Homework Answers
14.
Regular dividends are declared out of Retained earnings.
Correct option is (d)
Dividend is an appropriation of surplus profit. Hence, Regular dividends can be declared only out of Retained earnings.
15.
The incorporation date is not significant date with respect to dividends.
Correct option is (b)
The incorporation date is the date on which a company is incorporated. It has nothing to do with dividends.
The dates relevant to dividends are the declaration date, the record date and the payment date.
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14, Regular dividends are declared out of a. Paid-in Capital in Excess of Par. b. Treasury...
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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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Print 6. The stockholders' equity of Lakeside Occupational Therapy, Inc. on December 31, 2017, follows: (Click the icon to view the data.) ?(Click the icon to show additional information.) Read the requirements3. Requirement 1. Journalize the declaration and distribution of the stock dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First, journalize the declaration of the stock dividend. Date Accounts and Explanation Debit Credit Apr. 30 Now journalize the distribution...
please help finish and complete the last 3 journals entries I
posted
Paid-in capital: Preferred stock, 8.8%, 95,000 shares at $1 par Connon stock, 454,500 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,500 conmon shares Total shareholders' equity $ 95,000 454,500 1,565,000 2,615,000 9,445,000 (49,500) $14, 125,000 During 2021, several events and transactions affected the retained earnings of Consolidated Paper. Required: 1. Prepare the appropriate entries for...
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