Please see attached Anne Cleves Company reported the following amounts in the stockholders equity section of its December 31, 2013, balance sheet Preferred stock,12 , $100par (10,000 shares authorized,2,320shares issued) $232,000 Common stock, $5par (106,600shares authorized,21,320shares issued) 106,600 Additional paid in capital 130,700 Retained earnings 456,600 Total $925,900 During 2014, Cleves took part in the following transactions concerning stockholders equity 1 Paid the annual 2013 $12per share dividend on preferred stock and a $2per share dividend on common stock These dividends had been declared on December 31, 2013 2 Purchased1,600shares of its own outstanding common stock for $39per share Cleves uses the cost method 3 Reissued660treasury shares for land valued at $32,570 4 Issued550shares of preferred stock at $105per share 5 Declared a10 stock dividend on the outstanding common stock when the stock is selling for $45per share 6 Issued the stock dividend 7 Declared the annual 2014 $12per share dividend on preferred stock and the $2per share dividend on common stock These dividends are payable in 2015 (a) Prepare journal entries to record the transactions described above (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 ) No Account Titles and Explanation Debit Credit 1 Retained EarningsDividends Payable Common StockDividends Payable Preferred StockCommon StockTreasury StockCommon Stock Dividend DistributablePaid in Capital From Treasury StockLandPreferred StockPaid in Capital in Excess of Par Preferred StockPaid in Capital in Excess of Par Common StockCash Dividends Payable Common StockPreferred StockDividends Payable Preferred StockCommon Stock Dividend DistributablePaid in Capital in Excess of Par Common StockCashLandPaid in Capital in Excess of Par Preferred StockRetained EarningsCommon StockTreasury StockPaid in Capital From Treasury Stock Paid in Capital in Excess of Par Common StockCommon Stock Dividend DistributableTreasury StockCommon StockPaid in Capital in Excess of Par Preferred StockDividends Payable Common StockLandRetained EarningsCashDividends Payable Preferred StockPaid in Capital From Treasury StockPreferred Stock 2 Dividends Payable Common StockLandPaid in Capital in Excess of Par Common StockCommon Stock Dividend DistributableDividends Payable Preferred StockPaid in Capital From Treasury StockPreferred StockCommon StockPaid in Capital in Excess of Par Preferred StockRetained EarningsTreasury StockCash Retained EarningsCashTreasury StockLandPaid in Capital From Treasury StockDividends Payable Common StockPaid in Capital in Excess of Par Preferred StockPreferred StockCommon Stock Dividend DistributablePaid in Capital in Excess of Par Common StockCommon StockDividends Payable Preferred Stock 3 Dividends Payable Common StockCashPaid in Capital in Excess of Par Common StockLandDividends Payable Preferred StockPaid in Capital in Excess of Par Preferred StockCommon StockPaid in Capital From Treasury StockPreferred StockCommon Stock Dividend DistributableRetained EarningsTreasury Stock Dividends Payable Preferred StockPreferred StockLandCashRetained EarningsPaid in Capital From Treasury StockCommon StockCommon Stock Dividend DistributableDividends Payable Common StockPaid in Capital in Excess of Par Preferred StockPaid in Capital in Excess of Par Common StockTreasury Stock Preferred StockRetained EarningsPaid in Capital in Excess of Par Preferred StockCommon Stock Dividend DistributableTreasury StockDividends Payable Preferred StockDividends Payable Common StockLandPaid in Capital From Treasury StockPaid in Capital in Excess of Par Common StockCashCommon Stock 4 Treasury StockPaid in Capital in Excess of Par Common StockCashPreferred StockDividends Payable Preferred StockLandRetained EarningsDividends Payable Common StockCommon StockPaid in Capital From Treasury StockPaid in Capital in Excess of Par Preferred StockCommon Stock Dividend Distributable LandDividends Payable Common StockPaid in Capital From Treasury StockPaid in Capital in Excess of Par Common StockCashPreferred StockPaid in Capital in Excess of Par Preferred StockDividends Payable Preferred StockRetained EarningsTreasury StockCommon StockCommon Stock Dividend Distributable Common StockCommon Stock Dividend DistributableRetained EarningsDividends Payable Preferred StockPreferred StockLandTreasury StockDividends Payable Common StockPaid in Capital From Treasury StockPaid in Capital in Excess of Par Preferred StockPaid in