ZuoTi.Pro
Question

The stockholders equity accounts of Novak Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulaDate Account Titles and Explanation Debit Credit(To close cash dividends) (To record payment of cash dividends payable) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO EnteCommon Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock ReCash Dividends Treasury StockPrepare the stockholders equity section of the balance sheet at December 31, 2022. NOVAK CORP. Partial Balance Sheetok, need a lot of help please

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Date Accounts titles and explanation Debit Credit
Feb 1 Cash $75000
Common stock (12500*$4) $50000
Paid in capital in excess of Stated value- Common stock (75000-50000) $25000
(To record common stock issued)
Mar 20 Treasury stock (2500*$7) $17500
Cash $17500
(To record treasury stock purchased)
Oct 1 Cash dividends ($750000*7%) $52500
Dividends payable $52500
(To record cash dividends declared on preferred stock)
Nov 1 Dividends payable $52500
Cash $5250
(To record cash dividend paid)
Dec 1 Cash dividends $311250
Dividends payable $311250
(To record cash dividend declared on common stock)
Dec 31 Income summary $700000
Retained earnings $700000
(To close net income)
Dec 31 Retained earnings (52500+311250) $363750
Cash dividends $363750
(To close cash dividends)
Dec 31 Dividends payable $311250
Cash $311250
(To record payment of cash dividends payable)

Calculation of Cash dividend on common stock

Cash dividend on common stock= ($2500000/4-12500+12500-2500)*0.50= $311250

Preferred Stock
Jan 1 Bal. $750000
Dec 31 Bal. $750000
Common Stock
Jan 1 Bal. $2500000
Feb 1 50000
Dec 31 Bal. $2550000
Paid-in-Capital in excess of Par Value- Preferred Stock
Jan 1 Bal. $37500
Dec 31 Bal. $37500
Paid-in-Capital in excess of Stated Value- Common Stock
Jan 1 Bal. $1200000
Feb 1 25000
Dec 31 Bal. $1225000
Retained Earnings
Dec 31 363750 Jan 1 Bal. $1720000
Dec 31 700000
Dec 31 Bal. $2056250
Cash Dividends
Oct 1 $52500 Dec 31 363750
Dec 1 311250
Dec 31 Bal. $0
Treasury Stock
Jan 1 Bal. $100000
Mar 20 17500
Dec 31 Bal. $117500

3)

NOVAK CORP.
Partial Balance Sheet
December 31, 2022
Stockholders' Equity
Paid-in-capital
Capital stock
Preferred stock $750000
Common stock 2550000
Total capital stock $3300000
Additional paid-in-capital
Paid-in-capital in excess of Par value- Preferred stock 37500
Paid-in-capital in excess of Stated value- Common stock 1225000
Total additional paid-in-capital 1262500
Total paid-in-capital 4562500
Retained earnings 2056250
Total paid-in-capital and retained earnings 6618750
Less: Treasury stock (117500)
Total Stockholders' Equity $6501250
3 0
Add a comment
Know the answer?
Add Answer to:
ok, need a lot of help please The stockholders' equity accounts of Novak Corp. on January...
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. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Problem 11-02A The stockholders' equity accounts of Monty Corp. on January 1, 2022, were as follows....

    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...

  • The stockholders' equity accounts of Novak Corp. on January 1, 2017, were as follows. Preferred Stock...

    The stockholders' equity accounts of Novak Corp. on January 1, 2017, were as follows. Preferred Stock ( 6%-$ 100 par noncumulative, 5,000 shares authorized) Common Stock ($ 4 stated value, 340,000 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 (5,000 common shares) $ 300,000 1,133,333 15,000 544,000 692,000 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1...

  • Current Attempt In Progress The stockholders'equity accounts of Novak Corp. on January 1, 2022, were as...

    Current Attempt In Progress The stockholders'equity accounts of Novak Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 12,500 shares authorized) $750,000 Common Stock ($4 stated value, 750,000 shares authorized) 2,500,000 Paid-in Capital in Excess of Par Value-Preferred Stock 37,500 Paid-in Capital in Excess of Stated Value-Common Stock 1,200,000 Retained Earnings 1,720,000 Treasury Stock (12,500 common shares) 100,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1...

  • Problem 11-02A (Part Level Submission) The stockholders' equity accounts of Blue Spruce Corp. on January 1,...

    Problem 11-02A (Part Level Submission) The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 13,000 shares authorized) Common Stock ($4 stated value, 780,000 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 (13,000 common shares) $780,000 2,600,000 39,000 1,248,000 1,788,800 104,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders'...

  • The stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows. Preferred Stock...

    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...

  • I don't know the answers. The stockholders' equity accounts of Ayayai Corp. on January 1, 2022,...

    I don't know the answers. The stockholders' equity accounts of Ayayai Corp. on January 1, 2022, were as follows. $720,000 2,400,000 Preferred Stock (7%, $100 par noncumulative, 12,000 shares authorized) Common Stock ($4 stated value, 720,000 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 (12,000 common shares) 36,000 1,152,000 1,651,200 96,000 During 2022, the corporation had the following transactions and events pertaining to its...

  • The stockholders’ equity accounts of Novak Corp. on January 1, 2017, were as follows. Preferred Stock...

    The stockholders’ equity accounts of Novak Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value—Preferred Stock 15,000 Paid-in Capital in Excess of Stated Value—Common Stock 480,000 Retained Earnings 692,000 Treasury Stock (5,000 common shares) 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 5,000 shares...

  • 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...

  • 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, 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...

  • The stockholders’ equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows. Preferred...

    The stockholders’ equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 13,000 shares authorized). 780,000 Common Stock ($4 stated value, 780,000 shares authorized). 2,600,000 Paid-in Capital in Excess of Par Value—Preferred Stock. 39,000 Paid-in Capital in Excess of Stated Value—Common Stock. 1,248,000 Retained Earnings. 1,788,800 Treasury Stock (13,000 common shares). 104,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 13,000...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT