Please show all work. Thank you in
advance.
Homework Answers
Answer:
(a)
| Account Titles and Explanation | Debit ($) | Credit ($) |
| For preferred dividends in arrears: | ||
| Retained earnings | 18000 | |
| Treasury stock | 18000 | |
| For preferred current year dividend: | ||
| Retained earnings | 18000 | |
| Cash | 18000 | |
| For common share dividend: | ||
| Retained earnings | 111480 | |
| Cash | 111480 |
Preferred dividend = 6% x $300000= $18000
Common share dividend = $0.40 x (280000 - 2800 + 1500) = $0.40 x 278700 = $111480
Add Answer to:
Please show all work. Thank you in
advance.
The books of Crane Corporation carried the following...
The books of Shamrock Corporation carried the following account balances as of December 31, 2020. Cash...
The books of Shamrock Corporation carried the following account balances as of December 31, 2020. Cash $ 209,000 Preferred Stock (6% cumulative, nonparticipating, $50 par) 284,000 Common Stock (no-par value, 318,000 shares issued) 1,590,000 Paid-in Capital in Excess of Par—Preferred Stock 156,000 Treasury Stock (common 3,000 shares at cost) 33,300 Retained Earnings 111,900 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following: “The current...
Problem 15-07 The books of Martinez Corporation carried the following account balances as of December 31,...
Problem 15-07 The books of Martinez Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 309,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,600 shares at cost) Retained Earnings $ 179,000 326,000 1,545,000 156,000 36,000 102,600 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following:...
Problem 15-07 The books of Sheridan Corporation carried the following account balances as of December 31,...
Problem 15-07 The books of Sheridan Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 302,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,700 shares at cost) Retained Earnings $ 187,000 318,000 1,510,000 161,000 31,900 105,700 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following:...
Question 7 --/1 View Policies Current Attempt in Progress The books of Monty Corporation carried the...
Question 7 --/1 View Policies Current Attempt in Progress The books of Monty Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 320,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,600 shares at cost) Retained Earnings $ 175,000 296,000 1,600,000 146,000 32,000 104,300 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting...
Problem 15-07 The books of Bonita Corporation carried the following account balances as of December 31,...
Problem 15-07
The books of Bonita Corporation carried the following account
balances as of December 31, 2020.
Cash
$ 191,000
Preferred Stock (6% cumulative, nonparticipating, $50 par)
300,000
Common Stock (no-par value, 317,000 shares issued)
1,585,000
Paid-in Capital in Excess of Par—Preferred Stock
162,000
Treasury Stock (common 2,800 shares at cost)
32,700
Retained Earnings
110,000
The company decided not to pay any dividends in 2020.
The board of directors, at their annual meeting on December 21,
2021, declared the following:...
P15.7 (LO 3) (Cash Dividend Entries) The books of Conchita Corporation carried the following account balances...
P15.7 (LO 3) (Cash Dividend Entries) The books of Conchita Corporation carried the following account balances as of December 31, 2020. $ 195,000 Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 300,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,800 shares at cost) Retained Earnings 300,000 1,500,000 150,000 33,600 105,000 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21,...
Please write the steps to get the answers. P15.7 (LO 3) (Cash Dividend Entries) The books...
Please write the steps to get the answers.
P15.7 (LO 3) (Cash Dividend Entries) The books of Conchita Corporation carried the following account balances as of December 31, 2020. Cash 195,000 Preferred Stock (6% cumulative, 300,000 nonparticipating, $50 par) Common Stock (no-par value, 300,000 1,500,000 shares issued) Paid-in Capital in Excess of Par-Preferred 150,000 Stock Treasury Stock (common 2,800 shares at 33,600 cost) Retained Earnings 105,000 The company decided not to pay any dividends in 2020. The board of directors,...
P15.7 (LO 3) (Cash Dividend Entries) account balances as of December 31, 2020. The books of...
P15.7 (LO 3) (Cash Dividend Entries) account balances as of December 31, 2020. The books of Conchita Corporation carried the following Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 300,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,800 shares at cost) Retained Earnings $ 195,000 300,000 1,500,000 150,000 33,600 105,000 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21,...
Please show all work. Thanks in advance Pina Company has two classes of capital stock outstanding:...
