Journalize transactions, post,and prepare a stockholders'equity section; calculateratios.P11-2B The stockholders' equity accounts of Warden Corporation on January 1, 2014,were as follows.Preferred Stock (9%, $50 par cumulative, 10,000 shares authorized)Common Stock ($1 stated value, 2,000,000 shares authorized)Paid-in Capital in Excess of Par Value-Preferred StockPaid-in Capital in Excess of Stated Value-Common StockRetained EarningsTreasury Stock (8,000 common shares)$ 200,0001,000,00016,0001,400,0001,716,00020,000(LO 2, 3, 5, 7, 8), APGLSDuring 2014 the corporation had these transactions and events pertaining to its stock-holders' equity.Feb.Issued 20,000 shares of common stock for $160,000.Purchased 4,000 shares of common stock for the treasury at a cost of$16,000.Declared a 9% cash dividend on preferred stock, payable December 15.Declared a $0.30 per share cash dividend to common stockholders ofrecord on December 15, payable December 31, 2014.Nov. 10Nov. 15Dec.1Problems: Set B 613Paid the dividend declared on November 15.Determined that net income for the year was $408,000. The market price ofthe common stock on this date was $5 per share. Paid the dividend declaredon December 1.Dec. 1531Instructions(a) Journalize the transactions. (Include entries to close net income and dividends toRetained Earnings.)

Step 1 Journal is the part of the book keeping.

Paid the dividend declared on November 15. Determined that net income for the year was $408,000. The market price of the common stock on this date was $5 per share, Paid the dividend declared on December 1. Dec. 15 31 Instructions and dividends to

Paid the dividend declared on November 15. Determined that net income for the year was $408,000. The market price of the common stock on this date was $5 per share, Paid the dividend declared on December 1. Dec. 15 31 Instructions and dividends to

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $89,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 5. Purchased merchandise on account from Kester Co., $42,950, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,400, terms n/15. The cost of the goods sold was $9,390. 7. Returned merchandise with an invoice amount of $12,600 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $218,410. The cost of the goods sold was $152,110. 22. Sold merchandise on account to Tabor Co.,…
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