87%->Sun 10:56 PM a Goegg study lauded Solutio x. WileyPLUS C Home| Chegg.com Se

Question

87%->Sun 10:56 PM a Goegg study lauded Solutio x. WileyPLUS C Home| Chegg.com Sell textbooks and Lehman ColegeCounse Home biem 14-3A (Part Level Submisslon) dosng trial balance of Storey Corporation at December 31, 2017, contains the following stockholders' equity accounts. eferred Stock (15,600 shares issued) omenon Stock (253,000 shares issued) ad-in Captal in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 780,000 3,795,000 53,000 86,000 A neview of the accounting records reveals the following 1. No errors have 2. Preter ed stock S50 par, 0%, and onuative; is,600 shares have been outstanding sen been made in recording 2017 transactions or in preparing the closing entry for net income a $15 par value Authorized stock is 20,600 shares of preferred, 506,000 shares of common with a $15 The 3anuary 1 balancwin Retained Eamings was $1,140,000. s. On July 1, 39,600 shares of common stock were issued for cash at $16 per share the comoarned discovered an understatement error of $86,600 in computing salaries and wages expense in 2016. The net of tax efflect of s60,620 wa property debited directly to Retained tamings 7 A cash dvdend of $379,500 was deciared and propery aliocated to preferred and comman stock on Octrober 1. No dividends were paid to preferred stockholders in # 10% s vet income for the year was s390,000 10. on December 31, 201the drete..monaed admire sa sin,000 sesenoon oretano ke bat asset to see 8 0

Explanation / Answer

Retained Earnings Sep.1, 2017 60620 Jan.1, 2017 1140000 Oct.1, 2017 379500 Dec.31, 2017 590000 Dec.31, 2017 404800 End. Bal. 885080

Related Questions

Navigate

• Browse (All)
• Browse 8
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.