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Accounting
par noncumulative, 5,000 shares authorized) Stock ($10 stated value, 800.000 shares authorized pital in Excess of Par-Preferred Stock spital in Excess of Stated Value-Common Stock Earnings $350,000 1,400,000 50.000 800,000 740.000

par noncumulative, 5,000 shares authorized) Stock ($10 stated value, 800.000 shares authorized pital in Excess of Par-Preferred Stock spital in Excess of Stated Value-Common Stock Earnings $350,000 1,400,000 50.000 800,000 740.000

FINANCIAL ACCOUNTING
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 stockholders' equity accounts of Blossom Corporation on January 1, 2025, were as follows Preferred Stock ( $100 par noncumulative, 5.000 shares authorized) Common Stock ($10 stated value, 600.000 shares authorized) Pald-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (7,000 common shares) Oct. 1 Dec. 1 Mar 1 June 22 Sept 1 Oct. 1 Dec. Your answer is partially correct. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity Dec 31 Dec. 31 Dec 31 1 31 Determined that net income for the year was $110.000 Paid the dividend declared on December 1 Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings (Record journal entries in the order presented in the problem. 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 O for the amounts List all debit entries before credit entries) Date Mar 1 June 22 Sept 1 Oct. 1 Dec 1 V Account Titles and Explanation Issued 6.000 shares of common stock for $80 per share Purchased 1,000 additional shares of common treasury stock at $11 per share Declared an 8% cash dividend on preferred stock, payable October 1 Paid the dividend declared on September 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31. 2025 Cash Common Stock Cash Paid in Capital in Excess of Stated Value-Common Stock Treasury Stock Cash Cash Dividends Dividends Payable Dividends Payable Cash Cash Dividends Dividends Payable Dividends Payable Dividends Payable Cash Dividends Dividends Payable Income Summary Retained Earnings (To close net income) $350,000 Retained Earnings 1.400.000 Cash Dividends (To close dividends) 50.000 Dividends Payable 800.000 740.000 56000 Cash (To record payment of the dividend declared on December 1) Debit 480000 15000 28000 28000 82000 Stav 28000 82800 110800 110000 82000 Credit 60000 420000 11000 20000 21000 82800 20000 28000 82800 110800 110800 02000
Transcribed Image Text:The stockholders' equity accounts of Blossom Corporation on January 1, 2025, were as follows Preferred Stock ( $100 par noncumulative, 5.000 shares authorized) Common Stock ($10 stated value, 600.000 shares authorized) Pald-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (7,000 common shares) Oct. 1 Dec. 1 Mar 1 June 22 Sept 1 Oct. 1 Dec. Your answer is partially correct. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity Dec 31 Dec. 31 Dec 31 1 31 Determined that net income for the year was $110.000 Paid the dividend declared on December 1 Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings (Record journal entries in the order presented in the problem. 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 O for the amounts List all debit entries before credit entries) Date Mar 1 June 22 Sept 1 Oct. 1 Dec 1 V Account Titles and Explanation Issued 6.000 shares of common stock for $80 per share Purchased 1,000 additional shares of common treasury stock at $11 per share Declared an 8% cash dividend on preferred stock, payable October 1 Paid the dividend declared on September 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31. 2025 Cash Common Stock Cash Paid in Capital in Excess of Stated Value-Common Stock Treasury Stock Cash Cash Dividends Dividends Payable Dividends Payable Cash Cash Dividends Dividends Payable Dividends Payable Dividends Payable Cash Dividends Dividends Payable Income Summary Retained Earnings (To close net income) $350,000 Retained Earnings 1.400.000 Cash Dividends (To close dividends) 50.000 Dividends Payable 800.000 740.000 56000 Cash (To record payment of the dividend declared on December 1) Debit 480000 15000 28000 28000 82000 Stav 28000 82800 110800 110000 82000 Credit 60000 420000 11000 20000 21000 82800 20000 28000 82800 110800 110800 02000
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