Capital in Excess of Par Common StockCash 5 Common StockDividends Payable Preferred StockPaid in Capital From Treasury StockDividends Payable Common StockCashPreferred StockCommon Stock Dividend DistributableLandPaid in Capital in Excess of Par Preferred StockPaid in Capital in Excess of Par Common StockRetained EarningsTreasury Stock Paid in Capital in Excess of Par Common StockRetained EarningsPaid in Capital From Treasury StockCommon StockDividends Payable Preferred StockPreferred StockPaid in Capital in Excess of Par Preferred StockCommon Stock Dividend DistributableDividends Payable Common StockTreasury StockCashLand CashPaid in Capital in Excess of Par Common StockLandPaid in Capital From Treasury StockPreferred StockCommon StockRetained EarningsCommon Stock Dividend DistributablePaid in Capital in Excess of Par Preferred StockDividends Payable Preferred StockDividends Payable Common StockTreasury Stock 6 CashCommon StockDividends Payable Common StockLandPaid in Capital in Excess of Par Common StockRetained EarningsDividends Payable Preferred StockCommon Stock Dividend DistributablePaid in Capital From Treasury StockTreasury StockPaid in Capital in Excess of Par Preferred StockPreferred Stock Common Stock Dividend DistributablePaid in Capital From Treasury StockPaid in Capital in Excess of Par Preferred StockCommon StockDividends Payable Preferred StockDividends Payable Common StockLandPreferred StockPaid in Capital in Excess of Par Common StockRetained EarningsTreasury StockCash 7 Preferred StockPaid in Capital From Treasury StockDividends Payable Preferred StockDividends Payable Common StockCommon StockCommon Stock Dividend DistributablePaid in Capital in Excess of Par Preferred StockCashTreasury StockRetained EarningsPaid in Capital in Excess of Par Common StockLand Preferred StockPaid in Capital in Excess of Par Preferred StockRetained EarningsDividends Payable Common StockCommon StockDividends Payable Preferred StockPaid in Capital in Excess of Par Common StockPaid in Capital From Treasury StockCashCommon Stock Dividend DistributableLandTreasury Stock Preferred StockCashCommon StockCommon Stock Dividend DistributableRetained EarningsPaid in Capital From Treasury StockPaid in Capital in Excess of Par Preferred StockDividends Payable Preferred StockPaid in Capital in Excess of Par Common StockLandDividends Payable Common StockTreasury Stock (b) Prepare the December 31, 2014, stockholders equity section Assume 2014 net income was $331,100 (Enter account name only Do not provide any descriptive information ) ANNE CLEVES COMPANY Stockholders Equity December 31, 2014 Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity $ Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity AddLess Additional Paid in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity $ Warning Don't show me this message again for the assignment Ok Cancel Anne Cleves Company reported the following amounts in the stockholders' equity section of its December 31, 2013, balance sheet Preferred stock, 12 , $100 par (10,000 shares authorized, 2,320 shares issued) Common stock, $5 par (106,600 shares authorized, 21,320 shares issued) Additional paid in capital Retained earnings Total $232,000 106,600 130,700 456,600 $925,900 During 2014, Cleves took part in the following transactions concerning stockholders' equity 1 Paid the annual 2013 $12 per share dividend on preferred stock and a $2 per share dividend on common stock These dividends had been declared on December 31, 2013 2 Purchased 1,600 shares of its own outstanding common stock for $39 per share Cleves uses the cost method 3 Reissued 660 treasury shares for land valued at $32,570 4 Issued 550 shares of preferred stock at $105 per share 5 Declared a 10 stock dividend on the outstanding common stock when the stock is selling for $45 per share 6 Issued the stock dividend 7 Declared the annual 2014 $12 per share dividend on preferred stock and the $2 per share dividend on common stock These dividends are payable in 2015 (a) Prepare journal entries to record the transactions described above (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 ) No Account Titles and Explanation 1 2 3 4 Debit Credit 5 6 7 (b) Prepare the December 31, 2014, stockholders' equity section Assume 2014 net income was $331,100 (Enter account name only Do not provide any descriptive information ) ANNE CLEVES COMPANY Stockholders' Equity December 31, 2014 $ $ Don't show me this message again for the assignment

