Homework Answers
| Account titles and explanation | Debit(in $) | Credit(in $) | |
| Cash(1,000 shares*$15) | $15,000 | ||
| Preferred stock(1,000 shares*$0.01) | $10 | ||
| Paid-in capital in excess of par value-Preferred stock | $14,990 | ||
| Preferred dividend for a year =1,800 shares*$50*5% =$4,500 | |||
| Preferred dividend for 2019 and 2020($4,500*2) | $9,000 | ||
| Preferred Dividend for 2021 | $4,500 | ||
| Remaining dividend to common shareholders | $1,500 | ||
| Total Dividend | $15,000 | ||
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Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at...
Equinox Outdoor Wear Issues 1000 shares of its $0.01 par value preferred stock for cash at...
Equinox Outdoor Wear Issues 1000 shares of its $0.01 par value preferred stock for cash at $27 per share. Record the stance of the preferred shares. (If no entry is required for a particular transaction/event, select No Journal Entry Required in the first account field.) Journal entry worksheet Record the issuance of preferred stock.
Rachel's Designs has 1,000 shares of 6%, $50 par value cumulative preferred stock issued at the...
Rachel's Designs has 1,000 shares of 6%, $50 par value cumulative preferred stock issued at the beginning of 2019. All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2019 or 2020. The company plans to pay total dividends of $10,000 in 2021. How much of the $10,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders Preferred dividends in arrears for 2019...
Rachel's Designs has 1,600 shares of 6%, $50 par value cumulative preferred stock issued at the...
Rachel's Designs has 1,600 shares of 6%, $50 par value cumulative preferred stock issued at the beginning of 2019. All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2019 or 2020. The company plans to pay total dividends of $16,000 in 2021. How much of the $16,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders? Preferred dividends in arrears for 2019...
Rachel's Designs has 1,600 shares of 7%, $50 par value cumulative preferred stock issued at the beginning of 2019. All...
Rachel's Designs has 1,600 shares of 7%, $50 par value cumulative preferred stock issued at the beginning of 2019. All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2019 or 2020. The company plans to pay total dividends of $18,000 in 2021. How much of the $18,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders? Preferred dividends in arrears for 2019...
Rachel's Designs has 1,100 shares of 5%, $50 par value cumulative preferred stock issued at the...
Rachel's Designs has 1,100 shares of 5%, $50 par value cumulative preferred stock issued at the beginning of 2019. Al remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2019 or 2020. The company plans to pay total dividends of $10,000 in 2021. How much of the $10,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders? Preferred dividends in arrears for 2019...
Brief Exercise 10-5 Record issuance of preferred stock (LO10-3) Equinox Outdoor Wear issues 1,000 shares of...
Brief Exercise 10-5 Record issuance of preferred stock (LO10-3) Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $23 per share Record the issuance of the preferred shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the issuance of preferred stock. Note: Enter debits before credits General Journal Clear entry View general journal
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Nathan's Athletic Apparel has 1,800 shares of 7%, $100 par value preferred stock the company issued at the beginning of 2020. All remaining shares are common stock. The company was not able to pay dividends in 2020, but plans to pay dividends of $27,000 in 2021 Required: 1. & 2. How much of the $27,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2021, assuming the preferred stock is cumulative? What...
On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on...
On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on its 26,000, $1 par, common shares. The market price of Sandals common stock is $31 on June 30. Record the stock dividend. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the stock dividend. Note: Enter debits before credits. General Journal Debit Credit Transaction June 30 Nathan's...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common....
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of tock and 4,600 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,700 shares of common stock for $48 per share. May 15 Purchase 460 shares of treasury stock for $41 per share. July 10 Resell 260 shares of treasury stock purchased on May 15 for $46 per share. October...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common....
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 430 shares of preferred stock and 5,300 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 2,400 shares of common stock for $55 per share. May 15 Purchase 530 shares of treasury stock for $48 per share. July 10 Resell 330 shares of treasury stock purchased on May 15...
Equinox Outdoor Wear Issues 1000 shares of its $0.01 par value preferred stock for cash at $27 per share. Record the stance of the preferred shares. (If no entry is required for a particular transaction/event, select No Journal Entry Required in the first account field.) Journal entry worksheet Record the issuance of preferred stock.
Rachel's Designs has 1,000 shares of 6%, $50 par value cumulative preferred stock issued at the beginning of 2019. All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2019 or 2020. The company plans to pay total dividends of $10,000 in 2021. How much of the $10,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders Preferred dividends in arrears for 2019...
Rachel's Designs has 1,600 shares of 6%, $50 par value cumulative preferred stock issued at the beginning of 2019. All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2019 or 2020. The company plans to pay total dividends of $16,000 in 2021. How much of the $16,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders? Preferred dividends in arrears for 2019...
Rachel's Designs has 1,600 shares of 7%, $50 par value cumulative preferred stock issued at the beginning of 2019. All remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2019 or 2020. The company plans to pay total dividends of $18,000 in 2021. How much of the $18,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders? Preferred dividends in arrears for 2019...
Rachel's Designs has 1,100 shares of 5%, $50 par value cumulative preferred stock issued at the beginning of 2019. Al remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2019 or 2020. The company plans to pay total dividends of $10,000 in 2021. How much of the $10,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders? Preferred dividends in arrears for 2019...
Brief Exercise 10-5 Record issuance of preferred stock (LO10-3) Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $23 per share Record the issuance of the preferred shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the issuance of preferred stock. Note: Enter debits before credits General Journal Clear entry View general journal
Nathan's Athletic Apparel has 1,800 shares of 7%, $100 par value preferred stock the company issued at the beginning of 2020. All remaining shares are common stock. The company was not able to pay dividends in 2020, but plans to pay dividends of $27,000 in 2021 Required: 1. & 2. How much of the $27,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders in 2021, assuming the preferred stock is cumulative? What...
On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on its 26,000, $1 par, common shares. The market price of Sandals common stock is $31 on June 30. Record the stock dividend. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the stock dividend. Note: Enter debits before credits. General Journal Debit Credit Transaction June 30 Nathan's...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of tock and 4,600 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,700 shares of common stock for $48 per share. May 15 Purchase 460 shares of treasury stock for $41 per share. July 10 Resell 260 shares of treasury stock purchased on May 15 for $46 per share. October...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 430 shares of preferred stock and 5,300 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 2,400 shares of common stock for $55 per share. May 15 Purchase 530 shares of treasury stock for $48 per share. July 10 Resell 330 shares of treasury stock purchased on May 15...
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