Question

The stockholders equity accounts of Culver Corporation on January 1, 2017, were as follows. Preferred Stock (6%, $100 par no
Date Account Titles and Explanation Debit Credit (To record net income) (To close cash dividends) (To record payment of cash
Post to the stockholders equity accounts. (Post entries in the order of journal entries posted in the previous pa. Preferred
Prepare the paid-in capital portion of the stockholders equity section at December 31, 2017. PINA COLADA CORP. Partial Balan
0 0
Add a comment Improve this question Transcribed image text
Answer #1
Date Account Titles Debit Credit
Feb 1 Cash 32900
Common Stock [4700*3] 14100
Paid - in Capital in excess of stated value- common stock [ bal. fig.] 18800
Mar 20 Treasury Stock [1650*9] 14850
Cash 14850
Oct 1 Cash dividends [291000*6%] 17460
Dividends payable 17460
Nov 1 Dividends payable 17460
Cash 17460
Dec 1 Cash dividends
[(790,000/ 3 - 1650) *0.85]
222431
Dividends payable 222431
Dec 31 Income summary 276400
Retained earnings 276400
Dec 31 Retained earnings 239891
Cash dividends 239891
Dec 31 Dividends payable 222431
Cash 222431
Preferred Stock
1/1 Bal 291000
12/31 Bal 291000
Common Stock
1/1 Bal 790000
2/1 14100
12/31 Bal 804100
Paid in Capital in excess of par value - Preferred Stock
1/1 Bal 14550
12/31 Bal 14550
Paid in Capital in excess of stated value - Common Stock
1/1 Bal 505600
2/1 18800
12/31 Bal 524400
Retained earnings
12/31 239891 1/1 bal. 694500
12/31 276400
12/31 Bal. 731009
Cash dividends
10/1 17460 12/31 239891
12/1 222431
12/31 Bal. 0
Treasury Stock
1/1 Bal. 38800
3/20 14850
12/31 Bal. 53650
Partial Balance Sheet
December 31,2017
Stockholders Equity
Paid in Capital
Capital Stock
Preferred Stock 291000
Common Stock 804100
Total Capital Stock 1095100
Additional paid in capital
Paid - in Capital in excess of par value- preferred stock 14550
Paid - in Capital in excess of stated value- common stock 524400
Total Additional paid in capital 538950
Total paid in capital 1634050
Retained earnings 731009
Total paid in capital and retained earnings 2365059
Less: Tresury Stock 53650
Total stockholders equity 2311409
Add a comment
Know the answer?
Add Answer to:
The stockholders' equity accounts of Culver Corporation on January 1, 2017, were as follows. Preferred Stock...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

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
  • The stockholders' equity accounts of Culver Corporation on lanuary 1, 2017, were as follows. Preferred Stock...

    The stockholders' equity accounts of Culver Corporation on lanuary 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,850 shares authorized) Common Stock ($3 stated value, 316,000 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 (4,850 common shares) $291,000 790,000 14,550 505,600 694,500 38,800 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,700...

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

    The stockholders' equity accounts of Swifty Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 11,000 shares authorized) Common Stock ($4 stated value, 660,000 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 (11,000 common shares) $660,000 2,200,000 33,000 1,056,000 1,513,600 88,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 11,000 shares...

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

    The stockholders' equity accounts of Flint Corporation on January 1, 2017, were as follows. Preferred Stock (896, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 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 1,000,000 15,000 480,000 686,500 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1...

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

    The stockholders’ equity accounts of Marigold Corp. on January 1, 2017, were as follows. Preferred Stock (8%, $100 par noncumulative, 4,700 shares authorized) $282,000 Common Stock ($4 stated value, 325,000 shares authorized) 1,083,333 Paid-in Capital in Excess of Par Value—Preferred Stock 14,100 Paid-in Capital in Excess of Stated Value—Common Stock 520,000 Retained Earnings 701,000 Treasury Stock (4,700 common shares) 37,600 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 5,150 shares...

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

    The stockholders’ equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) $240,000 Common Stock ($5 stated value, 326,000 shares authorized) 1,358,333 Paid-in Capital in Excess of Par Value—Preferred Stock 12,000 Paid-in Capital in Excess of Stated Value—Common Stock 521,600 Retained Earnings 711,000 Treasury Stock (4,000 common shares) 32,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. Feb. 1 Issued 4,620 shares...

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

    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...

  • 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...

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

    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 Cyrus Corporation on January 1, 2017, were as follows. Preferred Stock...

    The stockholders’ equity accounts of Cyrus Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $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 688,000 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 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...

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