Current Attempt in Progress The stockholders' equity accounts of Swifty Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $52 par, 10,500 shares authorized) Common Stock ($1 stated value, 1,950,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) Feb. 1 Apr. 14 Sept. Nov. 10 Dec. 31 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 3 Sho Nadludandeware declared during the year. A (a) $ 416,000 1,400,000 105,000 1,500,000 1,800,000 55,000 Issued 25,000 shares of common stock for $115,000. Sold 5,900 shares of treasury stock-common for $32,300. Issued 5,000 shares of common stock for a patent valued at $35.900. Purchased 1,000 shares of common stock for the treasury at a cost of $6,200. Determined that net income for the year was $415,000. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries In the order presented in the problem. Credit account titles are automatically Indented when amount is entered. Do not Indent manually)
Current Attempt in Progress The stockholders' equity accounts of Swifty Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $52 par, 10,500 shares authorized) Common Stock ($1 stated value, 1,950,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (11,000 common shares) Feb. 1 Apr. 14 Sept. Nov. 10 Dec. 31 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 3 Sho Nadludandeware declared during the year. A (a) $ 416,000 1,400,000 105,000 1,500,000 1,800,000 55,000 Issued 25,000 shares of common stock for $115,000. Sold 5,900 shares of treasury stock-common for $32,300. Issued 5,000 shares of common stock for a patent valued at $35.900. Purchased 1,000 shares of common stock for the treasury at a cost of $6,200. Determined that net income for the year was $415,000. Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries In the order presented in the problem. Credit account titles are automatically Indented when amount is entered. Do not Indent manually)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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