Preferred shares cash dividends have been declared and paid. Common share dividends have been declared, but...
Preferred shares cash dividends have been declared and paid. Common share dividends have been declared, but not paid. In preparation for the public issuance of shares in five years, HEMI’s management declared a 10% common stock dividend on November 1, 2019. Common shares for the stock dividends wereissued to the existing common shareholders on December 30, 2019. However, the transaction has not been recorded in HEMI’s accounting records. HEMI is authorized to issue 50,000,000. HEMI issued 12,000,000 common shares on January 2, 2019 (i.e., these were the shares outstanding prior to the stock dividend). HEMI’s common shares are valued at $21per share. The Accountant wants you to calculate the dollar amount to be assigned to the common sharesissued as stock dividends. Provide an adjusting journal entry to record the stock dividend.
Homework Answers
if stock dividend is small (less than 25% of Outstanding shares), market price of share shall be taken into consideration.
the adjusting entry is as follows
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Preferred shares cash dividends have been declared and paid.
Common share dividends have been declared, but...
Preferred shares cash dividends have been declared and paid. Common share dividends have been declared, but...
Preferred shares cash dividends have been declared and paid. Common share dividends have been declared, but not paid. In preparation for the public issuance of shares in five years, HEMI’s management declared a 10% common stock dividend on November 1, 2019. Common shares for the stock dividends wereissued to the existing common shareholders on December 30, 2019. However, the transaction has not been recorded in HEMI’s accounting records. HEMI is authorized to issue 50,000,000. HEMI issued 12,000,000 common shares on...
Dividends Year Assume Preferred Stock is Non-Cumulative Assume Preferred Stock is Cumulative Declared and Paid Preferred...
Dividends Year Assume Preferred Stock is Non-Cumulative Assume Preferred Stock is Cumulative Declared and Paid Preferred Dividend Common Dividend Preferred Dividend Common Dividend 2018 10,000 2019 55,000 2020 80,000 Since it was organized in January 2015, HobKnob Production Corporation has had 1500 shares of $100 par value, 10% preferred stock and 15,000 shares of $20 par value common stock. It has declared and paid dividends each year as shown below. Show the distribution of total dividends to each class of...
Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its preferred...
Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its preferred and common stock: Preferred stock, $30 par, 12% cumulative; 300,000 shares authorized; 150,000 shares issued and outstanding Common stock, $2 par; 2,500,000 shares authorized; 1,200,000 shares issued; 1,000,000 outstanding As of December 31, 2019, Lemon was 3 years in arrears on its dividends. During 2020, Lemon declared and paid dividends. As a result, the common stockholders received dividends of $0.45 per share. Required: 1....
26 HWIT#26: CASH DIVIDENDS PREFERRED STOCK and COMMON STOCK: Listed below we ens found in the...
26 HWIT#26: CASH DIVIDENDS PREFERRED STOCK and COMMON STOCK: Listed below we ens found in the stockholders' equity section of the Garland's Corporation Balance Sheet. The Grand Corporation declared cash dividends of $500.000 on September I payable to stockholders of record on December 1, 2018 8% Preferred stock. $100 par value. cumulative, 50,000 shares authorized 25,00 shares issued and outstanding Common stock, S10 stated value, 400,000 shares authorized, 100,000 issued and outstanding Instructions: Assume each is an independent transaction. a....
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash divid...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 b. On March 1, 2019, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The...
need help on number one, two, and three B. (Recording the Issuance of Common and Preferred...
need help on number one, two, and three
B. (Recording the Issuance of Common and Preferred Stock) Envy Gas Corporation was organized on June 1, 2019. It is authorized to issue 100,000 shares of 5%, $100 par value preferred stock, and 1,750,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. June 15 Issued 165,000 shares of common stock for cash at $5 per share....
Calculate the average per share amount of the preferred and common shares at January 1, 2021....
Calculate the average per share amount of the preferred and
common shares at January 1, 2021.
WileyPLUS Problem 13-3 Manion Merchandising Inc. had the following share capital and balances on January 1, 2021. $1,670,000 $2.50 cumulative preferred shares, convertible into common shares at a ratio of 4 common shares for 1 preferred share, unlimited number of shares authorized, 100,000 shares issued Common shares, unlimited number of shares authorized, 700,000 shares issued 2,450,000 The following transactions relating to shares occurred in...
