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Thoughtful Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2024: (Click the icon to view the partial balance sheet.) Read the requirements. Requirement 1. Identify the different classes of stock that Thoughtful Comfort Specialists has outstanding. Thoughtful has outstanding. common stock preferred stock preferred stock and common stock preferred stock and treasury stock Requirements 1. 2. 3. Identify the different classes of stock that Thoughtful Comfort Specialists has outstanding. What is the par value per share of Thoughtful Comfort Specialists' preferred stock? C Make two summary journal entries to record issuance of all the Thoughtful Comfort Specialists' stock for cash. Explanations are not required. 4. No preferred dividends are in arrears. Journalize the declaration of a $800,000 dividend at June 30, 2024, and the payment of the dividend on July 20, 2024. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. Print Done X Data table Stockholders' Equity Paid-In Capital: Preferred Stock-8%, ? Par Value; 700,000 shares authorized, 300,000 shares issued and outstanding Common Stock-$1 Par Value; 7,000,000 shares authorized, 1,300,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity Print Done $ $ 1,200,000 1,300,000 2,800,000 5,300,000 11,900,000 17,200,000

Thoughtful Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2024: (Click the icon to view the partial balance sheet.) Read the requirements. Requirement 1. Identify the different classes of stock that Thoughtful Comfort Specialists has outstanding. Thoughtful has outstanding. common stock preferred stock preferred stock and common stock preferred stock and treasury stock Requirements 1. 2. 3. Identify the different classes of stock that Thoughtful Comfort Specialists has outstanding. What is the par value per share of Thoughtful Comfort Specialists' preferred stock? C Make two summary journal entries to record issuance of all the Thoughtful Comfort Specialists' stock for cash. Explanations are not required. 4. No preferred dividends are in arrears. Journalize the declaration of a $800,000 dividend at June 30, 2024, and the payment of the dividend on July 20, 2024. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. Print Done X Data table Stockholders' Equity Paid-In Capital: Preferred Stock-8%, ? Par Value; 700,000 shares authorized, 300,000 shares issued and outstanding Common Stock-$1 Par Value; 7,000,000 shares authorized, 1,300,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity Print Done $ $ 1,200,000 1,300,000 2,800,000 5,300,000 11,900,000 17,200,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Thoughtful Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2024: (Click the icon to view the partial balance sheet.) Read the requirements. Requirement 1. Identify the different classes of stock that Thoughtful Comfort Specialists has outstanding. Thoughtful has outstanding. common stock preferred stock preferred stock and common stock preferred stock and treasury stock Requirements 2. 1. Identify the different classes of stock that Thoughtful Comfort Specialists has outstanding. What is the par value per share of Thoughtful Comfort Specialists' preferred stock? 3. () Make two summary journal entries to record issuance of all the Thoughtful Comfort Specialists' stock for cash. Explanations are not required. 4. No preferred dividends are in arrears. Journalize the declaration of a $800,000 dividend at June 30, 2024, and the payment of the dividend on July 20, 2024. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. Print Done - X Data table Stockholders' Equity Paid-In Capital: Preferred Stock-8%, ? Par Value; 700,000 shares authorized, 300,000 shares issued and outstanding Common Stock-$1 Par Value; 7,000,000 shares authorized, 1,300,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity Print Done $ $ - X 1,200,000 1,300,000 2,800,000 5,300,000 11,900,000 17,200,000
Transcribed Image Text:Thoughtful Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2024: (Click the icon to view the partial balance sheet.) Read the requirements. Requirement 1. Identify the different classes of stock that Thoughtful Comfort Specialists has outstanding. Thoughtful has outstanding. common stock preferred stock preferred stock and common stock preferred stock and treasury stock Requirements 2. 1. Identify the different classes of stock that Thoughtful Comfort Specialists has outstanding. What is the par value per share of Thoughtful Comfort Specialists' preferred stock? 3. () Make two summary journal entries to record issuance of all the Thoughtful Comfort Specialists' stock for cash. Explanations are not required. 4. No preferred dividends are in arrears. Journalize the declaration of a $800,000 dividend at June 30, 2024, and the payment of the dividend on July 20, 2024. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. Print Done - X Data table Stockholders' Equity Paid-In Capital: Preferred Stock-8%, ? Par Value; 700,000 shares authorized, 300,000 shares issued and outstanding Common Stock-$1 Par Value; 7,000,000 shares authorized, 1,300,000 shares issued and outstanding Paid-In Capital in Excess of Par-Common Total Paid-In Capital Retained Earnings Total Stockholders' Equity Print Done $ $ - X 1,200,000 1,300,000 2,800,000 5,300,000 11,900,000 17,200,000
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