Swifty Corporation was organized on January 1, 2022. It is authorized to issue 19,700 shares of 7%, $52 par value preferred stock and 471,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan.	10		Issued 65,100 shares of common stock for cash at $4 per share.
Mar.	1		Issued 1,155 shares of preferred stock for cash at $56 per share.
May	1		Issued 120,500 shares of common stock for cash at $6 per share.
Sept.	1		Issued 6,100 shares of common stock for cash at $7 per share.
Nov.	1		Issued 4,100 shares of preferred stock for cash at $54 per share.

(a)

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Your answer is correct.

Prepare a tabular summary to record the transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

		Assets	=	Liabilities	+	Stockholders Equity
						Paid-in-Capital								Retained Earnings
		Cash	=		+	Common Stock	+	PIC in Excess of Stated Value Com.	+	Pref. Stock	+	PIC in Excess of Par Value Pref.	+	Revenue	-	Expense	-	Dividend
Jan. 10		$enter a dollar amount		$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

$enter a dollar amount

Mar. 1		enter a dollar amount		enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

May 1		enter a dollar amount		enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

Sept. 1		enter a dollar amount		enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

Nov. 1		enter a dollar amount		enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

enter a dollar amount

Total		enter a dollar amount	=	enter a dollar amount

enter a dollar amount

+

enter a dollar amount

+

enter a dollar amount

+

enter a dollar amount

+

enter a dollar amount

+

enter a dollar amount

-

enter a dollar amount

eTextbook and Media

List of Accounts

Attempts: 1 of 2 used

(b)

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Your answer is incorrect.

Prepare the paid-in capital portion of the stockholders equity section at December 31, 2022.

SWIFTY CORPORATION Partial Balance Sheet choose the accounting period

select an opening name for this part

select an opening name for section one

select an opening name for subsection one

enter a balance sheet item			$enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for subsection one

					$enter a total amount for subsection one
select an opening name for section two

enter a balance sheet item			enter a balance sheet item
enter a balance sheet item			enter a balance sheet item
select a closing name for section two

					enter a total amount for section two
select a closing section name for this part of the balance sheet

					$enter a total amount for this part of the balance sheet