The 2017 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends...
The 2017 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $119.7 million in 2017. It also declared and paid dividends on common sha 1,000,000,000 common shares authorized 387 370.300 shares had been issued The balance in Retained Earmings was $1,552 million on December 31, 2016, and 2017 Net Income was $856 million Required 1. Prepare journal entries to record the declaration, and payment, of dividends on () preferred and (b)...
Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the...
Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1. 1.90,000 shares of $12 par common stock. 2. 9,000 shares of $80 par, 4 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 9,000 shares of preferred stock and a $1 per share dividend for the common shareholders. The dividends will be paid on July 1 to...
ework Saved Help Save & Che Exercise 8-9 Cash dividends for preferred and common shareholders LO...
ework Saved Help Save & Che Exercise 8-9 Cash dividends for preferred and common shareholders LO 8-3 Weaver Corporation had the following stock issued and outstanding at January 1, 2018: 1. 62,000 shares of $4 par common stock. 2.5,500 shares of $110 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 5,500 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid...
Dividends Year Assume Preferred Stock is Non-Cumulative Assume Preferred Stock is Cumulative Declared and Paid Preferred Dividend Common Dividend Preferred Dividend Common Dividend 2018 10,000 2019 55,000 2020 80,000 Since it was organized in January 2015, HobKnob Production Corporation has had 1500 shares of $100 par value, 10% preferred stock and 15,000 shares of $20 par value common stock. It has declared and paid dividends each year as shown below. Show the distribution of total dividends to each class of...
Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its preferred and common stock: Preferred stock, $30 par, 12% cumulative; 300,000 shares authorized; 150,000 shares issued and outstanding Common stock, $2 par; 2,500,000 shares authorized; 1,200,000 shares issued; 1,000,000 outstanding As of December 31, 2019, Lemon was 3 years in arrears on its dividends. During 2020, Lemon declared and paid dividends. As a result, the common stockholders received dividends of $0.45 per share. Required: 1....
26 HWIT#26: CASH DIVIDENDS PREFERRED STOCK and COMMON STOCK: Listed below we ens found in the stockholders' equity section of the Garland's Corporation Balance Sheet. The Grand Corporation declared cash dividends of $500.000 on September I payable to stockholders of record on December 1, 2018 8% Preferred stock. $100 par value. cumulative, 50,000 shares authorized 25,00 shares issued and outstanding Common stock, S10 stated value, 400,000 shares authorized, 100,000 issued and outstanding Instructions: Assume each is an independent transaction. a....
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 b. On March 1, 2019, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The...
need help on number one, two, and three
B. (Recording the Issuance of Common and Preferred Stock) Envy Gas Corporation was organized on June 1, 2019. It is authorized to issue 100,000 shares of 5%, $100 par value preferred stock, and 1,750,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. June 15 Issued 165,000 shares of common stock for cash at $5 per share....
Calculate the average per share amount of the preferred and
common shares at January 1, 2021.
WileyPLUS Problem 13-3 Manion Merchandising Inc. had the following share capital and balances on January 1, 2021. $1,670,000 $2.50 cumulative preferred shares, convertible into common shares at a ratio of 4 common shares for 1 preferred share, unlimited number of shares authorized, 100,000 shares issued Common shares, unlimited number of shares authorized, 700,000 shares issued 2,450,000 The following transactions relating to shares occurred in...
The 2017 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $119.7 million in 2017. It also declared and paid dividends on common sha 1,000,000,000 common shares authorized 387 370.300 shares had been issued The balance in Retained Earmings was $1,552 million on December 31, 2016, and 2017 Net Income was $856 million Required 1. Prepare journal entries to record the declaration, and payment, of dividends on () preferred and (b)...
Exercise 11-7A (Algo) Cash dividends for preferred and common shareholders LO 11-3 Weaver Corporation had the following stock issued and outstanding at January 1, Year 1. 1.90,000 shares of $12 par common stock. 2. 9,000 shares of $80 par, 4 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 9,000 shares of preferred stock and a $1 per share dividend for the common shareholders. The dividends will be paid on July 1 to...
ework Saved Help Save & Che Exercise 8-9 Cash dividends for preferred and common shareholders LO 8-3 Weaver Corporation had the following stock issued and outstanding at January 1, 2018: 1. 62,000 shares of $4 par common stock. 2.5,500 shares of $110 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 5,500 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid...
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