Question
Anne Cleves Company reported the following amounts in the stockholders equity section of its December 31, 2013, balance sheet. Preferred stock, 10%, $100 par (10,000
Anne Cleves Company reported the following amounts in the stockholders equity section of its December 31, 2013, balance sheet.
Preferred stock, 10%, $100 par (10,000 shares authorized, 2,410 shares issued) | $241,000 | |
Common stock, $5 par (111,350 shares authorized, 22,270 shares issued) | 111,350 | |
Additional paid-in capital | 132,600 | |
Retained earnings | 479,200 | |
Total | $964,150 |
During 2014, Cleves took part in the following transactions concerning stockholders equity.
1. | Paid the annual 2013 $10 per share dividend on preferred stock and a $3 per share dividend on common stock. These dividends had been declared on December 31, 2013. | |
2. | Purchased 1,600 shares of its own outstanding common stock for $40 per share. Cleves uses the cost method. | |
3. | Reissued 670 treasury shares for land valued at $31,400. | |
4. | Issued 560 shares of preferred stock at $106 per share. | |
5. | Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share. | |
6. | Issued the stock dividend. | |
7. | Declared the annual 2014 $10 per share dividend on preferred stock and the $3 per share dividend on common stock. These dividends are payable in 2015. |
Submitted 4 times for to get correct answer to a7 and have not got receive it as of yet.
Submitted 4 times for correct answers to all of b questions and has not received correct answers as of yet. (a) Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
No. | Account Titles and Explanation | Debit | Credit |
1. | Dividends Payable-Common StockRetained EarningsPaid-in Capital in Excess of Par-Preferred StockDividends Payable-Preferred StockLandPaid-in Capital From Treasury StockPreferred StockCommon Stock Dividend DistributablePaid-in Capital in Excess of Par-Common StockTreasury StockCashCommon Stock | ||
Dividends Payable-Preferred StockCommon StockDividends Payable-Common StockPreferred StockLandPaid-in Capital in Excess of Par-Preferred StockPaid-in Capital in Excess of Par-Common StockRetained EarningsCashPaid-in Capital From Treasury StockTreasury StockCommon Stock Dividend Distributable | |||
Retained Earnings Common Stock Dividends Payable-Preferred Stock Treasury Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividend Distributable Cash Dividends Payable-Common Stock Land Paid-in Capital From Treasury Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock | |||
2. | Dividends Payable-Preferred StockDividends Payable-Common StockLandCashPaid-in Capital in Excess of Par-Preferred StockPaid-in Capital From Treasury StockPreferred StockRetained EarningsPaid-in Capital in Excess of Par-Common StockTreasury StockCommon StockCommon Stock Dividend Distributable | ||
Treasury Stock Land Preferred Stock Paid-in Capital From Treasury Stock Common Stock Retained Earnings Cash Dividends Payable-Preferred Stock Common Stock Dividend Distributable Dividends Payable-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock | |||
3. | Common StockLandRetained EarningsPaid-in Capital From Treasury StockPreferred StockTreasury StockDividends Payable-Common StockPaid-in Capital in Excess of Par-Preferred StockCommon Stock Dividend DistributablePaid-in Capital in Excess of Par-Common StockCashDividends Payable-Preferred Stock | ||
Paid-in Capital From Treasury Stock Paid-in Capital in Excess of Par-Preferred Stock Land Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Dividends Payable-Common Stock Cash Common Stock Common Stock Dividend Distributable Dividends Payable-Preferred Stock | |||
Common Stock Common Stock Dividend Distributable Paid-in Capital From Treasury Stock Cash Retained Earnings Dividends Payable-Preferred Stock Dividends Payable-Common Stock Preferred Stock Treasury Stock Land Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock | |||
4. | Dividends Payable-Preferred StockTreasury StockPaid-in Capital From Treasury StockDividends Payable-Common StockCashLandPaid-in Capital in Excess of Par-Preferred StockPreferred StockCommon Stock Dividend DistributablePaid-in Capital in Excess of Par-Common StockRetained EarningsCommon Stock | ||
Common Stock Treasury Stock Paid-in Capital in Excess of Par-Common Stock Dividends Payable-Preferred Stock Dividends Payable-Common Stock Cash Land Common Stock Dividend Distributable Paid-in Capital From Treasury Stock Paid-in Capital in Excess of Par-Preferred Stock Preferred Stock Retained Earnings | |||
Retained Earnings Treasury Stock Paid-in Capital in Excess of Par-Common Stock Land Paid-in Capital From Treasury Stock Common Stock Common Stock Dividend Distributable Cash Paid-in Capital in Excess of Par-Preferred Stock Dividends Payable-Preferred Stock Dividends Payable-Common Stock Preferred Stock | |||
5. | Dividends Payable-Common StockPaid-in Capital in Excess of Par-Preferred StockDividends Payable-Preferred StockCommon StockRetained EarningsCommon Stock Dividend DistributableLandCashPaid-in Capital From Treasury StockPreferred StockPaid-in Capital in Excess of Par-Common StockTreasury Stock | ||
Dividends Payable-Preferred Stock Cash Retained Earnings Treasury Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Common Stock Dividend Distributable Dividends Payable-Common Stock Land Paid-in Capital From Treasury Stock Preferred Stock Paid-in Capital in Excess of Par-Common Stock | |||
Land Common Stock Paid-in Capital From Treasury Stock Preferred Stock Retained Earnings Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Dividends Payable-Preferred Stock Treasury Stock Cash Dividends Payable-Common Stock Common Stock Dividend Distributable | |||
6. | LandCommon StockPreferred StockCommon Stock Dividend DistributablePaid-in Capital in Excess of Par-Common StockDividends Payable-Common StockDividends Payable-Preferred StockPaid-in Capital in Excess of Par-Preferred StockRetained EarningsTreasury StockPaid-in Capital From Treasury StockCash | ||
Paid-in Capital in Excess of Par-Preferred Stock Land Paid-in Capital From Treasury Stock Cash Paid-in Capital in Excess of Par-Common Stock Preferred Stock Retained Earnings Treasury Stock Common Stock Common Stock Dividend Distributable Dividends Payable-Preferred Stock Dividends Payable-Common Stock | |||
7. | Paid-in Capital From Treasury StockRetained EarningsTreasury StockPreferred StockDividends Payable-Common StockDividends Payable-Preferred StockLandPaid-in Capital in Excess of Par-Common StockPaid-in Capital in Excess of Par-Preferred StockCashCommon StockCommon Stock Dividend Distributable | ||
Paid-in Capital From Treasury StockPreferred StockDividends Payable-Common StockCashPaid-in Capital in Excess of Par-Common StockPaid-in Capital in Excess of Par-Preferred StockRetained EarningsCommon Stock Dividend DistributableDividends Payable-Preferred StockLandTreasury StockCommon Stock | |||
Dividends Payable-Common Stock Paid-in Capital From Treasury Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Land Paid-in Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Common Stock Cash Common Stock Dividend Distributable Dividends Payable-Preferred Stock |
(b) Prepare the December 31, 2014, stockholders equity section. Assume 2014 net income was $344,600. (Enter account name only .Do not provide any descriptive information.)
ANNE CLEVES COMPANY Stockholders Equity December 31, 2014
$
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
AddLess
:
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
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