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I need the whole thing if possible, im pretty sure the first part is right but im not sure, thank you!! Problem 11-02A The stockholders'
I need the whole thing if possible, im pretty sure the first part is right but im not sure, thank you!!
Problem 11-02A The stockholders' equity accounts of Bridgeport Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 5,500 shares authorized) Common Stock ($4 stated value, 330,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,500 common shares) $330,000 1,100,000 16,500 528,000 756,800 44,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 5,500 shares of common stock for $33,000. Mar. 20 Purchased 1,100 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. Dec. 31 Determined that net income for the year was $310,000. Paid the dividend declared on December 1. for the amounts. Round answers to decimal places, e.g. Journalize the transactions. Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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 5. 275. Date Account Titles and Explanation Debit Credit Feb. 1 Cash 33000 Common Stock 22000 Paid-in Capital in Excess of Stated Value-Commor 11000 Mar. 20 Treasury Stock Cash Oct. 1 7 Cash Dividends Dividends Payable 23100 Nov. 1 7 Dividends Payable Cash 23100 Dec. 1 Cash Dividends 136950 Dividends Payable 136950 Dec 31 Income Summary Retained Earnings (To record net income) Dec. 31 Retained Earnings 160050 160050 Cash Dividends (To dose cash dividends) Dec. 31 Dividends Payable 136950 136950 Cash (To record peyment of cash dividends payable) Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock 12/31 Bal 3 30000 330000 1/1 Bal 1 Common Stock 1/1 Bal 12/31 Bal 1122000 Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Cash Dividends Treasury Stock Prepare the stockholders' equity section of the balance sheet at December 31, 2022. BRIDGEPORT CORP Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 330000 Common Stock 1122000 Total Capital Stock $ 1452000 Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Preferred St 16500 Paid-in Capital in Excess of Stated Value-Commor 539000 Total Additional Paid-in Capital 2007500 Total Paid-in Capital and Retained Earnings Total Paid-in Capital and Retained Earnings Add : SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Note: Use the common shares outstanding on January 1 and December 31 to determine the average shares outstanding.) (Round answers to 2 decimal places, e.g 17.50%) Payout ratio Earnings per share Return on common stockholders' equityStep by Step Solution
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