problem 14.2
Problems: Set 14-33 dhe mber of lative. Min- Beferred Stock (15.000 shares issued Cammon Stock (250,000 shares issued Del.in Capital in Excess of Par-Preferred Stock Did-in Capital in Excess of Par Common Stock Common Stock Dividends Distributable Retained Earnings of the accounting records reveals the following $750.000 2.500.000 250.000 400,000 250.000 1.042.000 mum Com in capital ck $2.828. how been made in recording 2020 transactions or in preparing the closing entry for I. No errors have been made in $3.75 per preferred 100 stock nt data. ends in income and stock is $50 par, 6%, and cumulative: 15.000 shares have been outstanding since January 1.2019 herred stock is 20,000 shares of preferred, 500,000 shares of common with a $10 per value. The January 1 balance in Retained Earnings was $1.170,000 On July 1, 20,000 shares of common stock were issued for cash at $16 per share. 0 September 1, the company discovered an understatement error of S90,000 in computing salaries and wapes expense in 2019. The net of tax effect of $63,000 was properly debited directly to Re- tained Earnings. 1 A cash dividend of $250,000 was declared and properly allocated to preferred and common stock on October I. No dividends were paid to preferred stockholders in 2019. 10 December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $16. Net income for the year was $585,000. On December 31, 2020. the directors authorized disclosure of a $200,000 restriction of retained carlings for plant expansion. (Use Note X.) 0. In- stock year- Instructions amount) for 2020. b. Total stockhol 31 Dec of income and dividends. -kholders' equity accounts Instructions 2. Journalize the transactions and the closing entries for net income b. Enter the beginning balances, and post the entries to the stockho additional stockholders' equity accounts as needed.) c. Prepare a stockholders' equity section at December 31. trial balance of Storey Co P14.2A (LO 1, 2) Financial Statement The post-closing trialb December 31, 2020. contains the following stockholders' equity account accounts. Problems: Set 14-33 dhe mber of lative. Min- Beferred Stock (15.000 shares issued Cammon Stock (250,000 shares issued Del.in Capital in Excess of Par-Preferred Stock Did-in Capital in Excess of Par Common Stock Common Stock Dividends Distributable Retained Earnings of the accounting records reveals the following $750.000 2.500.000 250.000 400,000 250.000 1.042.000 mum Com in capital ck $2.828. how been made in recording 2020 transactions or in preparing the closing entry for I. No errors have been made in $3.75 per preferred 100 stock nt data. ends in income and stock is $50 par, 6%, and cumulative: 15.000 shares have been outstanding since January 1.2019 herred stock is 20,000 shares of preferred, 500,000 shares of common with a $10 per value. The January 1 balance in Retained Earnings was $1.170,000 On July 1, 20,000 shares of common stock were issued for cash at $16 per share. 0 September 1, the company discovered an understatement error of S90,000 in computing salaries and wapes expense in 2019. The net of tax effect of $63,000 was properly debited directly to Re- tained Earnings. 1 A cash dividend of $250,000 was declared and properly allocated to preferred and common stock on October I. No dividends were paid to preferred stockholders in 2019. 10 December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $16. Net income for the year was $585,000. On December 31, 2020. the directors authorized disclosure of a $200,000 restriction of retained carlings for plant expansion. (Use Note X.) 0. In- stock year- Instructions amount) for 2020. b. Total stockhol 31 Dec of income and dividends. -kholders' equity accounts Instructions 2. Journalize the transactions and the closing entries for net income b. Enter the beginning balances, and post the entries to the stockho additional stockholders' equity accounts as needed.) c. Prepare a stockholders' equity section at December 31. trial balance of Storey Co P14.2A (LO 1, 2) Financial Statement The post-closing trialb December 31, 2020. contains the following stockholders' equity account accounts
