Practice Problem 1 The stockholders equity accounts of Bramble Corp on January 1, 2017, were as follows Preferred Stock (6 , $100 par noncumulative, 4,400 shares authorized) $264,000 Common Stock ($3 stated value, 346,000 shares authorized) 865,000 Paid in Capital in Excess of Par ValuePreferred Stock 13,200 Paid in Capital in Excess of Stated ValueCommon Stock 553,600 Retained Earnings 707,500 Treasury Stock (4,400 common shares) 35,200 During 2017, the corporation had the following transactions and events pertaining to its stockholders equity Feb 1 Issued 5,190 shares of common stock for $36,330 Mar 20 Purchased 1,450 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 40 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017 Dec 31 Determined that net income for the year was $281,700 Paid the dividend declared on December 1 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 0 for the amounts Round answers to 0 decimal places, e g 5,275 ) Date Account Titles and Explanation Debit Credit Feb 1Mar 20Oct 1Nov 1Dec 1Dec 31 Feb 1Mar 20Oct 1Nov 1Dec 1Dec 31 Feb 1Mar 20Oct 1Nov 1Dec 1Dec 31 Feb 1Mar 20Oct 1Nov 1Dec 1Dec 31 Feb 1Mar 20Oct 1Nov 1Dec 1Dec 31 Feb 1Mar 20Oct 1Nov 1Dec 1Dec 31 (To record net income) Feb 1Mar 20Oct 1Nov 1Dec 1Dec 31 (To close cash dividends) Feb 1Mar 20Oct 1Nov 1Dec 1Dec 31 (To record payment of cash dividends payable) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT 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 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal Common Stock 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal Paid in Capital in Excess of Par ValuePreferred Stock 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal Paid in Capital in Excess of Stated ValueCommon Stock 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal Retained Earnings 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal Cash Dividends 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal Treasury Stock 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal 1 1 Bal 2 110 13 2012 112 3112 31 Bal SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the stockholders equity section of the balance sheet at December 31, 2017 BRAMBLE CORP Partial Balance Sheet For the Month Ended December 31, 2017For the Year Ended December 31, 2017December 31, 2017 Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital $ Current Assets Current Liabilities Intangible Assets Long term Investments Long term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long term Investments Total Long term Liabilities Total Property, Plant and Equipment Additional Paid in Capital Paid in Capital Capital Stock Total Capital Stock Total Paid in Capital Total Paid in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid in Capital $ Current AssetsCurrent LiabilitiesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid in CapitalPaid in CapitalCapital StockTotal Capital StockTotal Paid in CapitalTotal Paid in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid in Capital Current Assets Current Liabilities Intangible Assets Long term Investments Long term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long term Investments Total Long term Liabilities Total Property, Plant and Equipment Additional Paid in Capital Paid in Capital Capital Stock Total Capital Stock Total Paid in Capital Total Paid in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid in Capital Current Assets Current Liabilities Intangible Assets Long term Investments Long term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long term Investments Total Long term Liabilities Total Property, Plant and Equipment Additional Paid in Capital Paid in Capital Capital Stock Total Capital Stock Total Paid in Capital Total Paid in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid in Capital Current Assets Current Liabilities Intangible Assets Long term Investments Long term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long term Investments Total Long term Liabilities Total Property, Plant and Equipment Additional Paid in Capital Paid in Capital Capital Stock Total Capital Stock Total Paid in Capital Total Paid in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid in Capital Add Less Current Assets Current Liabilities Intangible Assets Long term Investments Long term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long term Investments Total Long term Liabilities Total Property, Plant and Equipment Additional Paid in Capital Paid in Capital Capital Stock Total Capital Stock Total Paid in Capital Total Paid in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid in Capital $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the payout ratio, earnings per share, and return on common stockholders equity (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

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Practice Problem 1 The stockholders equity accounts of Bramble Corp. on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,400 shares

Practice Problem 1

The stockholders equity accounts of Bramble Corp. on January 1, 2017, were as follows.

Preferred Stock (6%, $100 par noncumulative, 4,400 shares authorized)		$264,000
Common Stock ($3 stated value, 346,000 shares authorized)		865,000
Paid-in Capital in Excess of Par ValuePreferred Stock		13,200
Paid-in Capital in Excess of Stated ValueCommon Stock		553,600
Retained Earnings		707,500
Treasury Stock (4,400 common shares)		35,200

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

Feb.	1	Issued 5,190 shares of common stock for $36,330.
Mar.	20	Purchased 1,450 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 $0.40 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017.
Dec.	31	Determined that net income for the year was $281,700. Paid the dividend declared on December 1.

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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31


Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

	(To record net income)
Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

	(To close cash dividends)
Feb. 1Mar. 20Oct. 1Nov. 1Dec. 1Dec. 31

	(To record payment of cash dividends payable)

SHOW LIST OF ACCOUNTS

LINK TO TEXT

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.)

SHOW LIST OF ACCOUNTS

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Prepare the stockholders equity section of the balance sheet at December 31, 2017.

BRAMBLE CORP. Partial Balance Sheet For the Month Ended December 31, 2017For the Year Ended December 31, 2017December 31, 2017
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital
	$

Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid-in Capital		$
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentAdditional Paid-in CapitalPaid-in CapitalCapital StockTotal Capital StockTotal Paid-in CapitalTotal Paid-in Capital and Retained EarningsTotal Stockholders EquityTotal Additional Paid-in Capital


Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid-in Capital
Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid-in Capital

Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid-in Capital
Add Less :
Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Additional Paid-in Capital Paid-in Capital Capital Stock Total Capital Stock Total Paid-in Capital Total Paid-in Capital and Retained Earnings Total Stockholders Equity Total Additional Paid-in Capital		$

SHOW LIST OF ACCOUNTS

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Calculate the payout ratio, earnings per share, and return on common stockholders equity. (Round earning per share to 2 decimal places, e.g. $2.66 and all other answers to 1 decimal place. 17.5%.)