Homework Answers
Add Answer to:
Problem No. 7 On January 2, 2020, Mills Mining Co.'s board of directors declared a cash...
Pacifica Papers Inc. needed to conserve cash, so instead of a cash dividend the board of...
Pacifica Papers Inc. needed to conserve cash, so instead of a
cash dividend the board of directors declared a 5% common share
dividend on June 30, 2020, distributable on July 15, 2020. Because
performance during 2020 was better than expected, the company’s
board of directors declared a $0.95 per share cash dividend on
November 15, 2020, payable on December 1, 2020, to shareholders of
record on November 30, 2020. The equity section of Pacifica’s
December 31, 2019, balance sheet showed:...
Problem No. 2 Wise Company has the following capital structure as of December 31, 2020: Ordinary...
Problem No. 2 Wise Company has the following capital structure as of December 31, 2020: Ordinary share capital, P100 par value, 100,000 shares authorized, 10,000 shares issued and outstanding Share premium Retained earnings P1,000,000 250,000 520,000 On the same date, when the shares market price is at P115 per share, the company declared a share dividend to its ordinary shareholders to be distributed on January 31, 2021. Requirements: 1. Journal entry on the date of declaration if the share dividends...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash divid...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 b. On March 1, 2019, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The...
12-6 anding on March ch 1.10, and 31 rch 1, the board of directors declared a...
12-6
anding on March ch 1.10, and 31 rch 1, the board of directors declared a cash dividend of Exercise 12-4 Cash dividend L04 On March 1, the board of direct 127.000 shares issued and outstandi record on March 10, pavable March 31. There were 141 scord the entries for March 1. 10. 2 tional shares had been issued during the month. Record the er Exercise 12-5 Issuing shares LO3, 4 Mainland Resources Inc. began operat occurred during the first...
On September 15, 2020, the Board of Directors of Tamarisk Company declared a 90¢ per share...
On September 15, 2020, the Board of Directors of Tamarisk
Company declared a 90¢ per share cash dividend, payable on October
31 to shareholders of record as of October 1. On the date of
declaration, Tamarisk Company had 205,000 common shares
outstanding, of which 27,000 were held in Treasury. On October 15,
2020, the company issued an additional 60,000 common shares for
$6.00 each.
Prepare all the required journal entries to record these
transactions. (Credit account titles are automatically
indented...
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,...
Springer Co. was incorporated on January 1, 2019, at which time 500,000 shares of $1 par...
Springer Co. was incorporated on January 1, 2019, at which time
500,000 shares of $1 par value common stock were authorized, and
210,000 of these shares were issued for $9 per share. Net income
for the year ended December 31, 2019, was $1,900,000. Springer
Co.’s board of directors declared dividends of $1.40 per share of
common stock on December 31, 2019, payable on January 27, 2020.
The entry to record the issuance of common stock on January 1,
2019 is:...
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividen...
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividend. A dividend declaration reduces retained earnings and creates a current liability. On the date of record, recipients of the dividend are identified. On the date of payment, cash is paid to stockholders and the current liability is removed. Neither a stock dividend nor a stock split alters company value. However, the value of each share is less due to the distribution...
Looking for the amount for share dividends in the retained earnings section. On March 1, 2020,...
Looking for the amount for share dividends in the
retained earnings section.
On March 1, 2020, VisionTech Inc.'s board of directors declared a 5% share dividend when the market price per share was $30.00. On November 15, 2020, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2019, balance sheet showed: Common shares; 20,000,000 shares authorized; 3,100,000 shares issued and outstanding Retained earnings $ 19,530,000 6,570,000 Required: 1. Prepare a statement of...
Pacifica Papers Inc. needed to conserve cash, so instead of a
cash dividend the board of directors declared a 5% common share
dividend on June 30, 2020, distributable on July 15, 2020. Because
performance during 2020 was better than expected, the company’s
board of directors declared a $0.95 per share cash dividend on
November 15, 2020, payable on December 1, 2020, to shareholders of
record on November 30, 2020. The equity section of Pacifica’s
December 31, 2019, balance sheet showed:...
