Question Details

Answered: - The stockholders' equity accounts of Castle Corporation on



The stockholders? equity accounts of Castle Corporation on January 1, 2014, were as follows.

Preferred Stock (8%, $50?par, cumulative,?10,700?shares authorized) $??420,000
Common Stock ($1?stated value,?2,019,900?shares authorized) 1,229,300
Paid-in Capital in Excess of Par?Preferred Stock 125,000
Paid-in Capital in Excess of Stated Value?Common Stock 1,448,600
Retained Earnings 1,807,700
Treasury Stock (10,600?common shares) 53,000

During 2014, the corporation had the following transactions and events pertaining to its stockholders? equity.

Feb. 1 Issued?25,800?shares of common stock for $124,000.
Apr. 14 Sold?5,900?shares of treasury stock?common for $33,100.
Sept. 3 Issued?5,000?shares of common stock for a patent valued at $35,400.
Nov. 10 Purchased?1,100?shares of common stock for the treasury at a cost of $6,100.
Dec. 31 Determined that net income for the year was $467,500.

No dividends were declared during the year.
Journalize the transactions and the closing entry for net income.?(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit
Feb. 1
Apr. 14
Sept. 3
Nov. 10
Dec. 31
Enter the beginning balances in the accounts, and post the journal entries to the stockholders? equity accounts. (Use J5 for the posting reference.)?(Post entries in the order of journal entries presented in the previous part.)

Preferred Stock
Date Explanation Ref Debit Credit Balance
Balance ?
Common Stock
Date Explanation Ref Debit Credit Balance
Balance ?
J5
J5
Paid-in Capital in Excess of Par?Preferred Stock
Date Explanation Ref Debit Credit Balance
Balance ?
Paid-in Capital in Excess of Stated Value?Common Stock
Date Explanation Ref Debit Credit Balance
Balance ?
J5
J5
Paid-in Capital from Treasury Stock
Date Explanation Ref Debit Credit Balance
J5
Retained Earnings
Date Explanation Ref Debit Credit Balance
Balance ?
J5
Treasury Stock
Date Explanation Ref Debit Credit Balance
Balance ?
J5
J5
Prepare a stockholders? equity section at December 31, 2014, including the disclosure of the preferred dividends in arrears.?(Enter the account name only and do not provide the descriptive information provided in the question.)


CASTLE CORPORATION
Balance Sheet (Partial)
December 31, 2014
$
$
:?

$


Journal entries stockholders equity,

 


 

Details

 


 

Account name

 


 

Debit

 


 

Feb 2014-1- issuance of common

 

stock shares

 


 

cash

 


 

Credit

 


 

124,000

 


 

Common stock

 

Paid in capital in excess of par

 


 

April 14-2014...

 


Solution details:

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Oct 07, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now