Please show all work. Thanks in advance
Pina Company has two classes of capital stock outstanding: 7%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders' equity. Preferred Stock, 146,600 shares Common Stock, 1,998,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $ 2,932,000 9,990,000 201,000 26,651,000 4,581,000 The following transactions affected stockholders' equity during 2021. Jan. 1 Feb. 1 June 1...
show all the work please. Part A In late 2020, the Nicklaus Corporation was formed. The...
show all the work please.
Part A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at...
Problem 15-07 The books of Martinez Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 309,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,600 shares at cost) Retained Earnings $ 179,000 326,000 1,545,000 156,000 36,000 102,600 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following:...
Problem 15-07 The books of Sheridan Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 302,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,700 shares at cost) Retained Earnings $ 187,000 318,000 1,510,000 161,000 31,900 105,700 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following:...
Question 7 --/1 View Policies Current Attempt in Progress The books of Monty Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 320,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,600 shares at cost) Retained Earnings $ 175,000 296,000 1,600,000 146,000 32,000 104,300 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting...
Problem 15-07
The books of Bonita Corporation carried the following account
balances as of December 31, 2020.
Cash
$ 191,000
Preferred Stock (6% cumulative, nonparticipating, $50 par)
300,000
Common Stock (no-par value, 317,000 shares issued)
1,585,000
Paid-in Capital in Excess of Par—Preferred Stock
162,000
Treasury Stock (common 2,800 shares at cost)
32,700
Retained Earnings
110,000
The company decided not to pay any dividends in 2020.
The board of directors, at their annual meeting on December 21,
2021, declared the following:...
P15.7 (LO 3) (Cash Dividend Entries) The books of Conchita Corporation carried the following account balances as of December 31, 2020. $ 195,000 Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 300,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,800 shares at cost) Retained Earnings 300,000 1,500,000 150,000 33,600 105,000 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21,...
Please write the steps to get the answers.
P15.7 (LO 3) (Cash Dividend Entries) The books of Conchita Corporation carried the following account balances as of December 31, 2020. Cash 195,000 Preferred Stock (6% cumulative, 300,000 nonparticipating, $50 par) Common Stock (no-par value, 300,000 1,500,000 shares issued) Paid-in Capital in Excess of Par-Preferred 150,000 Stock Treasury Stock (common 2,800 shares at 33,600 cost) Retained Earnings 105,000 The company decided not to pay any dividends in 2020. The board of directors,...
P15.7 (LO 3) (Cash Dividend Entries) account balances as of December 31, 2020. The books of Conchita Corporation carried the following Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 300,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,800 shares at cost) Retained Earnings $ 195,000 300,000 1,500,000 150,000 33,600 105,000 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21,...
Please show all work. Thanks in advance
Pina Company has two classes of capital stock outstanding: 7%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders' equity. Preferred Stock, 146,600 shares Common Stock, 1,998,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $ 2,932,000 9,990,000 201,000 26,651,000 4,581,000 The following transactions affected stockholders' equity during 2021. Jan. 1 Feb. 1 June 1...
show all the work please.
Part A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 5,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2021, 3,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at...
Most questions answered within 3 hours.
-
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 1 minute ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 22 minutes ago -
Under all the various types of market structures, firms
must eventually earn some economic profits for...
asked 8 minutes ago -
Consider the following fitness regime for a single locus trait
with two co-dominant alleles: w11 =...
asked 13 minutes ago -
A large cable company reports the following.
80% of its customers subscribe to its cable TV...
asked 29 minutes ago -
Please answer the question in brief.
Discuss the role of ERP in organizations. Are ERP tools...
asked 14 minutes ago -
Discuss the pros and cons of collaborative software such
as SameTime. Does it increase productivity? What...
asked 27 minutes ago -
Buying your in-laws a gift because it’s expected is
due to the ____________ motive of gift-giving....
asked 30 minutes ago -
Calculate the expected value, the variance, and the standard
deviation of the given random variable X....
asked 1 hour ago -
A hospital performs 100 surgeries per week. The probability that
complications after surgery occur is 10%....
asked 1 hour ago -
1 point) Given the significance level α=0.01 find the following:
(a) left-tailed z value z= (b)...
asked 1 hour ago -
Assuming you are the head of the software development unit at
Cyber.Soft, explain and justify why...
asked 37 minutes ago