The Stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows.
The stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 3,000 shares authorized) Common Stock ($4 stated value, 180,000 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 (3.000 common shares) $180,000 600,000 9,000 288,000 412,800 24,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity, Feb 1 Mar. 20 Oct 1 Nov 1 Dec 1 Issued 3.000 shares of common stock for $18,000, Purchased 600 additional shares of common treasury stock at $7 per share Declared a 7% cash dividend on preferred stock payable November 1 Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15. payable December 31 Date Account and Explanation Det Credit 50 cm The ledger of Swifty Corporation at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (12,100 shares issued) Common Stock (311,000 shares issued) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings $1,234,200 1,555,000 210,000 1,710,000 2,758,000 1. 3. A review of the accounting records reveals this information: Preferred stock is 7%, $102 par value, noncumulative. Since January 1, 2021, 12,100 shares have been outstanding: 24,200 shares are authorized. 2 Common stock is no par with a stated value of $5 per share; 622,000 shares are authorized The January 1, 2022, balance in Retained Earnings was $2.291,000. 4. On October 1,64,500 shares of common stock were sold for cash at $8 per share. 5. A cash dividend of $391.000 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2021. 6. Net income for the year was $858,000 7 On December 31, 2022, the directors authorized disclosure of a $151.500 restriction of retained earnings for plant expansion (Use Note A) The stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 3,000 shares authorized) Common Stock ($4 stated value, 180,000 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 (3.000 common shares) $180,000 600,000 9,000 288,000 412,800 24,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity, Feb 1 Mar. 20 Oct 1 Nov 1 Dec 1 Issued 3.000 shares of common stock for $18,000, Purchased 600 additional shares of common treasury stock at $7 per share Declared a 7% cash dividend on preferred stock payable November 1 Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15. payable December 31 Date Account and Explanation Det Credit 50 cm The ledger of Swifty Corporation at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (12,100 shares issued) Common Stock (311,000 shares issued) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings $1,234,200 1,555,000 210,000 1,710,000 2,758,000 1. 3. A review of the accounting records reveals this information: Preferred stock is 7%, $102 par value, noncumulative. Since January 1, 2021, 12,100 shares have been outstanding: 24,200 shares are authorized. 2 Common stock is no par with a stated value of $5 per share; 622,000 shares are authorized The January 1, 2022, balance in Retained Earnings was $2.291,000. 4. On October 1,64,500 shares of common stock were sold for cash at $8 per share. 5. A cash dividend of $391.000 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2021. 6. Net income for the year was $858,000 7 On December 31, 2022, the directors authorized disclosure of a $151.500 restriction of retained earnings for plant expansion (Use Note A)