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 18, 2024

Please see attached. Anne Cleves Company reported the following amounts in the stockholders? equity section of its December 31, 2013, balance sheet. Preferred stock,12%, $100par

Please see attached.

Anne Cleves Company reported the following amounts in the stockholders? equity section of its December 31, 2013, balance sheet.

Preferred stock,12%, $100par (10,000 shares authorized,2,320shares issued)	$232,000
Common stock, $5par (106,600shares authorized,21,320shares issued)	106,600
Additional paid-in capital	130,700
Retained earnings	456,600
Total	$925,900

During 2014, Cleves took part in the following transactions concerning stockholders? equity.

1.	Paid the annual 2013 $12per share dividend on preferred stock and a $2per share dividend on common stock. These dividends had been declared on December 31, 2013.
2.	Purchased1,600shares of its own outstanding common stock for $39per share. Cleves uses the cost method.
3.	Reissued660treasury shares for land valued at $32,570.
4.	Issued550shares of preferred stock at $105per share.
5.	Declared a10% stock dividend on the outstanding common stock when the stock is selling for $45per share.
6.	Issued the stock dividend.
7.	Declared the annual 2014 $12per share dividend on preferred stock and the $2per share dividend on common stock. These dividends are payable in 2015.

(a) Prepare journal entries to record the transactions described above. (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.)

No.	Account Titles and Explanation	Debit	Credit
1.	Retained EarningsDividends Payable-Common StockDividends Payable-Preferred StockCommon StockTreasury StockCommon Stock Dividend DistributablePaid-in Capital From Treasury StockLandPreferred StockPaid-in Capital in Excess of Par-Preferred StockPaid-in Capital in Excess of Par-Common StockCash
Dividends Payable-Common StockPreferred StockDividends Payable-Preferred StockCommon Stock Dividend DistributablePaid-in Capital in Excess of Par-Common StockCashLandPaid-in Capital in Excess of Par-Preferred StockRetained EarningsCommon StockTreasury StockPaid-in Capital From Treasury Stock
Paid-in Capital in Excess of Par-Common StockCommon Stock Dividend DistributableTreasury StockCommon StockPaid-in Capital in Excess of Par-Preferred StockDividends Payable-Common StockLandRetained EarningsCashDividends Payable-Preferred StockPaid-in Capital From Treasury StockPreferred Stock
2.	Dividends Payable-Common StockLandPaid-in Capital in Excess of Par-Common StockCommon Stock Dividend DistributableDividends Payable-Preferred StockPaid-in Capital From Treasury StockPreferred StockCommon StockPaid-in Capital in Excess of Par-Preferred StockRetained EarningsTreasury StockCash
Retained EarningsCashTreasury StockLandPaid-in Capital From Treasury StockDividends Payable-Common StockPaid-in Capital in Excess of Par-Preferred StockPreferred StockCommon Stock Dividend DistributablePaid-in Capital in Excess of Par-Common StockCommon StockDividends Payable-Preferred Stock
3.	Dividends Payable-Common StockCashPaid-in Capital in Excess of Par-Common StockLandDividends Payable-Preferred StockPaid-in Capital in Excess of Par-Preferred StockCommon StockPaid-in Capital From Treasury StockPreferred StockCommon Stock Dividend DistributableRetained EarningsTreasury Stock
Dividends Payable-Preferred StockPreferred StockLandCashRetained EarningsPaid-in Capital From Treasury StockCommon StockCommon Stock Dividend DistributableDividends Payable-Common StockPaid-in Capital in Excess of Par-Preferred StockPaid-in Capital in Excess of Par-Common StockTreasury Stock
Preferred StockRetained EarningsPaid-in Capital in Excess of Par-Preferred StockCommon Stock Dividend DistributableTreasury StockDividends Payable-Preferred StockDividends Payable-Common StockLandPaid-in Capital From Treasury StockPaid-in Capital in Excess of Par-Common StockCashCommon Stock
4.	Treasury StockPaid-in Capital in Excess of Par-Common StockCashPreferred StockDividends Payable-Preferred StockLandRetained EarningsDividends Payable-Common StockCommon StockPaid-in Capital From Treasury StockPaid-in Capital in Excess of Par-Preferred StockCommon Stock Dividend Distributable
LandDividends Payable-Common StockPaid-in Capital From Treasury StockPaid-in Capital in Excess of Par-Common StockCashPreferred StockPaid-in Capital in Excess of Par-Preferred StockDividends Payable-Preferred StockRetained EarningsTreasury StockCommon StockCommon Stock Dividend Distributable
Common StockCommon Stock Dividend DistributableRetained EarningsDividends Payable-Preferred StockPreferred StockLandTreasury StockDividends Payable-Common StockPaid-in Capital From Treasury StockPaid-in Capital in Excess of Par-Preferred StockPaid-in Capital in Excess of Par-Common StockCash
5.	Common StockDividends Payable-Preferred StockPaid-in Capital From Treasury StockDividends Payable-Common StockCashPreferred StockCommon Stock Dividend DistributableLandPaid-in Capital in Excess of Par-Preferred StockPaid-in Capital in Excess of Par-Common StockRetained EarningsTreasury Stock
Paid-in Capital in Excess of Par-Common StockRetained EarningsPaid-in Capital From Treasury StockCommon StockDividends Payable-Preferred StockPreferred StockPaid-in Capital in Excess of Par-Preferred StockCommon Stock Dividend DistributableDividends Payable-Common StockTreasury StockCashLand
CashPaid-in Capital in Excess of Par-Common StockLandPaid-in Capital From Treasury StockPreferred StockCommon StockRetained EarningsCommon Stock Dividend DistributablePaid-in Capital in Excess of Par-Preferred StockDividends Payable-Preferred StockDividends Payable-Common StockTreasury Stock
6.	CashCommon StockDividends Payable-Common StockLandPaid-in Capital in Excess of Par-Common StockRetained EarningsDividends Payable-Preferred StockCommon Stock Dividend DistributablePaid-in Capital From Treasury StockTreasury StockPaid-in Capital in Excess of Par-Preferred StockPreferred Stock
Common Stock Dividend DistributablePaid-in Capital From Treasury StockPaid-in Capital in Excess of Par-Preferred StockCommon StockDividends Payable-Preferred StockDividends Payable-Common StockLandPreferred StockPaid-in Capital in Excess of Par-Common StockRetained EarningsTreasury StockCash
7.	Preferred StockPaid-in Capital From Treasury StockDividends Payable-Preferred StockDividends Payable-Common StockCommon StockCommon Stock Dividend DistributablePaid-in Capital in Excess of Par-Preferred StockCashTreasury StockRetained EarningsPaid-in Capital in Excess of Par-Common StockLand
Preferred StockPaid-in Capital in Excess of Par-Preferred StockRetained EarningsDividends Payable-Common StockCommon StockDividends Payable-Preferred StockPaid-in Capital in Excess of Par-Common StockPaid-in Capital From Treasury StockCashCommon Stock Dividend DistributableLandTreasury Stock
Preferred StockCashCommon StockCommon Stock Dividend DistributableRetained EarningsPaid-in Capital From Treasury StockPaid-in Capital in Excess of Par-Preferred StockDividends Payable-Preferred StockPaid-in Capital in Excess of Par-Common StockLandDividends Payable-Common StockTreasury Stock

