Homework Help is Here – Start Your Trial Now!
Business
Accounting
The stockholders' equity accounts of Whispering Winds Corporation on January 1, 2022, were as follows. Preferred Stock ( 8 %, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 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 (10,500 common shares) $360,000 Dec. 31 1,050,000 No dividends were declared during the year. 150,000 1,500,000 1,800,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 52,500 Feb. 1 Issued 24,500 shares of common stock for $121,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,100. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,800. Determined that net income for the year was $485,000.

The stockholders' equity accounts of Whispering Winds Corporation on January 1, 2022, were as follows. Preferred Stock ( 8 %, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 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 (10,500 common shares) $360,000 Dec. 31 1,050,000 No dividends were declared during the year. 150,000 1,500,000 1,800,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 52,500 Feb. 1 Issued 24,500 shares of common stock for $121,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,100. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $5,800. Determined that net income for the year was $485,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Hw.63.

 

Current Attempt in Progress The stockholders' equity accounts of Whispering Winds Corporation on January 1, 2022, were as follows. Preferred Stock ( 8%, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 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 (10,500 common shares) $360,000 1,050,000 150,000 1,500,000 1.800,000 No dividends were declared during the year. 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $121,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,100. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500. Nov. 10 Purchased 1.100 shares of common stock for the treasury at a cost of $5,800. Determined that net income for the year was $485,000. Dec. 31
Transcribed Image Text:Current Attempt in Progress The stockholders' equity accounts of Whispering Winds Corporation on January 1, 2022, were as follows. Preferred Stock ( 8%, $48 par, 10,000 shares authorized) Common Stock ($1 stated value, 2,000,000 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 (10,500 common shares) $360,000 1,050,000 150,000 1,500,000 1.800,000 No dividends were declared during the year. 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $121,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $33,100. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $34,500. Nov. 10 Purchased 1.100 shares of common stock for the treasury at a cost of $5,800. Determined that net income for the year was $485,000. Dec. 31
2 Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question) > WHISPERING WINDS CORPORATION Balance Sheet (Partial) S S
Transcribed Image Text:2 Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question) > WHISPERING WINDS CORPORATION Balance Sheet (Partial) S S
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS