Homework Answers
B)
Dividends Receivable $50
Dividend Income $50
Dividends Receivable will be a current asset and it will be credited when the dividend is Received .
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1. Assume that the Dinnerbell Company currently owns 20 shares of the Bankard Company's common stock...
Record the issuance of 61,000 additional shares of $1 par value common stock for $58 per...
Record the issuance of 61,000 additional shares of $1 par value
common stock for $58 per share.
Record the purchase of 5,600 shares of treasury stock for $61
per share.
Record the declaration of a cash dividend of $1.80 per share to
all stockholders of record on June 15. (Hint: Dividends are not
paid on treasury stock.)
Record payment of the cash dividend declared on June 1.
Record the resale of 2,800 shares of treasury stock purchased
on May 10...
The Russell Corporation stockholder's equity consisted of the following on 1/1/20: Stockholder's Equity Paid in Capital...
The Russell Corporation stockholder's equity consisted of the following on 1/1/20: Stockholder's Equity Paid in Capital 8% Preferred Stock, $100 par value, cumulative, 50.000 shares authorized, 30,000 shares issued and outstanding $ 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized 400.000 shares issued and outstanding 10,000,000 In excess of stated value on common stock $ 600.000 Total Paid-in-Capital from Common Stock...
California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $27 per...
California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $27 per share. Later in the year, the company decides to purchase 100 shares at a cost of $30 per share. Record the transaction if California Surf resells the 100 shares of treasury stock at $32 per share. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Power Drive Corporation designs and produces a line of...
1. XYZ Company has the following information from its charter. Common Stock, $2 par, 250,000 shares...
1. XYZ Company has the following information from its charter. Common Stock, $2 par, 250,000 shares authorized Preferred Stock, 7%, $20 Par, 10.000 shares authorized Jan. 3 Issued 5,000 shares of common stock at $14 per share. Jan. 15 Issued 1,200 shares of preferred stock at $62 per share. Mar. 23 Declared a Cash Dividend of $0.50 per share to common stockholders and $1.40 per share to preferred stockholders. Date of record is Mar. 30. Apr. 5 Paid the cash...
On January 1, 2020, Swifty Corporation had 79,000 shares of $1 par value common stock issued...
On January 1, 2020, Swifty Corporation had 79,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 91,000 shares of common stock for $603,000. June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15. June 30 Paid the $2.00 cash dividend. Dec. 1 Purchased 9,000 shares of common stock for the treasury for $19 per share. Dec. 15 Declared a cash dividend...
Corporation reported stockholders' equity on Dec 31 of the prior year as follows: Common stock, $5...
Corporation reported stockholders' equity on Dec 31 of the prior year as follows: Common stock, $5 par value, 1,000,000 shares $2,500,000 authorized, 500,000 shares issued ----- 2,5000,000 Paid-in capital in excess of par, common stock ----1,000,000 Retained earnings-------3,000,000 The following selected transactions occurred during the current year: Feb. 15 The board of directors declared a 7% stock dividend to stockholders of record on March 1, payable March 20. The stock was selling for $8 per share. Mar. 9 Distributed the...
E14-1 On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding....
E14-1 On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 25,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,000 additional shares of common stock for $19...
Comparing Cash Dividends and Stock Dividends Weili Corporation has 80,000 shares of common stock outstanding with...
Comparing Cash Dividends and Stock Dividends Weili Corporation has 80,000 shares of common stock outstanding with a par value of $8. E11-24 LO11-4, 11-6, 11-9 Required: 1. Complete the table below for each of the two following independent cases: Case 1: The board of directors declared and issued a 40 percent stock dividend when the stock was selle ing at $25 per share. Case 2: The board of directors declared and paid a cash dividend of $2 per share. CHAPTER...
