Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please do the balance sheet! The stockholders' equity accounts of Cullumber Company on January 1,2022, were as follows. During 2022, the corporation had the following

please do the balance sheet! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The stockholders' equity accounts of Cullumber Company on January 1,2022, were as follows. During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,000 shares of common stock for $115,000. Apr. 14 Sold 5,500 shares of treasury stock-common for $32,000. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $34,000. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,700. Dec. 31 Determined that net income for the year was $400,000. No dividends were declared during the year. Date Account Titles and Explanation Debit Feb. 1 Cash 115000 Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Apr. 140 Cash 32000 Treasury Stock Paid-in Capital from Treasury Stock Sept. 3 Patents 34000 Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Nov, 10 Treasury Stock 5700 Cash Dec 310 Income Summary 400000 Retained Earnings t Titles and Explanation Debit Credit 115000 mon Stock 24000 Hin Capital in Excess of Stated Value-Common Stock 91000 32000 istry Stock 32000 Fin Capital from Treasury Stock \begin{tabular}{|r|} \hline 22000 \\ \hline 10000 \\ \hline \end{tabular} ts 34000 amon Stock 4700 I-in Capital in Excess of Stated Value-Common Stock 29300 sy Stock 5700 systock 34000 \begin{tabular}{|r|} \hline \\ \hline \\ \hline \\ \hline 29300 \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} ie Summary 400000 ained Earnings 400000 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 presented in the previous part.) Dec. 31 Bal. 1,520,300 Retained Earnings \begin{tabular}{|l|l} \hline Jan. 1Bal. 01,750,000 \\ \hline \end{tabular} Dec. 31 400,000 Dec. 31 Bal. 2,150,000 Paid-in Capital from Treasury Stock Apr. 14 10,000 Dec. 31Bal. 10,000 \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Treasury Stock } \\ \hline Jan. 1 Bal. & 40,000 & Apr. 14 & 22,000 \\ \hline Nov, 100 & 5,700 & c & \\ \hline Dec. 31Bal.0 & 23,700 & 0 & \\ \hline \end{tabular} Cullumber Company Balance Sheet (Partial) Cullumber Company Balance Sheet (Partial)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

6th Edition

0273039148, 9780273039143

More Books

Students also viewed these Accounting questions

Question

k

Answered: 1 week ago

Question

What are the diff erences between groups and teams?

Answered: 1 week ago

Question

If you were Dans friend, what might you say to alter his behaviors?

Answered: 1 week ago