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(Solution Download) Problem 14-3A The post-closing trial balance of Storey Corporation at December 31, 2014, contains th


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Problem 14-3A

 

The post-closing trial balance of Storey Corporation at December

 

31, 2014, contains the following stockholdersA????1 equity

 

accounts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock (15,000 shares issued)$750,000
Common Stock (249,700 shares issued)2,746,700
Paid-in Capital in Excess of ParA????1Preferred Stock241,100
Paid-in Capital in Excess of ParA????1Common Stock385,800
Common Stock Dividends Distributable274,670
Retained Earnings992,160

 


 

A review of the accounting records reveals the following.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.No errors have been made in recording 2014 transactions or in

 

preparing the closing entry for net income.

2.Preferred stock is $50 par, 6%, and cumulative; 15,000 shares

 

have been outstanding since January 1, 2013.

3.Authorized stock is 20,000 shares of preferred, 499,400 shares

 

of common with a $11 par value.

4.The January 1 balance in Retained Earnings was $1,185,700.
5.On July 1, 19,800 shares of common stock were issued for cash

 

at $17 per share.

6.On September 1, the company discovered an understatement error

 

of $88,400 in computing depreciation in 2013. The net of tax effect

 

of $61,880 was properly debited directly to Retained Earnings.

7.A cash dividend of $274,670 was declared and properly allocated

 

to preferred and common stock on October 1. No dividends were paid

 

to preferred stockholders in 2013.

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 $17.

9.Net income for the year was $567,500.
10.On December 31, 2014, the directors authorized disclosure of a

 

$204,000 restriction of retained earnings for plant expansion. (Use

 

Note X.)

 

 

 

 

 

 

 

 

     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reproduce the Retained Earnings account for 2014.

 

(List items in order presented in the

 

problem.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained Earnings

 

 

Sept. 1

 

Prior Per. Adj.Dec. 31 Cash DividendsDec. 31 Stock DividendsJan. 1

 

BalanceDec. 31 Net IncomeDec. 31 Balance

 

 

 

 

Sept. 1

 

Prior Per. Adj.Dec. 31 Cash DividendsDec. 31 Stock DividendsJan. 1

 

BalanceDec. 31 Net IncomeDec. 31 Balance

 

 

 

 

Sept. 1

 

Prior Per. Adj.Dec. 31 Cash DividendsDec. 31 Stock DividendsJan. 1

 

BalanceDec. 31 Net IncomeDec. 31 Balance

 

 

 

 

Sept. 1

 

Prior Per. Adj.Dec. 31 Cash DividendsDec. 31 Stock DividendsJan. 1

 

BalanceDec. 31 Net IncomeDec. 31 Balance

 

 

 

 

Sept. 1

 

Prior Per. Adj.Dec. 31 Cash DividendsDec. 31 Stock DividendsJan. 1

 

BalanceDec. 31 Net IncomeDec. 31 Balance

 

 

 

 

Sept. 1

 

Prior Per. Adj.Dec. 31 Cash DividendsDec. 31 Stock DividendsJan. 1

 

BalanceDec. 31 Net IncomeDec. 31 Balance

 

 

 

 

Sept. 1

 

Prior Per. Adj.Dec. 31 Cash DividendsDec. 31 Stock DividendsJan. 1

 

BalanceDec. 31 Net IncomeDec. 31 Balance

 

 

 

 

Sept. 1

 

Prior Per. Adj.Dec. 31 Cash DividendsDec. 31 Stock DividendsJan. 1

 

BalanceDec. 31 Net IncomeDec. 31 Balance

 

 

 

 

 

 

 


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