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
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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
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