Homework Answers
| Debit | Credit | |||
| February 20 | Retained earnings | 229440000 | =191200000*1.20 | |
| Dividends payable | 229440000 | |||
| March 01 | Dividends payable | 229440000 | ||
| Cash | 229440000 |
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A recent annual report for Nordstrom Inc. disclosed that the company declared and paid dividends on...
A recent annual report for Nordstrom Inc., disclosed that the company declared and paid dividends on...
A recent annual report for Nordstrom Inc., disclosed that the company declared and paid dividends on common stock in the amount of $1.20 per share. During the year, Nordstrom had 1,000,000,000 authorized shares of common stock and 191,200,000 issued shares. There is no treasury stock. Required: Assume Nordstrom declared the entire dividend ($1.20 per share) on February 20 and subsequently paid the dividend on March 1. Prepare a journal entry to record the declaration and payment of dividends. (If no...
A recent annual report for Malestrom Inc., disclosed that the company declared and paid dividends on...
A recent annual report for Malestrom Inc., disclosed that the company declared and paid dividends on common stock in the amount of $2.10 per share. During the year, Malestrom had 1,020,000,000 authorized shares of common stock and 191,400,000 issued shares. There is no treasury stock. Required: Assume Malestrom declared the entire dividend ($2.10 per share) on February 20 and subsequently paid the dividend on March 1. Prepare a journal entry to record the declaration and payment of dividends. (If no...
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)...
Review Assignment 11 value: 10.00 points The annual report for Sneer Corporation disclosed that the company...
Review Assignment 11 value: 10.00 points The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $160,000 in the current year. It also declared and paid dividends on common stock in the amount of $2.60 per share. During the current year, Sneer had 1 million common shares authorized; 360,000 shares had been issued; and 154,000 shares were in treasury stock. The opening balance in Retained Earnings was $860,000 and Net Income...
Gammon, Inc., declared dividends during the current year as follows. The current year’s cash dividend on...
Gammon, Inc., declared dividends during the current year as follows. The current year’s cash dividend on the 6 percent, $100 par value preferred stock. 100,000 shares were outstanding at the time of the declaration. A cash dividend of $0.75 per share on the $10 par value common stock. 750,000 shares were outstanding at the time of the declaration. Prepare the general journal entries to record the declaration and payment of these dividends, assuming the declaration is recorded directly to retained...
Q-12 Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of...
Q-12
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of GE common stock that Adams had purchased in February for $39,600 as an investment. GE's shares had a market value of $31 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1.54,000 shares...
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1.54,000 shares of $6 par common stock. 2.5,000 shares of $140 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 5,000 shares of preferred stock and a $5 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount...
Exercise 10-9A Record common stock, treasury stock, and cash dividends (LO10-2, 10-4, 10-5) Power Drive Corporation...
Exercise 10-9A Record common stock, treasury stock, and cash dividends (LO10-2, 10-4, 10-5) Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 59,000 additional shares of $1 par value common stock for $56 per share. May 10 Purchases 5,400 shares of treasury stock for $59 per...
View transaction list Journal entry worksheet 2 5 6 1 3 Record the resell 90,000 shares...
View transaction list Journal entry worksheet 2 5 6 1 3 Record the resell 90,000 shares of treasury stock for $42 per share. Note: Enter debits before credits. Credit Date General Journal Debit August 15, 2021 Record entry View general journal 4 View transaction list Journal entry worksheet 1 2 3 4 5 Record the declaration of a cash dividend on its common stock of $1.20 per share and a $456,000 (4% of par value) cash dividend on its preferred...
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 141,000...
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 141,000 shares of $10 par common stock. 2. 8,000 shares of $50 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 8,000 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the...
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)...
Review Assignment 11 value: 10.00 points The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $160,000 in the current year. It also declared and paid dividends on common stock in the amount of $2.60 per share. During the current year, Sneer had 1 million common shares authorized; 360,000 shares had been issued; and 154,000 shares were in treasury stock. The opening balance in Retained Earnings was $860,000 and Net Income...
Q-12
Adams Moving and Storage, a family-owned corporation, declared a property dividend of 1,200 shares of GE common stock that Adams had purchased in February for $39,600 as an investment. GE's shares had a market value of $31 per share on the declaration date. Prepare the journal entries to record the property dividend on the declaration and payment dates. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1.54,000 shares of $6 par common stock. 2.5,000 shares of $140 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 5,000 shares of preferred stock and a $5 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount...
Exercise 10-9A Record common stock, treasury stock, and cash dividends (LO10-2, 10-4, 10-5) Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 59,000 additional shares of $1 par value common stock for $56 per share. May 10 Purchases 5,400 shares of treasury stock for $59 per...
View transaction list Journal entry worksheet 2 5 6 1 3 Record the resell 90,000 shares of treasury stock for $42 per share. Note: Enter debits before credits. Credit Date General Journal Debit August 15, 2021 Record entry View general journal 4 View transaction list Journal entry worksheet 1 2 3 4 5 Record the declaration of a cash dividend on its common stock of $1.20 per share and a $456,000 (4% of par value) cash dividend on its preferred...
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 141,000 shares of $10 par common stock. 2. 8,000 shares of $50 par, 6 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 8,000 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the...
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