Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is a summary of all relevant transactions of Sweet Corporation since it was organized in 2020. In 2020, 15,800 shares were authorized and

image text in transcribed
The following is a summary of all relevant transactions of Sweet Corporation since it was organized in 2020. In 2020, 15,800 shares were authorized and 7 200 shares of common stock ($50 par value) were issued at a price of $57. In 2021, 1,000 shares were issued as a stock dividend when the stock was selling for $60.300 shares of common stock were bought in 2022 at a cost of $64 per share. These 300 shares are still in the company treasury. In 2021. 9,300 preferred shares were authorized and the company issued 4,600 of them ($100 per value) at $117. Some of the preferred stock was rescauired by the company and later reissued for $4.310 more than it cost the company The corporation has earned a total of $632.000 in net income after income taxes and paid out a total of $200,300 in cash dividends since incorporation Prepare the stocholders' equity section of the balance sheet in proper form for Sweet Corporation as of December 31, 2022 Account for treasury stock using the cost method. (Enter account not only. Do not provide descriptive Information) SWEET CORPORATION Stockholders' Equity December 31, 2022 Sick Stock 450.00 Stock 450.000 SK 0 170,000 Pisces) parlared Stock $ 78200 Dosor. Common Stock 0400 Thury Stock 40 SAVO in Canal HOTEO 3400 CadV ]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions