Prepare the transaction for cullumber company

Assignment Help Financial Accounting

Reference no: EM132653157

On December 31, 2021, Cullumber Company had 1,395,000 shares of $5 par common stock issued and outstanding. At December 31, 2021, stockholders' equity had the amounts listed here.

Common Stock $6,975,000

Additional Paid-in Capital 1,900,000

Retained Earnings 1,275,000

Transactions during 2022 and other information related to stockholders' equity accounts were as follows.

1. On January 10, issued at $105 per share 129,000 shares of $104 par value, 10% cumulative preferred stock.

2. On February 8, reacquired 14,200 shares of its common stock for $15 per share.

3. On May 9, declared the yearly cash dividend on preferred stock, payable June 10, to stockholders of record on May 31.

4. On June 8, declared a cash dividend of $1.55 per share on the common stock outstanding, payable on July 10, to stockholders of record on July 1.

5. Net income for 2022 was $3,533,000.

Question 1: Prepare the transaction

Reference no: EM132653157

Questions Cloud

Identify the strategic alternative : Explain how this can lead to a feasible strategic alternative for Bruce Reid and identify the strategic alternative.

What is the cash amount reported on the December : What is the cash amount reported on the December 31, 2020 Balance Sheet? What are total liabilities on the 2020 Balance Sheet

Leveraging activity of vast and complex network : The text states that due to government's ever-increasing reliance on "leveraging the activity of a vast and complex network of partners in both the for-profit

Write summary of the conclusions from the articles : In this assignment, you will begin to create a research rough draft based on the information you prepared in the "Identification of a Research Topic" from.

Prepare the transaction for cullumber company : Prepare the transaction for Cullumber Company. On December 31, 2021, Cullumber Company had 1,395,000 shares of $5 par common stock issued and outstanding

Describe one cause or trigger of a positive emotional state : Identify and describe one cause or trigger of a positive emotional state and one cause or trigger of a negative emotional state at work.

Mission statement or undergirding organization : Which state and federal governments should provide funding to nonprofits that have religious mission embedded in mission statement or undergirding organization

Compare and contrast the film year 1999 ad : Compare and contrast the film "Year 1999 AD" - A 1967 Film Imagines the Future (On YouTube)

Prepare a detailed bank reconciliation for april : Prepare a detailed bank reconciliation for April. The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account.

User Account

All Pages