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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please Do not Give image format and Detail solution

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.

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
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education