The stockholders' equity accounts of Bramble Corporation on January 1, 2022, were as follows. Preferred Stock...

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The stockholders' equity accounts of Bramble Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 10,500 shares authorized) $ 375,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000 Paid-in Capital in Excess of Par-Preferred Stock 140,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (11,000 common shares) 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $125,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,200. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35.000. 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 $420,000. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (b) 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 15 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (c) Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) BRAMBLE CORPORATION Balance Sheet (Partial) 24 $ 2$ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer The stockholders' equity accounts of Bramble Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 10,500 shares authorized) $ 375,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000 Paid-in Capital in Excess of Par-Preferred Stock 140,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (11,000 common shares) 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $125,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,200. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35.000. 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 $420,000. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (b) 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 15 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (c) Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) BRAMBLE CORPORATION Balance Sheet (Partial) 24 $ 2$ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer The stockholders' equity accounts of Bramble Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 10,500 shares authorized) $ 375,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000 Paid-in Capital in Excess of Par-Preferred Stock 140,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (11,000 common shares) 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $125,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,200. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35.000. 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 $420,000. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (b) 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 15 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (c) Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) BRAMBLE CORPORATION Balance Sheet (Partial) 24 $ 2$ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer The stockholders' equity accounts of Bramble Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 10,500 shares authorized) $ 375,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000 Paid-in Capital in Excess of Par-Preferred Stock 140,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (11,000 common shares) 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $125,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,200. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35.000. 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 $420,000. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (b) 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 15 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (c) Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) BRAMBLE CORPORATION Balance Sheet (Partial) 24 $ 2$ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer The stockholders' equity accounts of Bramble Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 10,500 shares authorized) $ 375,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000 Paid-in Capital in Excess of Par-Preferred Stock 140,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (11,000 common shares) 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $125,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,200. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35.000. 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 $420,000. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (b) 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 15 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (c) Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) BRAMBLE CORPORATION Balance Sheet (Partial) 24 $ 2$ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer The stockholders' equity accounts of Bramble Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 10,500 shares authorized) $ 375,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000 Paid-in Capital in Excess of Par-Preferred Stock 140,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (11,000 common shares) 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $125,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,200. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35.000. 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 $420,000. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (b) 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 15 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (c) Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) BRAMBLE CORPORATION Balance Sheet (Partial) 24 $ 2$ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer The stockholders' equity accounts of Bramble Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 10,500 shares authorized) $ 375,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000 Paid-in Capital in Excess of Par-Preferred Stock 140,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (11,000 common shares) 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $125,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,200. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35.000. 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 $420,000. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (b) 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 15 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (c) Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) BRAMBLE CORPORATION Balance Sheet (Partial) 24 $ 2$ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer The stockholders' equity accounts of Bramble Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, 10,500 shares authorized) $ 375,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,250,000 Paid-in Capital in Excess of Par-Preferred Stock 140,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,850,000 Treasury Stock (11,000 common shares) 55,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 24,500 shares of common stock for $125,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,200. Sept. 3 Issued 4,700 shares of common stock for a patent valued at $35.000. 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 $420,000. No dividends were declared during the year. (a) Journalize the transactions and the closing entry for net income. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (b) 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 15 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer (c) Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) BRAMBLE CORPORATION Balance Sheet (Partial) 24 $ 2$ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer

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Journal entry Bramble Corporation Date Account Debit Credit 1Feb Cash 125000 Common Stock 245001 24500 Paid in Capital in Excess of Stated ValueCommon ... View the full answer