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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
72.
Subject :- Accounting
Transcribed Image Text: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
Show
Nadluddandera declared during the year
(a)
$ 416,000
Date
1,400,000
105,000
Account Titles and Explanation
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)
Debit
Credit
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