Question 2 Table 10-1 Lewis & Clark, Inc., has 100,000 shares of common stock authorized, 25,000...
Question 2
-
Table 10-1
Lewis & Clark, Inc., has 100,000 shares of common stock authorized, 25,000 shares issued and outstanding. On September 1, 20X9, the company declared a $3.00 per share dividend for those of record on October 1, 20X9, to be paid on November 1, 20X9.
Referring to Table 10-1, which of the following journal entries would Lewis & Clark, Inc., make on September 1, 20X9?Retained Earnings 75,000
Cash 75,000Retained Earnings 300,000
Dividends Payable 300,000Retained Earnings 300,000
Cash 300,000Dividends Payable 75,000
Cash 75,000Retained Earnings 75,000
Dividends Payable 75,000
Homework Answers
| Amount of Dividends = 25000*3.00 = 75,000 |
| The journal entry Lewis & Clark, Inc., make on September 1, 20X9 is: |
| Retained Earnings 75,000 |
| Dividends Payable 75,000 |
| Option E is correct |
Add Answer to:
Question 2
Table 10-1
Lewis & Clark, Inc., has 100,000 shares of common stock
authorized, 25,000...
Ch 11 -2 Activities 1. The following accounts appear in the ledger of Bradley, Inc., after...
Ch 11 -2 Activities 1. The following accounts appear in the ledger of Bradley, Inc., after the books are closed at December 31, 2010 Common Stock, $1 par value, 800,000 shares authorized, 500,000 shares issued $500,000 Common Stock Dividends Distributable 80,000 Paid-in Capital in Excess of Par Value-Common Stock 950,000 Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 3,000 shares issued 300,000 Retained Earnings 550.000 Treasury Stock (10,000 common shares) 40.000 Paid-in Capital in Excess of Par Value-Preferred Stock...
Exercise 10-56 (Algorithmic) Cash Dividends on Common Shares Wildebeest Corp. is authorized to issue an unlimited...
Exercise 10-56 (Algorithmic) Cash Dividends on Common Shares Wildebeest Corp. is authorized to issue an unlimited number of common shares. At the beginning of 2018, Wildebeest had 318,800 issued and outstanding shares. On July 2, 2018, Widebeest repurchased 1,310 shares of common shares. On March 1 and September 1, Wildebeest declared a cash dividend of $1.10 per share. The dividends were paid on April 1 and October 1. Required: 1. Prepare the entries to record the declaration of the two...
Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 40,000 shares issued and outstanding...
Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $240,000 200.000 340,000 $780,000 Stockholders' Equity (December 31) Common stock-$6 par value, 100,000 shares authorized, 47, 400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($30,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity $284,400 244,400 400,000...
Stockholders' Equity (December 31, 2016) Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and...
Stockholders' Equity (December 31, 2016) Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985,000 Stockholders' Equity (December 31, 2017) Common stock-$10 par value, 130,000 shares authorized, 56, 370 shares issued, 4,500 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($90,000 restricted by treasury stock) $ 563,700 151, 440 740,000 1,455, 140...
Q#1 Jones Corp. has 200,000 shares of stock authorized, 120,000 shares issued, and 100,000 shares outstanding....
Q#1 Jones Corp. has 200,000 shares of stock authorized, 120,000 shares issued, and 100,000 shares outstanding. On August 2010, Jones' Board of Directors declared a cash dividend of S0.50 per share, with a date of record of September 1, 2010. The dividend will be paid on October 1, 2010. Prepare the journal entries required to record the transactions described above, as needed, and then post them to the related T accounts:
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding $ 369,000 Retained earnings 217,000 Total equi
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding$369,000Retained earnings217,000Total equity$586,000In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan.5The directors declared a $3.30 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record.Feb.28Paid the dividend declared on January 5.July6Sold 800 common shares at $38.50 per share.Aug.22Sold 1,300 common shares at $27.30 per share.Sept.5The...
36. Clayton Co. has common stock with $1 par value; 100,000 shares are authorized, 80,000 shares...
36. Clayton Co. has common stock with $1 par value; 100,000 shares are authorized, 80,000 shares are issued, and 75,000 shares are outstanding. a. What is the value of the common stock as presented on the balance sheet? b. How many shares of treasury stock are there? c. If a $2 dividend was declared by the board of directors, what would the total dividend payment be
Martial Arts Schools, Inc. is authorized to issue 200,000 shares of $1 par common stock. The...
Martial Arts Schools, Inc. is authorized to issue 200,000 shares of $1 par common stock. The company issued 75,000 shares at $6 per share. When the market price of common stock was $8 per share, Martial Arts declared and distributed a 14% stock dividend. Later, Martial Arts declared and paid a $0.80 per share cash dividend Read the requirements Common SIOUX LIVIDEN IS Date 2 IUUU Common Stock-$1 Par Value 21000 Issued 14% stock dividend Requirement 2. Journalize the declaration...
Rudd Corp. had 700,000 shares of common stock authorized and 300,000 shares outstanding at December 31,...
