb 1 | Cash | 36000 | |
| Common Stock (6000*4) | 24000 | ||
| paid in capital in excess of stated value-Common Stock | 12000 | ||
| Mar 20 | Treasury stock (1200*7) | 8400 | |
| Cash | 8400 | ||
| Oct 1 | Cash dividend (360000*7%) | 25200 | |
| Dividend payable | 25200 | ||
| Nov 1 | Dividend payable | 25200 | |
| Cash | 25200 | ||
| Dec 1 | Cash dividend (304800*.50) | 152400 | |
| Dividend payable | 152400 | ||
| Dec 15 | No entry | ||
| Dec 31 | Dividend payable | 152400 | |
| Cash | 152400 | ||
| Dec 31 | Income summary | 336000 | |
| Retained earnings | 336000 | ||
Add Answer to:
The stockholders’ equity accounts of Whispering Winds Corp. on January 1, 2022, were as follows. Preferred...
The stockholders' equity accounts of Whispering Winds Corp. on January 1, 2022, were as follows. Preferred...
The stockholders' equity accounts of Whispering Winds Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 6,000 shares authorized) Common Stock ($4 stated value, 360,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (6,000 common shares) $360,000 1,200,000 18,000 576,000 825,600 48,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 6,000...
The stockholders' equity accounts of Whispering Winds Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $...
The stockholders' equity accounts of Whispering Winds Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 6,000 shares authorized) $360,000 Common Stock ($4 stated value, 360,000 shares authorized) 1,200,000 Paid-in Capital in Excess of Par Value-Preferred Stock 18,000 Paid-in Capital in Excess of Stated Value-Common Stock 576,000 Retained Earnings 825,600 Treasury Stock (6,000 common shares) 48,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Issued 6,000 shares of...
The stockholders’ equity accounts of Ayayai Corp. on January 1, 2022, were as follows. Preferred Stock...
The stockholders’ equity accounts of Ayayai Corp. on January 1,
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Preferred Stock (7%, $100 par noncumulative, 12,000 shares
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Common Stock ($4 stated value, 720,000 shares authorized)
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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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Treasury Stock (12,000 common shares)
96,000
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 12,000 shares...
Payout ratio % Earnings per share Return on common stockholders’ equity \% Question 3 View...
Payout ratio
%
Earnings per share
Return on common stockholders’ equity
\%
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The stockholders' equity accounts of Bramble Corp. on January 1, 2022, were as follows. Preferred Stock...
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The stockholders' equity accounts of Riverbed Corp on January 1, 2017, were as follows. Preferred Stock...
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The stockholders' equity accounts of Whispering Winds Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 6,000 shares authorized) Common Stock ($4 stated value, 360,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (6,000 common shares) $360,000 1,200,000 18,000 576,000 825,600 48,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 6,000...
The stockholders' equity accounts of Whispering Winds Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 6,000 shares authorized) $360,000 Common Stock ($4 stated value, 360,000 shares authorized) 1,200,000 Paid-in Capital in Excess of Par Value-Preferred Stock 18,000 Paid-in Capital in Excess of Stated Value-Common Stock 576,000 Retained Earnings 825,600 Treasury Stock (6,000 common shares) 48,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Issued 6,000 shares of...
The stockholders’ equity accounts of Ayayai Corp. on January 1,
2022, were as follows.
Preferred Stock (7%, $100 par noncumulative, 12,000 shares
authorized)
$720,000
Common Stock ($4 stated value, 720,000 shares authorized)
2,400,000
Paid-in Capital in Excess of Par Value—Preferred Stock
36,000
Paid-in Capital in Excess of Stated Value—Common Stock
1,152,000
Retained Earnings
1,651,200
Treasury Stock (12,000 common shares)
96,000
During 2022, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb.
1
Issued 12,000 shares...
Payout ratio
%
Earnings per share
Return on common stockholders’ equity
\%
Question 3 View Policies Show Attempt History Current Attempt in Progress The stockholders' equity accounts of Whispering Winds Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 6,000 shares authorized) $360,000 Common Stock ($4 stated value, 360,000 shares authorized) 1,200,000 Paid-in Capital in Excess of Par Value-Preferred Stock 18,000 Paid-in Capital in Excess of Stated Value-Common Stock 576,000 Retained Earnings 825,600 Treasury...
The stockholders' equity accounts of Indigo Corporation on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 10,000 shares authorized) Common Stock ($4 stated value, 600,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock $600,000 2,000,000 30,000 960,000 Retained Earnings 1,376,000 Treasury Stock (10,000 common shares) 80,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 10,000 shares...
The stockholders' equity accounts of Bramble Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 14,000 shares authorized) Common Stock ($4 stated value, 840,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (14,000 common shares) $340,000 2,800,000 42,000 1,344,000 1,926,400 112,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equi Feb. 1 Mar. 20 Oct....
The stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 3,000 shares authorized) $180,000 Common Stock ($4 stated value, 180,000 shares authorized) 600,000 Paid-in Capital in Excess of Par Value-Preferred Stock 9,000 Paid-in Capital in Excess of Stated Value-Common Stock 288,000 Retained Earnings 412,800 Treasury Stock (3,000 common shares) 24,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 3,000 shares...
The stockholders' equity accounts of Riverbed Corp on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,350 shares authorized) $261,000 Common Stock ($5 stated value, 291,000 shares authorized) 1,212,500 Paid-in Capital in Excess of Par Value-Preferred Stock 13,050 Paid-in Capital in Excess of Stated Value-Common Stock 465,600 Retained Earnings 710,000 Treasury Stock (4,350 common shares) 34,800 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,670 shares...
Problem 11-02A The stockholders' equity accounts of Monty Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 11,500 shares authorized) Common Stock ($4 stated value, 690,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,500 common shares) $690,000 2,300,000 34,500 1,104,000 1,582,400 92,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued...
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