View Policies Current Attempt in Progress The stockholders equity accounts of Swifty Corporation on January 1, 2022 were as follows. $660,000 Preferred Stock (7%, $100 par noncumulative, 11,000 shares authorized) Common Stock ($4 stated value, 660,000 shares authorized) Paid-in Capital in Excess of Par Value - Preferred Stock 2,200,000 33,000 Paid in Capital in Excess of Stated Value-Common Stock 1,056,000 Retained Earnings 1,513,600 Treasury Stock (11.000 common shares) 88,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders'equity Feb. 1 Mar. 20 Oct 1 Issued 11,000 shares of common stock for $66.000. Purchased 2,200 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, Nov. 1 Dec 1 Dec. 31 Determined that net income for the year was $616,000. Paid the dividend declared on December 1. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the one displayed in the problem statement Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Debit Credit Date Account Titles and Explanation 66,000 Feb. 1 Cash 44,000 Common Stock 22.000 Paid-in Capital in Excess of Stated Value-Common Stock Mar. 20 Treasury Stock 15.400 15.400 Cash Oct 1 Cash Dividends 46.200 Dividends Payable 46.200 Nov: 1 Dividends Payable 46.200 Cash 46.200 Doe Cash Dividends 273.900 Dividends Payable 273.900 -/1 E Question 7 of 12 616,000 Dec 31 Income Summary 616,000 Retained Earnings (To record net income) 320.100 Dec 31 Retained Earnings Cash Dividends 320,100 (To close cash dividends) 273,900 Dec 31 Dividends Payable 273.900 Cash (To record payment of cash dividends payable) -/1 Question 7 of 12 Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, 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 Question 7 of 12 > Retained Earnings > Cash Dividends Treasury Stock Touthont and Media Prepare the stockholders equity section of the balance sheet at December 31, 2022. SWIFTY CORPORATION Partial Balance Sheet S Question 7 of 12 - 71 111 $ > e Textbook and Media
