question archive The stockholders' equity accounts of Sheffield Corp
The stockholders' equity accounts of Sheffield Corp
Subject:AccountingPrice: Bought3
The stockholders' equity accounts of Sheffield Corp. on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 11,000 shares authorized) $ 375,000 Common Stock ($1 stated value, 2,100,000 shares authorized) 1,200,000 Paid-in Capital in Excess of Par-Preferred Stock 120,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,500.000 Retained Earnings 1,750,000 Treasury Stock (10,000 common shares) 50,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,000 shares of common stock for $117,000. Apr. 14 Sold 5,500 shares of treasury stock-common for $33,000. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $34,800. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,100. Dec. 31 Determined that net income for the year was $475,000. No dividends were declared during the year.
