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need help with Problem The stockholders equity accounts of Culver Corporation on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 5,000

need help with Problem

The stockholders equity accounts of Culver Corporation on January 1, 2017, were as follows.

Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) $300,000
Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000
Paid-in Capital in Excess of Par ValuePreferred Stock 15,000
Paid-in Capital in Excess of Stated ValueCommon Stock 480,000
Retained Earnings 694,500
Treasury Stock (5,000 common shares) 40,000

During 2017, the corporation had the following transactions and events pertaining to its stockholders equity.

Feb. 1 Issued 5,000 shares of common stock for $35,000.
Mar. 20 Purchased 1,000 additional shares of common treasury stock at $9 per share.
Oct. 1 Declared a 6% cash dividend on preferred stock, payable November 1.
Nov. 1 Paid the dividend declared on October 1.
Dec. 1 Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec. 31 Paid the dividend declared on December 1.image text in transcribedimage text in transcribed
image text in transcribedimage text in transcribed Problem 8-4 The stockholders' equity accounts of Culver Corporation on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 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 (5,000 common shares) $300,000 1,000,000 15,000 480,000 694,500 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Issued 5,000 shares of common stock for $35,000. Purchased 1,000 additional shares of common treasury stock at $9 per share. Declared a 6% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1 Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Paid the dividend declared on December 1. Nov. 1 Dec. 1 Dec. 31 (a) Prepare a tabular summary that includes the January 1, 2017, balances. Do not include the beginning balance in Retained Earnings in the tabular summary. (b) Record the 2017 transactions in the tabular summary. (Round answers to o decimal places, e.g. 5,275. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Paid-in-Capital Retained Earnings Common Stock PIC in Excess of Stated Value + Com. PIC in Excess of Par Value Pref. Treasury Stock Cash = Div. Pay. + + Pref. Stock + + Revenue Expense Dividend (a) Bal. $ $ $ $ $ (b) Feb. 1 Mar. 20 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Prepare the stockholders' equity section of the balance sheet at December 31, 2017. Include 2017 net income of $288,900 as an increase to the January 1, 2017, Retained Earnings. CULVER CORPORATION Partial Balance Sheet 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 earning per share to 2 decimal places, e.g. $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio % Earnings per share Return on common stockholders' equity % Click if you would like to Show Work for this question: Open Show Work Problem 8-4 The stockholders' equity accounts of Culver Corporation on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 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 (5,000 common shares) $300,000 1,000,000 15,000 480,000 694,500 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar. 20 Oct. 1 Issued 5,000 shares of common stock for $35,000. Purchased 1,000 additional shares of common treasury stock at $9 per share. Declared a 6% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1 Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Paid the dividend declared on December 1. Nov. 1 Dec. 1 Dec. 31 (a) Prepare a tabular summary that includes the January 1, 2017, balances. Do not include the beginning balance in Retained Earnings in the tabular summary. (b) Record the 2017 transactions in the tabular summary. (Round answers to o decimal places, e.g. 5,275. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Paid-in-Capital Retained Earnings Common Stock PIC in Excess of Stated Value + Com. PIC in Excess of Par Value Pref. Treasury Stock Cash = Div. Pay. + + Pref. Stock + + Revenue Expense Dividend (a) Bal. $ $ $ $ $ (b) Feb. 1 Mar. 20 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Prepare the stockholders' equity section of the balance sheet at December 31, 2017. Include 2017 net income of $288,900 as an increase to the January 1, 2017, Retained Earnings. CULVER CORPORATION Partial Balance Sheet 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 earning per share to 2 decimal places, e.g. $2.66 and all other answers to 1 decimal place. 17.5%.) Payout ratio % Earnings per share Return on common stockholders' equity % Click if you would like to Show Work for this question: Open Show Work

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