a) | ||||||
Retained Earnings Account | ||||||
Sep-01 | 60130 | Prior Per. Adj. | Jan-01 | 1190000 | Balance | |
Oct-01 | 258000 | Cash Dividend | Dec-31 | 561000 | Net Income | |
Dec-31 | 464400 | Stock Dividend * | ||||
Dec-31 | 968470 | Balance | ||||
*258000 x 10% x $18 | ||||||
b) | ||||||
Retained Earning Statement | ||||||
For the Year Ended December 31, 2017 | ||||||
Balance, January 1, as reported | 1190000 | |||||
Correction of overstatement of 2016 net income because of understatement of depreciation | -60130 | |||||
Balance, January 1, as adjusted | 1129870 | |||||
Add: Net Income | 561000 | |||||
1690870 | ||||||
Less: Cash dividends | -258000 | |||||
Stock Dividends | -464400 | |||||
Balance, December 31 | 968470 | |||||
c) | ||||||
STOREY CORPORATION | ||||||
Partial Balance Sheet | ||||||
December 31, 2010 | ||||||
Stockholders’ equity | ||||||
Paid-in capital | ||||||
Capital stock | ||||||
6% Preferred stock, $50 par value, cumulative,20,200 shares authorized,15,200 shares issued and Outstanding | $ 7,60,000.00 | |||||
Common stock, $10 par value,516,000 shares authorized,258,000 shares issued and Outstanding | $ 25,80,000.00 | |||||
Common stock dividends distributable | $ 2,58,000.00 | $ 28,38,000.00 | ||||
Total Capital Stock | $ 35,98,000.00 | |||||
Additional paid-in capital | ||||||
In excess of par value— preferred stock | $ 2,58,000.00 | |||||
In excess of par value— Common stock | $ 3,80,000.00 | |||||
Total additional paid-in Capital | $ 6,38,000.00 | |||||
Total paid-in capital | $ 42,36,000.00 | |||||
Retained earnings (see Note ) | $ 9,68,470.00 | |||||
Total stockholders’ Equity | $ 52,04,470.00 | |||||
Note X: Retained earnings is restricted for plant expansion, $203,000. | ||||||
d) | ||||||
Total cash dividend | 258000 | |||||
Allocated to preferred stock Dividend in arrears—2016 | 45600 | |||||
Dividend 2017 | 45600 | |||||
Remainder to common stock | 166800 | |||||
The post dosing trial balance of Storey Corporation at December 31, 20x7, contains the following stockholders'...
The post-closing trial balance of Storey Corporation at December
31, 2020, contains the following stockholders’ equity accounts.
Preferred Stock (15,000 shares issued) $750,000
Common Stock (250,000 shares issued) 2,500,000
Paid-in Capital in Excess of Par—Preferred Stock 250,000
Paid-in Capital in Excess of Par—Common Stock 400,000
Common Stock Dividends Distributable 250,000
Retained Earnings 1,042,000
A review of the accounting records reveals the following.
1. No errors have been made in recording 2020 transactions or in
preparing the closing entry for net...
The post-closing trial balance of Pharoah Corporation at December 31, 2020, contains the following stockholders’ equity accounts. Preferred Stock (15,200 shares issued)$760,000 Common Stock (258,000 shares issued)2,580,000 Paid-in Capital in Excess of Par—Preferred Stock258,000 Paid-in Capital in Excess of Par—Common Stock380,000 Common Stock Dividends Distributable258,000 Retained Earnings968,470 A review of the accounting records reveals the following. 1.No errors have been made in recording 2020 transactions or in preparing the closing entry for net income. 2.Preferred stock is $50 par, 6%,...
The post-closing trial balance of Sunland Corporation at December 31, 2020, contains the following stockholders equity accounts Preferred Stock (14.600 shares issued Common Stock (242.000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends atributable Retained ning 5730000 2420.000 242.000 383000 242 000 909.770 Areview of the accounting records reveals the 1 No errors have been made in recording 2020 transactions or in preparing the closing entry for net income...
The post-closing trial balance of Blossom Corporation at December 31, 2020, contains the following stockholders' equity accounts. Preferred Stock (14,000 shares issued) Common Stock (240,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $700,000 2,400,000 240,000 380,000 240,000 966,500 A review of the accounting records reveals the following. 1. 2. 3. 5. 6. No errors have been made in recording 2020 transactions or in preparing the...
The post-closing trial balance of Harmon Corporation as of December 31, 2020, contains the following stockholders’ equity accounts. Preferred Stock (15,000 shares issued) - $750,000 Common Stock (250,000 shares issued) - 2,500,000 Paid-in Capital in Excess of Par-Preferred Stock - 250,000 Paid-in Capital in Excess of Par-Common Stock - 400,000 Common Stock Dividends Distributable - 250,000 Retained Earnings - ??? The following items were revealed during a review of the accounting records. a. No errors were made during the recording...
Problem 14-02A a-c The post-closing trial balance of Storey Corporation at December 31, 2020, contains the Preferred Stock (15,000 shares Issued) Common Stock (250,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings following stockholders equity accounts $750,000 2,500,000 250,000 400,000 250,000 1,042,000 A review of the accounting records reveals the following 1. 2. No errors have been mode in recording 2020 transactions or in preparing the...
The post-closing trial balance of Ivanhoe Corporation at December 31, 2020, contains the stockholders' equity accounts. poration at December 31, 2020, contains the following Preferred Stock (15,000 shares issued) Common Stock (243,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $750,000 2,430,000 243,000 409,000 243,000 982,560 A review of the accounting records reveals the following. No errors have been made in recording 2020 transactions r in...
Problem 14-02Aa-c The post-closing trial balance of Storey Corporation at December 31, 2020, contains the following stockholders' equity accounts. Preferred Stock (15,000 shares issued) Common Stock (250,000 shares Issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $750,000 2,500,000 250,000 400,000 250,000 1,042,000 A review of the accounting records reveals the following 1. No errors have been made in recording 2020 transactions or in proparing the closing entry...
2. The post-closing trial balance of Harmon Corporation as of December 31, 2020, contains the following stockholders' equity accounts. $ Preferred Stock (15,000 shares issued) Common Stock (250,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 750,000 2,500,000 250,000 400,000 250,000 ??? The following items were revealed during a review of the accounting records. a. No errors were made during the recording of 2020 transactions of...
The post-closing trial balance of Blossom Corporation at December 31, 2020, contains the following stockholders' equity accounts. Preferred Stock (14,000 shares issued) Common Stock (240,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $700,000 2,400,000 240,000 380,000 240,000 966,500 A review of the accounting records reveals the following. 1. 2. 3. 6. No errors have been made in recording 2020 transactions or in preparing the closing...