19. Assume that Browny Company purchased 100 shares of the Dumbstone Company's common stock at a...
19. Assume that Browny Company purchased 100 shares of the Dumbstone Company's common stock at a total cost of $80 per share. Assume also that this purchase price includes the right to a dividend of $1.75 per share which has been declared but not yet paid. The necessary entry to record this purchase on Browny's books would be A. Short-Term Investments-Stocks 8,000 175 Dividends Receivable Cash 8,175 B. Short-Term Investments-Stocks 7,825 175 Dividends Receivable Cash 8,000 C. Short-Term Investments-Stocks 8,000...
8% Preferred Stock, $100 par value, cumulative, 50,000 shares authorized 30,000 shares issued and outstanding 3,000,000...
8% Preferred Stock, $100 par value, cumulative, 50,000 shares authorized 30,000 shares issued and outstanding 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized. 400,000 shares issued and outstanding $ 10,000,000 In excess of stated value on common stock $ 600,000 Total Paid-in-Capital from Common Stock $ 10,600,000 Total Paid-in-Capital $ 13,900,000 Retained Earnings (Note A) $ 4,100,000 Total Stockholder's Equity $...
Record the issuance of 61,000 additional shares of $1 par value
common stock for $58 per share.
Record the purchase of 5,600 shares of treasury stock for $61
per share.
Record the declaration of a cash dividend of $1.80 per share to
all stockholders of record on June 15. (Hint: Dividends are not
paid on treasury stock.)
Record payment of the cash dividend declared on June 1.
Record the resale of 2,800 shares of treasury stock purchased
on May 10...
The Russell Corporation stockholder's equity consisted of the following on 1/1/20: Stockholder's Equity Paid in Capital 8% Preferred Stock, $100 par value, cumulative, 50.000 shares authorized, 30,000 shares issued and outstanding $ 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized 400.000 shares issued and outstanding 10,000,000 In excess of stated value on common stock $ 600.000 Total Paid-in-Capital from Common Stock...
1. XYZ Company has the following information from its charter. Common Stock, $2 par, 250,000 shares authorized Preferred Stock, 7%, $20 Par, 10.000 shares authorized Jan. 3 Issued 5,000 shares of common stock at $14 per share. Jan. 15 Issued 1,200 shares of preferred stock at $62 per share. Mar. 23 Declared a Cash Dividend of $0.50 per share to common stockholders and $1.40 per share to preferred stockholders. Date of record is Mar. 30. Apr. 5 Paid the cash...
E14-1 On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 25,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,000 additional shares of common stock for $19...
Comparing Cash Dividends and Stock Dividends Weili Corporation has 80,000 shares of common stock outstanding with a par value of $8. E11-24 LO11-4, 11-6, 11-9 Required: 1. Complete the table below for each of the two following independent cases: Case 1: The board of directors declared and issued a 40 percent stock dividend when the stock was selle ing at $25 per share. Case 2: The board of directors declared and paid a cash dividend of $2 per share. CHAPTER...
19. Assume that Browny Company purchased 100 shares of the Dumbstone Company's common stock at a total cost of $80 per share. Assume also that this purchase price includes the right to a dividend of $1.75 per share which has been declared but not yet paid. The necessary entry to record this purchase on Browny's books would be A. Short-Term Investments-Stocks 8,000 175 Dividends Receivable Cash 8,175 B. Short-Term Investments-Stocks 7,825 175 Dividends Receivable Cash 8,000 C. Short-Term Investments-Stocks 8,000...
8% Preferred Stock, $100 par value, cumulative, 50,000 shares authorized 30,000 shares issued and outstanding 3,000,000 In excess of par on preferred stock $ 300,000 Total Paid-in-Capital from Preferred Stock $ 3,300,000 Common Stock, no par, $25 stated value, 1,000,000 shares authorized. 400,000 shares issued and outstanding $ 10,000,000 In excess of stated value on common stock $ 600,000 Total Paid-in-Capital from Common Stock $ 10,600,000 Total Paid-in-Capital $ 13,900,000 Retained Earnings (Note A) $ 4,100,000 Total Stockholder's Equity $...
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