Rudd Corp. had 700,000 shares of common stock authorized and 300,000 shares outstanding at December 31, Year 3. The following events occurred during Year 4: January 31 Declared 10% stock dividend June 30 Purchased 100,000 shares August 1 Reissued 50,000 shares November 30 Declared 2-for-1 stock split At December 31, Year 4, how many shares of common stock did Rudd have outstanding?
Stockholders' Equity (January 1 Common stock-$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding...
Stockholders' Equity (January 1 Common stock-$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $175,000 135,000 340,000 $650,809 Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($60,000 restricted by treasury stock) $206,000 178,400 400,000 784,400 (60,000) $724,400 Less cost of treasury stock Total...
Ch 11 -2 Activities 1. The following accounts appear in the ledger of Bradley, Inc., after the books are closed at December 31, 2010 Common Stock, $1 par value, 800,000 shares authorized, 500,000 shares issued $500,000 Common Stock Dividends Distributable 80,000 Paid-in Capital in Excess of Par Value-Common Stock 950,000 Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 3,000 shares issued 300,000 Retained Earnings 550.000 Treasury Stock (10,000 common shares) 40.000 Paid-in Capital in Excess of Par Value-Preferred Stock...
Exercise 10-56 (Algorithmic) Cash Dividends on Common Shares Wildebeest Corp. is authorized to issue an unlimited number of common shares. At the beginning of 2018, Wildebeest had 318,800 issued and outstanding shares. On July 2, 2018, Widebeest repurchased 1,310 shares of common shares. On March 1 and September 1, Wildebeest declared a cash dividend of $1.10 per share. The dividends were paid on April 1 and October 1. Required: 1. Prepare the entries to record the declaration of the two...
Stockholders' Equity (January 1) Common stock-$6 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $240,000 200.000 340,000 $780,000 Stockholders' Equity (December 31) Common stock-$6 par value, 100,000 shares authorized, 47, 400 shares issued, 3,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($30,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity $284,400 244,400 400,000...
Stockholders' Equity (December 31, 2016) Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985,000 Stockholders' Equity (December 31, 2017) Common stock-$10 par value, 130,000 shares authorized, 56, 370 shares issued, 4,500 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($90,000 restricted by treasury stock) $ 563,700 151, 440 740,000 1,455, 140...
Q#1 Jones Corp. has 200,000 shares of stock authorized, 120,000 shares issued, and 100,000 shares outstanding. On August 2010, Jones' Board of Directors declared a cash dividend of S0.50 per share, with a date of record of September 1, 2010. The dividend will be paid on October 1, 2010. Prepare the journal entries required to record the transactions described above, as needed, and then post them to the related T accounts:
36. Clayton Co. has common stock with $1 par value; 100,000 shares are authorized, 80,000 shares are issued, and 75,000 shares are outstanding. a. What is the value of the common stock as presented on the balance sheet? b. How many shares of treasury stock are there? c. If a $2 dividend was declared by the board of directors, what would the total dividend payment be
Martial Arts Schools, Inc. is authorized to issue 200,000 shares of $1 par common stock. The company issued 75,000 shares at $6 per share. When the market price of common stock was $8 per share, Martial Arts declared and distributed a 14% stock dividend. Later, Martial Arts declared and paid a $0.80 per share cash dividend Read the requirements Common SIOUX LIVIDEN IS Date 2 IUUU Common Stock-$1 Par Value 21000 Issued 14% stock dividend Requirement 2. Journalize the declaration...
Stockholders' Equity (January 1 Common stock-$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $175,000 135,000 340,000 $650,809 Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($60,000 restricted by treasury stock) $206,000 178,400 400,000 784,400 (60,000) $724,400 Less cost of treasury stock Total...
Most questions answered within 3 hours.
-
IRC
1244 allows for what ?
A. No recognition on a like-kind exchange
B. Deductibility of...
asked 1 minute ago -
The Question: Cryptography is behind the scenes
of much of the security of the internet. These...
asked 2 hours ago -
Important Information to answer the question:
Scale Solar Power Energy
The average price of a 4KW...
asked 3 hours ago -
Lowell Corp. sells $100,000 of bonds to private investors. The
bonds are due in five years,...
asked 4 hours ago -
3) Do you believe that Disney’s
acquisition-based growth strategy is sustainable?
4) Which competencies support this...
asked 4 hours ago -
Rank the following three stocks by their total risk level highest
to lowest night writer has...
asked 5 hours ago -
A local
electronic company primarily manufactures four highly technical
telecommunication products. Each product must be processed...
asked 6 hours ago -
•Describe the basic structure of collagen monomers •Explain how
amino acid composition of collagen contributes to...
asked 7 hours ago -
Compute the sample correlation coefficient
r for each of the following data sets.
(Use 3 decimal...
asked 8 hours ago -
5a. What are the advantages and disadvantages of Proxy ARP?
b. What is the TTL field...
asked 8 hours ago -
An ice cube (density = 900[kg/m3]) with a side length of
2.54[cm] is held by a...
asked 10 hours ago -
would you say that leaders in the international context are born
or made? That is, can...
asked 10 hours ago