een The hand of handen op Predok (16,000 shares ) Come t 259.000 shares ) Paiden p incess of Commen Stock Dividend Redrawings Common Stock e $100,000 20,000 290,000 41.000 250.000 921,900 A new of the counting records reveals the following Narror have been made in recording 2020 ra t her for me > Preferred whispar, 6, and cut 16,000 shares have been g a y 1, 2018 1 An d 1,000 shares of preferred, 18.000 10 par va The way balance in R ed Earnings was $1,120,000 Only 1, 21,600 shares of common stock were to share On September 1, the company discovered an understatement are of 2.000 cm . The Advidend of 250.000 de r o nde y On December 31, 2020, the director Your answer is correct. a nd in the p Reproduce the Retained Earnings account for 2020. (List Items in Retained Earnings Sept. 1 Prior Per. Adj. 60,900 | Jan. 1 Balance . 120,000 Dec 31 Cash Dividends 259,000|| Dec. 31 Net Income 4662001 Dedi Stock Dividends - Dec 31 Balance Dec. 31 Balance 921909 Click you would like to show Work for this question: Open Show Work Your answer is correct. Prepare a stockholders' equity section at December 31, 2020. (Enter account name only and do not provide descriptive Information.) SHERIDAN CORPORATION. Partial Balance Sheet December 31, 2020 2 Stockholders' Equity Paid-in Capital Capital Stock 800,000 Preferred Stock Common Stock 2,590,000 Common Stock Dividends Distributable T 259,000 2,849,000 T Total Capital Stock 3,649,000 Additional Paid-in Capital Pald-in Capital in Excess of Par-Preferred Stock 259,000 Pald-in Capital in Excess of Par-Common Stock 410,000 Total Additional Paid-in Capital T 669,000 Total Paid-in Capital 4,318,000 Retained Carnings 921.900 Total Stockholders' Equity 5,239,900 VILAI (c) Compute the allocation of the cash dividend to preferred and common stock. Allocation of the cash dividend to preferred stock Allocation of the cash dividend to common stock Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT December 2006 Part Level Submen) The r a ce of Sheridan Corporation Preferred (16,000 shares ) Common Stock (259.000 shares Pada Capital in bass of Par-Preferred Stock in Capital infess of Par-Commen Stock Common Stock Dividends Distributable Red Farmings 2,590,000 299,000 410,000 P 250.000 A review of the accounting records reveals the following No errors have been made in recording 2020 transaction or in preparing the closing entry for net income 21 Preferred work is $50 , 66, and cumulative; 16,000 shares have been outstanding time ay 1, 2019 Authorized Meckis 21,000 shares of preferred, 518,000 shares of common with a $10 par value The january 1 balance in Retained Earnings was $1,120,000. On July 1, 21,600 shares of common stock were issued for cash 18 per share On September 1, the company discovered an understatement error of $87,000 in computing s and was A cash dividend of $259,000 was declared and poorly allocated to preferred and common stod on October 1 On December 31, a 10% common stock vidend was declared out of ind ings on common to when Net income for the year was $588.000 10. On December 31, 2020, the directors authored score of 193,000 restriction of retained cars for ta preferred to inciders in 2018
