Homework Answers
No entry is made for this transaction.
Explanation: Total value of shares issued does not change, it will remain the same. Only the no. of shares will change. Therefore no entry will be required to record the stock split.
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On September 1, Ziegler Corporation had 75,000 shares of $5 par value common stock, and $225,000...
On September 1, Ziegler Corporation had 73,000 shares of $5 par value common stock, and $219,000...
On September 1, Ziegler Corporation had 73,000 shares of $5 par value common stock, and $219,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general Journal entry to record this transaction is: Multiple Choice Debit Retained Earnings $1,095,000; credit Common Stock $1,095,000. 0 No entry is made for this transaction O Debit Retained Earnings $365,000 Credit Common Stock $365.000 0 0 Debit Retained...
Odessa Corporation had 20,000 shares of $2 par value common stock outstanding on July 1. On...
Odessa Corporation had 20,000 shares of $2 par value common stock outstanding on July 1. On that day, the board of directors declared a 10% stock dividend when the market value of each share was $9. The stock dividend is to be distributed on July 20 to stockholders of record on July 10. The entry to record the dividend declaration is: a) Debit Retained Earnings $18,000; credit Common Stock Dividends Distributable $4,000; credit Paid-In Capital in Excess of Par Value,...
Eastline Corporation had 14,000 shares of $10 par value common stock outstanding when the board of...
Eastline Corporation had 14,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 5,320 shares. At the time of the stock dividend, the market value per share was $20. The entry to record this dividend is: Multiple Cholce No entry Is needed. Debit Retained Earnings $106,400; credit Common Stock DIvidend Distributable $106.40o. Deblt Retalned Earnings $106,400; credit Common Stock DIvidend Distributable $53,200; credit Pald-In Capltal in Excess of Par Value, Common...
Odessa Corporation had 20,000 shares of $2 par value common stock outstanding on July 1. On that day, the board of direc...
Odessa Corporation had 20,000 shares of $2 par value common stock outstanding on July 1. On that day, the board of directors declared a 10% stock dividend when the market value of each share was $9. The stock dividend is to be distributed on July 20 to stockholders of record on July 10. The entry to record the dividend declaration is: No entry is made until the stock is issued. Debit retained Earnings $18,000; credit Common Stock Dividends Distributable $4,000;...
4. A corporation had 10,000 shares of $10 par value common stock outstanding when the board...
4. A corporation had 10,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 30%. At the time of the stock dividend, the market value per share was $12. The entry to record this dividend is: A. Debit Retained Earnings $36,000; credit Common Stock $36,000. B. Debit Retained Earnings $36,000; credit Common Stock $30,000, credit Paid-In Capital in Excess of Par Value $6,000. C. Debit Common Stock $36,000; credit Retained Earnings...
A corporation issued 240 shares of its $5 par value common stock in payment of a...
A corporation issued 240 shares of its $5 par value common stock in payment of a $3.200 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Save & E Murile Choice A$200 C A 1200 Organogenes A $2.000 credit to Paid in Capital Escess of Par Valve Common Stock A $1.200 biso Legal Expenses A $1.200 credit to Common Stock Fetzer Company declared a $0.35 per share cash...
Cheyenne Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a...
Cheyenne Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Cheyenne Corporation has...
- Your answer is partially correct. Concord Corporation has 41,500 shares of $12 par value common...
- Your answer is partially correct. Concord Corporation has 41,500 shares of $12 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $18. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
On January 1, 2017, Monty Corp. had these stockholders equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 523,000 620,000 Paid-in Capital in Excess...
On January 1, 2017, Monty Corp. had these stockholders equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 523,000 620,000 Paid-in Capital in Excess of Par Value Retained Earnings During the year, the following transactions occurred. Jan. 15 Declared a $0.60 cash dividend per share Feb. 15 Paid the dividend dedlared in January Apr. 15 Declared a May 15 Issued the shares for the stock dividend. Dec 1 Declared a $o.50 per share cash dividend to...
Char Corporation had outstanding 100,000 shares of $5 par-value common stock on August 13, 2019. On...
Char Corporation had outstanding 100,000 shares of $5 par-value common stock on August 13, 2019. On that date, it declared a 10 percent common stock dividend distributable on September 15 to stockholders of record on September 1. The estimated fair value of the shares at the time of their issue was $30 per share. Give any general journal entries necessary on August 13, September 1, and September 15, 2019. (If no entry is required for a particular transaction, select "No...
On September 1, Ziegler Corporation had 73,000 shares of $5 par value common stock, and $219,000 of retained earnings. On that date, when the market price of the stock is $15 per share, the corporation issues a 2-for-1 stock split. The general Journal entry to record this transaction is: Multiple Choice Debit Retained Earnings $1,095,000; credit Common Stock $1,095,000. 0 No entry is made for this transaction O Debit Retained Earnings $365,000 Credit Common Stock $365.000 0 0 Debit Retained...
Eastline Corporation had 14,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 5,320 shares. At the time of the stock dividend, the market value per share was $20. The entry to record this dividend is: Multiple Cholce No entry Is needed. Debit Retained Earnings $106,400; credit Common Stock DIvidend Distributable $106.40o. Deblt Retalned Earnings $106,400; credit Common Stock DIvidend Distributable $53,200; credit Pald-In Capltal in Excess of Par Value, Common...
4. A corporation had 10,000 shares of $10 par value common stock outstanding when the board of directors declared a stock dividend of 30%. At the time of the stock dividend, the market value per share was $12. The entry to record this dividend is: A. Debit Retained Earnings $36,000; credit Common Stock $36,000. B. Debit Retained Earnings $36,000; credit Common Stock $30,000, credit Paid-In Capital in Excess of Par Value $6,000. C. Debit Common Stock $36,000; credit Retained Earnings...
A corporation issued 240 shares of its $5 par value common stock in payment of a $3.200 charge from its accountant for assistance in filing its charter with the state. The entry to record this transaction will include: Save & E Murile Choice A$200 C A 1200 Organogenes A $2.000 credit to Paid in Capital Escess of Par Valve Common Stock A $1.200 biso Legal Expenses A $1.200 credit to Common Stock Fetzer Company declared a $0.35 per share cash...
Cheyenne Corporation has outstanding 358,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $62 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Cheyenne Corporation has...
- Your answer is partially correct. Concord Corporation has 41,500 shares of $12 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $18. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
On January 1, 2017, Monty Corp. had these stockholders equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 523,000 620,000 Paid-in Capital in Excess of Par Value Retained Earnings During the year, the following transactions occurred. Jan. 15 Declared a $0.60 cash dividend per share Feb. 15 Paid the dividend dedlared in January Apr. 15 Declared a May 15 Issued the shares for the stock dividend. Dec 1 Declared a $o.50 per share cash dividend to...
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