Accounting
Salt & Pepper, Inc., had retained earnings at the beginning of the current year of $460,000. During
the year the company earned net income of $250,000 and declared dividends as follows:
• $1 per share for the current-year dividend on the 10,000 shares of preferred stock outstanding.
• $1 per share for the dividend in arrears for one year on the 10,000 shares of preferred stock
outstanding.
• $0.50 per share for the current-year dividend on the 200,000 shares of common stock
outstanding.
In addition, the company discovered an overstatement in the prior year’s net income of $65,000
and corrected that error in the current year. Prepare a statement of retained earnings for the year.
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A review of the accounting records reveals the following.
1. No errors have been made in recording 2020 transactions or in
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Please show all work. Thank you in
advance.
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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...
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Please show all work. Thank you in
advance.
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