Question
Foley Corporation has the following capital structure at the beginning of the year: 4% Preferred stock, $50 par value, 20,000 shares authorized,6,000shares issued and outstanding$300,000
Foley Corporation has the following capital structure at the beginning of the year:
4% Preferred stock, $50 par value, 20,000 shares authorized,6,000shares issued and outstanding$300,000
Common stock, $10 par value, 60,000 shares authorized,45,000shares issued and outstanding450,000
Paid-in capital in excess of par120,000
Total paid-in capital870,000
Retained earnings446,000
Total stockholders' equity$1,316,000
Record the following transactions which occurred consecutively.(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.)
1.A total cash dividend of $90,000was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.
2.A 15% common stock dividend was declared. The average fair value of the common stock is $20a share.
3.Assume that net income for the year was $139,000(record the closing entry) and the board of directors appropriated $68,000of retained earnings for plant expansion.
No. Account Titles and Explanation Debit Credit
1 Retained earnings 90000
Dividends payable preferred 12000
Dividends payable common 78000
2 Retained earnings 135000
Common stock dividends distributable 67500
Paid in capital in excess of par common stock 67500
3 Income summary 139000
Retained earnings 139000
4 Retained earnings 68000
Retained earnings appropriated for plant expansion 68000
Construct the stockholders' equity section incorporating all the above information.
Foley corporation
Balance sheet partial
Stockholders' equity
Preferred stock 300000
Common stock 450000
Common stock dividends distributable 60000
Paid in capital in excess par common stock - My number that goes here is wrong
Total paid in capital - My number that goes here is wrong
Retained earnings - My number that goes here is wrong
Retained earnings appropriated for plant expansion - My number that goes here is wrong
Total retained earnings - My number that goes here is wrong
Total stockholders' equity - My number that goes here is wrong
The only part I need help is in the parts where it says that my number that goes here is wrong.
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