The stockholders’ equity accounts of Concord Corporation on January 1, 2022, were as follows. Preferred Stock (10%, $100 par noncumulative, 5,000 shares authorized) $415,000
Common Stock ($10 stated value, 800,000 shares authorized) 1,600,000
Paid-in Capital in Excess of Par Value—Preferred Stock 53,000
Paid-in Capital in Excess of Stated Value —Common Stock 810,000
Retained Earnings 820,000
Treasury Stock (8,100 common shares) 64,800

During 2022, the corporation had the following transactions and events pertaining to its stockholders’ equity.

Mar 1 Issued 6,900 shares of common stock for $85 per share.
June 22 Purchased 2,000 additional shares of common treasury stock at $11 per share.
Sept.1 Declared a 10% cash dividend on preferred stock, payable October 1.
Oct.1 Paid the dividend declared on September 1.
Dec.1 Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022.
Dec.31 Determined that net income for the year was $110,000. Paid the dividend declared on December 1.

Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings.

Which financial component is a mandatory deduction from your gross pay? a. sales tax b. social security tax c. health insurance d. disaster relief fund (drf) e. voluntary deduction

During the first month of operations, martinson services, inc., completed the following transactions: jan 2 martinson services received $65,000 cash and issued common stock to the stockholders. 3 purchased supplies, $1,000, and equipment, $12,000, on account. 4 performed services for a customer and received cash, $5,500. 7 paid cash to acquire land, $39,000. 11 performed services for a customer and billed the customer, $4,100. martinson expects to collect within one month 16 paid for the equipment purchased january 3 on account. 17 paid for newspaper advertising, $600. 18 received partial payment from customer on account, $2,000. 22 paid the water and electricity bills, $430. 29 received $2,600 cash for servicing the heating unit of a customer. 31 paid employee salary, $2,900. 31 declared and paid dividends of $1,800. requirements 1. record each transaction in the journal. key each transaction by date. explanations are not required. 2. post the transactions to the t-accounts, using transaction dates as posting references. label the ending balance of each account bal, as shown in the chapter. 3. prepare the trial balance of martinson services, inc., at january 31 of the current year. 4. mark martinson, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether january was profitable (and by how much)?

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