(b) Prepare the December 31, 2014, stockholders? equity section. Assume 2014 net income was $331,100. (Enter account name only .Do not provide any descriptive information.)

ANNE CLEVES COMPANY Stockholders? Equity December 31, 2014
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
	$

Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity

Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity
AddLess:
Additional Paid-in CapitalCapital StockCurrent AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Capital StockTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Property, Plant and EquipmentTotal Stockholders' Equity	$

Warning

Don't show me this message again for the assignment

Ok Cancel

Anne Cleves Company reported the following amounts in the stockholders' equity section of its December 31, 2013, balance sheet. Preferred stock, 12%, $100 par (10,000 shares authorized, 2,320 shares issued) Common stock, $5 par (106,600 shares authorized, 21,320 shares issued) Additional paid-in capital Retained earnings Total $232,000 106,600 130,700 456,600 $925,900 During 2014, Cleves took part in the following transactions concerning stockholders' equity. 1. Paid the annual 2013 $12 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2013. 2. Purchased 1,600 shares of its own outstanding common stock for $39 per share. Cleves uses the cost method. 3. Reissued 660 treasury shares for land valued at $32,570. 4. Issued 550 shares of preferred stock at $105 per share. 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $45 per share. 6. Issued the stock dividend. 7. Declared the annual 2014 $12 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2015. (a) Prepare journal entries to record the transactions described above. (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.) No Account Titles and Explanation . 1. 2. 3. 4. Debit Credit 5. 6. 7. (b) Prepare the December 31, 2014, stockholders' equity section. Assume 2014 net income was $331,100. (Enter account name only .Do not provide any descriptive information.) ANNE CLEVES COMPANY Stockholders' Equity December 31, 2014 $ : $ Don't show me this message again for the assignment