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The post-dosing trial balance of Cullumber Corporation at December 31, 2022, contains the following stockholders equity accounts. Preferred Stock (14800 shares issued) $740.000 Common Stock (254,000 shares issued 3.810,000 Paid in Capital in Exces of Par-Preferred Stock 254000 Paid-in Capital in Excess of Par-Common Stock 398,000 Common Stock Dividends Distributable 381.000 Retained Earnings 651,590 A review of the accounting records reveals the following 1. No errors have been made in recording 2022 transactions or in preparing the closing entry for net income

The post-dosing trial balance of Cullumber Corporation at December 31, 2022, contains the following stockholders equity accounts. Preferred Stock (14800 shares issued) $740.000 Common Stock (254,000 shares issued 3.810,000 Paid in Capital in Exces of Par-Preferred Stock 254000 Paid-in Capital in Excess of Par-Common Stock 398,000 Common Stock Dividends Distributable 381.000 Retained Earnings 651,590 A review of the accounting records reveals the following 1. No errors have been made in recording 2022 transactions or in preparing the closing entry for net income

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 post-dosing trial balance of Cullumber Corporation at December 31, 2022, contains the following stockholders equity accounts. Preferred Stock (14,800 shares issued) Common Stock (254,000 shares issued Paid-in Capital in Excess of Par-Preferred Stock 254,000 Paid-in Capital in Excess of Par-Common Stock 398,000 Common Stock Dividends Distributable Retained Earnings $740.000 3810000 5. Areview of the accounting records reveals the following 1. No errors have been made in recording 2022 transactions or in preparing the closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative: 14.800 shares have been outstanding since January 1, 2021. 381,000 3. Authorized stock is 19,800 shares of preferred, 508,000 shares of common with a $15 par value 4. The January 1 balance in Retained Earnings was $1,160,000. 851.590 9. 6. On September 1, the company discovered an understatement error of $90,300 in computing salaries and wages expense in 2021. The net of tax effect of $63,210 was properly debited directly to Retained Earnings (a) On July 1, 18,600 shares of common stock were issued for cash at $18 per share. 7. A cash dividend of $381,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2021. Net income for the year was $593,000. 8. On December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $18. 10. On December 31, 2022 the directors authorized disclosure of a $192,000 restriction of retained earnings for plant expansion (Use Note K Reproduce the Retained Earnings account for 2022. (List items in order presented in the problem Retained Earnings
Transcribed Image Text:The post-dosing trial balance of Cullumber Corporation at December 31, 2022, contains the following stockholders equity accounts. Preferred Stock (14,800 shares issued) Common Stock (254,000 shares issued Paid-in Capital in Excess of Par-Preferred Stock 254,000 Paid-in Capital in Excess of Par-Common Stock 398,000 Common Stock Dividends Distributable Retained Earnings $740.000 3810000 5. Areview of the accounting records reveals the following 1. No errors have been made in recording 2022 transactions or in preparing the closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative: 14.800 shares have been outstanding since January 1, 2021. 381,000 3. Authorized stock is 19,800 shares of preferred, 508,000 shares of common with a $15 par value 4. The January 1 balance in Retained Earnings was $1,160,000. 851.590 9. 6. On September 1, the company discovered an understatement error of $90,300 in computing salaries and wages expense in 2021. The net of tax effect of $63,210 was properly debited directly to Retained Earnings (a) On July 1, 18,600 shares of common stock were issued for cash at $18 per share. 7. A cash dividend of $381,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2021. Net income for the year was $593,000. 8. On December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $18. 10. On December 31, 2022 the directors authorized disclosure of a $192,000 restriction of retained earnings for plant expansion (Use Note K Reproduce the Retained Earnings account for 2022. (List items in order presented in the problem Retained Earnings
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do not provide descriptive information) (c) CULLUMBER CORPORATION Partial Balance Sheet Compute the allocation of the cash dividend to preferred and common stock Allocation of the cash dividend to preferred stock S Allocation of the cash dividend to common stock S
Transcribed Image Text:Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do not provide descriptive information) (c) CULLUMBER CORPORATION Partial Balance Sheet Compute the allocation of the cash dividend to preferred and common stock Allocation of the cash dividend to preferred stock S Allocation of the cash dividend to common stock S
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