The ledger of Wade Corporation at December 31, 2014, after the books have been c

Question

The ledger of Wade Corporation at December 31, 2014, after the books have been closed, contains the following stockholders’ equity accounts.

A review of the accounting records reveals this information:

Preferred Stock (13,000 shares issued) $1,326,000 Common Stock (338,800 shares issued) 2,032,800 Paid-in Capital in Excess of Par Value—Preferred Stock 152,700 Paid-in Capital in Excess of Stated Value—Common Stock 1,617,100 Retained Earnings 2,915,030 Assignment ment Gradebook ORION Practice gnment CALCUL ca 11 uiviueliu UI .tu,uu u vva ucclaicu ai iu plupcily ailua cu Lu picicii eu ai lu cui i iilivi 6. Net income for the year was $889,600. 7. On December 31, 2014, the directors authorized disclosure of a $159,000 restriction of ret Reproduce the retained earnings account for the year. Jan. 1 arnings a Dec. 31 SHOW LIST OF ACCOUNTS Prepare the stockholders' equity section of the balance sheet at December 31. WADE CORPORATION

Explanation / Answer

Retained Earnings for the year ended 31 dec 2014 Opening balance 2435030 Add: Net Income 889600 Less: Dividend Payable -409600 Ending Balance 2915030 Total Liabilities & stockholder Equity Stockholder Equity Paid-in capital 8%Preferred Stock $102 par 26000 shares authorized and 13000 shares issued 1326000 Common Stock stated value $6, 677600 shares authorized and 333800 shares issued 2032800 Paid in capital 3358800 Additional Paid-in capital Paid-in Capital in Excess of Par Value—Preferred Stock 152700 Paid-in Capital in Excess of Par Value—Common Stock 1617100 Total additional Paid in capital 1769800 Total paid in capital 5128600 Retained earnings 2915030 Total Stockholder equity 8043630

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