Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

this all goes together Goldey-Beacom College ACC207 Principles of Accounting II Assignment #3A - 2021 On December 31, 2021, Peabody Company had 820,000 shares of

this all goes together image text in transcribed
image text in transcribed
image text in transcribed
Goldey-Beacom College ACC207 Principles of Accounting II Assignment #3A - 2021 On December 31, 2021, Peabody Company had 820,000 shares of $10 par common stock issued and outstanding. At that date, stockholders' equity had the amounts listed below: Account Common Stock ($5 par value) Additional paid in capital: CIS Retained Earnings Amount $8,200,000 2,460,000 1,600,000 During 2022 the following transactions occurred: January 18: Issued 80,000 shares of $100 par value, 7% cumulative preferred stock for $107. Date Account Titles and Explanation Ref Debit Credit March 23: Purchased 20,000 shares of treasury stock for $15 per share. Date Account Titles and Explanation Ref Debit Credit May 15: Declared a cash dividend on preferred stock payable on June 12 to stockholders of record on May 31. Date Account Tities and Explanation Ref Debit Credit June 8: Declared a cash dividend on common stock of $2.00 per share payable on July 10 to stockholders of record on July 1. Date Account Titles and Explanation Ref Debit Credit July 10: Paid both preferred and common stock dividends. Date Account Titles and Explanation Ref Debit Credit December 31: Net income for the year was $2,900,000. Date Account Titles and Explanation Ref Debit Credit December 31: Closed dividend account into Retained Earnings. Date Account Titles and Explanation Ref Debit Credit DR P/S CR APIC: PIS DR CR RE CR DR DR C/S CR APIC: C/S CR DR DR T/S CR Peabody Corporation Partial Balance Sheet December 31, 2022 Stockholders' equity: Paid-In capital: Capital stock: 7% Preferred stock, $100 par value Common stock, $10 par value Total capital stock Additional paid-in capital: In-excess of par value- preferred stock In-excess of stated value-common stock Total additional paid-in capital Total paid-in capital Retained Earnings Total paid-in and retained earnings Less: Treasury stock-common Total stockholders' equity

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

Ecology, Sustainable Development And Accounting

Authors: Seleshi Sisaye

1st Edition

0415816351, 9780415816359

More Books

Students also viewed these Accounting questions

Question

What do you see as your biggest strength/weakness?

Answered: 1 week ago

Question

OUTCOME 4 Explain how labour relations differ around the world.

Answered: 1 week ago