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Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,050,000 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 (10,000 common shares) $ 375,000 1,150,000 140,000 1,500,000 1,800,000 50,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $124,000. Apr. 14 Sold 5,900 shares of treasury stock-common for $33,700. Sept. 3 Nov. 10 Issued 4,700 shares of common stock for a patent valued at $35,700. Purchased 1,100 shares of common stock for the treasury at a cost of $5,700. Dec. 31 Determined that net income for the year was $445,000. No dividends were declared during the year.

Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,050,000 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 (10,000 common shares) $ 375,000 1,150,000 140,000 1,500,000 1,800,000 50,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $124,000. Apr. 14 Sold 5,900 shares of treasury stock-common for $33,700. Sept. 3 Nov. 10 Issued 4,700 shares of common stock for a patent valued at $35,700. Purchased 1,100 shares of common stock for the treasury at a cost of $5,700. Dec. 31 Determined that net income for the year was $445,000. No dividends were declared during the year.

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 Windsor, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,050,000 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 (10,000 common shares) $375,000 1,150,000 140,000 1,500,000 1,800,000 50,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $124,000. Apr. 14 Sold 5,900 shares of treasury stock-common for $33,700. Sept. 3 Nov. 10 Dec. 31 Issued 4,700 shares of common stock for a patent valued at $35,700. Purchased 1,100 shares of common stock for the treasury at a cost of $5,700. Determined that net income for the year was $445,000. No dividends were declared during the year.
Transcribed Image Text:The stockholders' equity accounts of Windsor, Inc. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,050,000 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 (10,000 common shares) $375,000 1,150,000 140,000 1,500,000 1,800,000 50,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $124,000. Apr. 14 Sold 5,900 shares of treasury stock-common for $33,700. Sept. 3 Nov. 10 Dec. 31 Issued 4,700 shares of common stock for a patent valued at $35,700. Purchased 1,100 shares of common stock for the treasury at a cost of $5,700. Determined that net income for the year was $445,000. No dividends were declared during the year.
(b) -Your answer is partially correct. Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Jan. 1 Bal Nov. 10 Dec. 31 Bal. .T. abbal. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Jan 1 Bal. Dec. 31 Bal Common Stock Jan 1 Bal 50000 Dec. 31 Bal. 5700 26200 Jan 1 Bal Feb. 1 Paid-in Capital in Excess of Stated Value-Common Stock Sep. 3 Dec. 31 Bal. Jan. 1 Bal. Feb. 1 Retained Earnings Sep. 3 Dec. 31 Bal. Jan. 1 Bal. Paid-in Capital from Treasury Stock Dec. 31 Dec. 31 Bal. Treasury Stock Apr. 14 Dec. 31 Bal. Apr. 14 375000 375000 140000 140000 DOOD ODDG 1150000 26000 23500 1199500 1500000 98000 12200 1610200 1800000 445000 2245000 4200 4200 29500
Transcribed Image Text:(b) -Your answer is partially correct. Enter the beginning balances in the accounts, and post the journal entries to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Jan. 1 Bal Nov. 10 Dec. 31 Bal. .T. abbal. Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Jan 1 Bal. Dec. 31 Bal Common Stock Jan 1 Bal 50000 Dec. 31 Bal. 5700 26200 Jan 1 Bal Feb. 1 Paid-in Capital in Excess of Stated Value-Common Stock Sep. 3 Dec. 31 Bal. Jan. 1 Bal. Feb. 1 Retained Earnings Sep. 3 Dec. 31 Bal. Jan. 1 Bal. Paid-in Capital from Treasury Stock Dec. 31 Dec. 31 Bal. Treasury Stock Apr. 14 Dec. 31 Bal. Apr. 14 375000 375000 140000 140000 DOOD ODDG 1150000 26000 23500 1199500 1500000 98000 12200 1610200 1800000 445000 2245000 4200 4200 29500
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