The ledger of Smith Corporation at December 31, 2022, after the books have been closed, contains...

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The ledger of Smith Corporation at December 31, 2022, after the books have been closed, contains the following stockholders

business accounting

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Answer 1

Answer #1

Solution:

a) Retained Earnings Account

Retained Earnings
Dividend	$ 400,000	Beginning Balance	$ 2,380,000
		Net Income	$ 880,000
		Ending Balance	$ 2,860,000

Note A:

Smith Corporation directors authorized $160,000 restriction of retained earnings for plant expansion

b) Stockholder's Equity Section

Smith Corporation
Balance Sheet (partial)
For the year ended December 31,2022
Stockholder's equity :
8% Noncumulative Preferred Stock, $100 par,20000 shares authorized, 10000 shares issued and outstanding		$ 1,000,000
Common Stock, $5 par, 600,000 shares authorized, 300,000 shares issued and outstanding		$ 1,500,000
Additional Paid in capital
Paid-in capital in excess of par-preferred stock	$ 200,000
Paid-in capital in excess of par-common stock	$ 1,600,000
Total Additional Paid in capital		$ 1,800,000
Total paid in capital		$ 4,300,000
Retained earnings		$ 2,860,000
Total stockholder's Equity		$ 7,160,000

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Answer 2

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