The post-closing trial balance of Storey Corporation at December 31, 2014, contains the following

| September 28, 2018

The post-closing trial balance of Storey Corporation at December 31, 2014, contains the following stockholders’ equity accounts.Preferred Stock (15,000 shares issued)$750,000Common Stock (249,700 shares issued)2,746,700Paid-in Capital in Excess of Par—Preferred Stock241,100Paid-in Capital in Excess of Par—Common Stock385,800Common Stock Dividends Distributable274,670Retained Earnings992,160A review of the accounting records reveals the following.1.No errors have been made in recording 2014 transactions or in preparing the closing entry for net income.2.Preferred stock is $50 par, 6%, and cumulative; 15,000 shares have been outstanding since January 1, 2013.3.Authorized stock is 20,000 shares of preferred, 499,400 shares of common with a $11 par value.4.The January 1 balance in Retained Earnings was $1,185,700.5.On July 1, 19,800 shares of common stock were issued for cash at $17 per share.6.On September 1, the company discovered an understatement error of $88,400 in computing depreciation in 2013. The net of tax effect of $61,880 was properly debited directly to Retained Earnings.7.A cash dividend of $274,670 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2013.8.On December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $17.9.Net income for the year was $567,500.10.On December 31, 2014, the directors authorized disclosure of a $204,000 restriction of retained earnings for plant expansion. (Use Note X.)Reproduce the Retained Earnings account for 2014

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