Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

same question just couldnt fit it Problem 11-02A (Part Level Submission) The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2022, were as

same question just couldnt fit it image text in transcribed
image text in transcribed
Problem 11-02A (Part Level Submission) The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows. 2.000.000 Preferred Stock (7%, $100 par noncumulative, 13,000 shares authorized) Common Stock ($4 stated value, 780,000 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 (13,000 common shares) 39.000 104.000 During 2022, the corporation had the following transactions and events pertaining to its stock Feb Issued 13,000 shares of common stock for $78,000. Mar 20 Purchased 2,600 additional shares of common treasury stock at $7 per share. Oct Declared a 7% cash dividend on preferred stock, payable November 1. Now Paid the dividend declared on October 1. De Declared a $0.50 per share cash dividend to common stockholders of record on December 15 0 1 Determined that net income for the year was $728,000. Paid the dividend declared on Decem (a) (b) Enter the beginning balances in the accounts and post the journal entries to the stockholders' entries in the order of journal entries posted in the previous part. For accounts that the entry should be the balance date and zero for the amount.) Preferred Stock Pald-in Capital in een of Pur Value Preferred Stock Pada Capital of State Val C (b) Enter the beginning balances in the accounts and post the journal entries to the stockhol entries in the order of journal entries posted in the previous part. For accounts the entry should be the balance date and zero for the amount.) Preferred Stock Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Cash Dividends Treasury Stock

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

Fundamentals Of Cost Accounting

Authors: T.R.Sikka

7th Edition

8130918706, 978-8130918709

More Books

Students also viewed these Accounting questions