1. a
1.b
CES Exercise 11-07 X Your answer is incorrect. Try again. mudy The stockholders' equity section of Swifty Corporation's balance sheet at December 31 is presented here. SWIFTY CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 12,000 shares authorized, 7,200 shares issued and outstanding $ 756,000 Common stock, no par, 734,000 shares authorized, 564,000 shares issued 1,692,000 Total paid-in capital 2,448,000 Retained earnings 1,187,000 Total paid-in capital and retained earnings 3,635,000 Less: Treasury stock (7,500 common shares) 40,000 Total stockholders' equity $3,595,000 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? Common stock outstanding 170000 shares (b) Assuming there is a stated value, what is the stated value of the common stock? in for anything o d) now any shares or CITTON SLOCK de vuestromy BRCES CAL X Common stock outstanding 170000 shares Study (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock X per share (c) What is the par value of the preferred stock? X The par value of the preferred stock per share (d) If the annual dividend on preferred stock is $45,360, what is the dividend rate on preferred stock? The dividend rate % (e) if dividends of $77,600 were in arrears on preferred stock, what would be the balance reported for retained earnings? The Retained Earnings balance Click if you would like to show Work for this question: Open Show Work Exercise 9-11 TER VERSION HACK Study Your answer is partially correct. Try again. Sheridan Company owns equipment that cost $72,000 when purchased on January 1, 2015. It has been deprecated using the straight-int method based on an estimated svagn value of $12,000 and an estimated useful le of 5 years Prepare Sheridan Company's journal entries to record the sale of the equipment in the four independent on Credit account titles are automatically indeed amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) (a) Sold for $38,000 on January 1, 2022. (b) Sold for $38,000 on May 1, 2022. (c) Sold for $21,000 on January 1, 2022 (d) Sold for $21,000 on October, 2022 No, Account Titles and Explanation Debit Credit (a) Cash 1000 Accumulated Dreationalment 3.000 Enuoment 72.000 Gain on Disposal of Plant As 23.000 OL Gain on Disposal of Plant Assets 22,000 (b) Depreciation Expense Accumulated Depreciation-Equipment 22,000 (To record depreciation) Cash 38,000 Accumulated Depreciation-Equipment Equipment 72,000 Gain on Disposal of Plant Assets (To record sale of equipment) (c) Cash 21,000 Accumulated Depreciation-Equipment 51,000 Loss on Disposal of Plant Assets S CU Accumulated Depreciation-Equipment 51,000 Loss on Disposal of Plant Assets Equipment 72,000 (d) Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation) Cash 21,000 Accumulated Depreciation-Equipment 39,000 S Loss on Disposal of Plant Assets 12,000 S Equipment 72,000 (To record sale of equipment)
