Homework Answers
| Date | General Journal | Debit | Credit |
| July 01 | Cash | $10,000 | |
| Preferred stock | $1,000 | ||
| Paid in capital, in excess of par - Preferred | $9,000 |
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journal entry
Required information Preferred stock has a priority (or senior status) relative to common stock...
journal entry Required information When stock is issued, its par or stated value is credited to...
journal entry
Required information When stock is issued, its par or stated value is credited to the stock account and any excess is credited to a separate contributed capital account. If a stock has neither par nor stated value, the entire proceeds are credited to the stock account. On Sept. 1, Paddington, Inc., issued 1,000 shares of $10 stated value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the...
The shares of preferred stock issued by Saturn Corporation can be exchanged for common stock. However,...
The shares of preferred stock issued by Saturn Corporation can be exchanged for common stock. However, any dividends in arrears are lost. Which of the following features are present in the preferred stock issued by Saturn? Select all answers that apply to this question. Convertible Redeemable Cumulative Noncumulative EyeCare Corporation issued 10,000 shares of 7%, $100 par value preferred stock at the beginning of Year 1. The company did not pay dividends in Year 1. However, preferred stockholders received dividends...
Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at...
Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $15 per share. Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the issuance of preferred stock. Note: Enter debits before credits. Transaction General Journal Debit Credit Rachel's Designs has 1,800 shares of 5%, $50 par value cumulative preferred stock...
Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its preferred...
Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its preferred and common stock: Preferred stock, $30 par, 12% cumulative; 300,000 shares authorized; 150,000 shares issued and outstanding Common stock, $2 par; 2,500,000 shares authorized; 1,200,000 shares issued; 1,000,000 outstanding As of December 31, 2019, Lemon was 3 years in arrears on its dividends. During 2020, Lemon declared and paid dividends. As a result, the common stockholders received dividends of $0.45 per share. Required: 1....
journal entry Required information When stock is issued, its par or stated value is credited to...
journal entry
Required information When stock is issued, its par or stated value is credited to the stock account and any excess is credited to a separate contributed capital account. If a stock has neither par nor stated value, the entire proceeds are credited to the stock account On January 2, Carlton, Inc., issued 100 shares of $10 par value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the...
Sheffield Corporation has 8,700 shares of $100 par value, 9%, preferred stock and 48,300 shares of...
Sheffield Corporation has 8,700 shares of $100 par value, 9%, preferred stock and 48,300 shares of $10 par value common stock outstanding at December 31, 2017. Answer the questions in each of the following independent situations (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what are the dividends in arrears at December 31, 2017? Amount of dividends in arrears How should these dividends be reported? The cumulative dividend...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common....
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of tock and 4,600 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,700 shares of common stock for $48 per share. May 15 Purchase 460 shares of treasury stock for $41 per share. July 10 Resell 260 shares of treasury stock purchased on May 15 for $46 per share. October...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common....
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2018, 350 shares of preferred stock and 4,500 shares of common stock have been issued. The following transactions affect stockholders’ equity during 2018: March 1 Issues 1,600 shares of common stock for $47 per share. May 15 Purchase 450 shares of treasury stock for $40 per share. July 10 Reissues 250 shares of treasury stock purchased on May 15...
Wildhorse Corporation has 8,200 shares of $100 par value, 7%, preferred stock and 46,200 shares of...
Wildhorse Corporation has 8,200 shares of $100 par value, 7%, preferred stock and 46,200 shares of $10 par value common stock outstanding at December 31, 2017 Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what are the dividends in areas at December 1, 2017 Amount of dividends in arrears How should these dividends be reported? The cumulative dividend...
Question 4 Novak Corporation has 10,600 shares of $100 par value, 8%, preferred stock and 45,700...
Question 4 Novak Corporation has 10,600 shares of $100 par value, 8%, preferred stock and 45,700 shares of $10 par value common stock outstanding at December 31, 2020. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2017, what are the dividends in arrears on December 31, 2020, balance sheet? The amount of dividends in arrears on the December 31,...
journal entry
Required information When stock is issued, its par or stated value is credited to the stock account and any excess is credited to a separate contributed capital account. If a stock has neither par nor stated value, the entire proceeds are credited to the stock account. On Sept. 1, Paddington, Inc., issued 1,000 shares of $10 stated value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the...
Equinox Outdoor Wear issues 1,000 shares of its $0.01 par value preferred stock for cash at $15 per share. Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the issuance of preferred stock. Note: Enter debits before credits. Transaction General Journal Debit Credit Rachel's Designs has 1,800 shares of 5%, $50 par value cumulative preferred stock...
Cash Dividends on Common and Preferred Stock Lemon Inc. has the following information regarding its preferred and common stock: Preferred stock, $30 par, 12% cumulative; 300,000 shares authorized; 150,000 shares issued and outstanding Common stock, $2 par; 2,500,000 shares authorized; 1,200,000 shares issued; 1,000,000 outstanding As of December 31, 2019, Lemon was 3 years in arrears on its dividends. During 2020, Lemon declared and paid dividends. As a result, the common stockholders received dividends of $0.45 per share. Required: 1....
journal entry
Required information When stock is issued, its par or stated value is credited to the stock account and any excess is credited to a separate contributed capital account. If a stock has neither par nor stated value, the entire proceeds are credited to the stock account On January 2, Carlton, Inc., issued 100 shares of $10 par value common stock for cash of $10 per share. Complete the necessary journal entry by selecting the account names from the...
Sheffield Corporation has 8,700 shares of $100 par value, 9%, preferred stock and 48,300 shares of $10 par value common stock outstanding at December 31, 2017. Answer the questions in each of the following independent situations (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what are the dividends in arrears at December 31, 2017? Amount of dividends in arrears How should these dividends be reported? The cumulative dividend...
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of tock and 4,600 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,700 shares of common stock for $48 per share. May 15 Purchase 460 shares of treasury stock for $41 per share. July 10 Resell 260 shares of treasury stock purchased on May 15 for $46 per share. October...
Wildhorse Corporation has 8,200 shares of $100 par value, 7%, preferred stock and 46,200 shares of $10 par value common stock outstanding at December 31, 2017 Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what are the dividends in areas at December 1, 2017 Amount of dividends in arrears How should these dividends be reported? The cumulative dividend...
Question 4 Novak Corporation has 10,600 shares of $100 par value, 8%, preferred stock and 45,700 shares of $10 par value common stock outstanding at December 31, 2020. Answer the questions in each of the following independent situations. (a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2017, what are the dividends in arrears on December 31, 2020, balance sheet? The amount of dividends in arrears on the December 31,...
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