Problem No. 2 Wise Company has the following capital structure as of December 31, 2020: Ordinary share capital, P100 par value, 100,000 shares authorized, 10,000 shares issued and outstanding Share premium Retained earnings P1,000,000 250,000 520,000 On the same date, when the shares market price is at P115 per share, the company declared a share dividend to its ordinary shareholders to be distributed on January 31, 2021. Requirements: 1. Journal entry on the date of declaration if the share dividends...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 b. On March 1, 2019, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The...
12-6
anding on March ch 1.10, and 31 rch 1, the board of directors declared a cash dividend of Exercise 12-4 Cash dividend L04 On March 1, the board of direct 127.000 shares issued and outstandi record on March 10, pavable March 31. There were 141 scord the entries for March 1. 10. 2 tional shares had been issued during the month. Record the er Exercise 12-5 Issuing shares LO3, 4 Mainland Resources Inc. began operat occurred during the first...
On September 15, 2020, the Board of Directors of Tamarisk
Company declared a 90¢ per share cash dividend, payable on October
31 to shareholders of record as of October 1. On the date of
declaration, Tamarisk Company had 205,000 common shares
outstanding, of which 27,000 were held in Treasury. On October 15,
2020, the company issued an additional 60,000 common shares for
$6.00 each.
Prepare all the required journal entries to record these
transactions. (Credit account titles are automatically
indented...
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,...
Springer Co. was incorporated on January 1, 2019, at which time
500,000 shares of $1 par value common stock were authorized, and
210,000 of these shares were issued for $9 per share. Net income
for the year ended December 31, 2019, was $1,900,000. Springer
Co.’s board of directors declared dividends of $1.40 per share of
common stock on December 31, 2019, payable on January 27, 2020.
The entry to record the issuance of common stock on January 1,
2019 is:...
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividend. A dividend declaration reduces retained earnings and creates a current liability. On the date of record, recipients of the dividend are identified. On the date of payment, cash is paid to stockholders and the current liability is removed. Neither a stock dividend nor a stock split alters company value. However, the value of each share is less due to the distribution...
Looking for the amount for share dividends in the
retained earnings section.
On March 1, 2020, VisionTech Inc.'s board of directors declared a 5% share dividend when the market price per share was $30.00. On November 15, 2020, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2019, balance sheet showed: Common shares; 20,000,000 shares authorized; 3,100,000 shares issued and outstanding Retained earnings $ 19,530,000 6,570,000 Required: 1. Prepare a statement of...
Most questions answered within 3 hours.
-
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 3 minutes ago -
Which drug candidates are most effective at docking with COX1
and COX2 respectively?
COX1: flurbiprofen, COX2:...
asked 9 minutes ago -
You place the left end of the rod on a fulcrum, and hang the
right end...
asked 11 minutes ago -
Push an object with half the mass of the cabinet with a force of
200 N....
asked 17 minutes ago -
Differentiate the application and functions of
electronic medical records, electronic health records and
electronic personal health...
asked 18 minutes ago -
What is the height of the tsunami in a water depth of 10 m
assuming the...
asked 29 minutes ago -
A χ2 goodness-of-fit test was used to test the hypothesis that
students at a local university...
asked 32 minutes ago -
Problem 1
You have a loan outstanding. It requires making three annual
payments at the end...
asked 34 minutes ago -
A database imposes several requirements on the structure of
tables. Which of the following is not...
asked 33 minutes ago -
A
fragment of DNA is amplified from a single molecule of template DNA
for 22 cycles....
asked 44 minutes ago -
Smartphones: A poll agency reports that 32% of teenagers aged
12-17 own smartphones. A random sample...
asked 52 minutes ago -
blood glucose level for obese patient population have
a mean of 100 with a standard deviation...
asked 1 hour ago