Homework Answers
| Accounts | Debit | Credit |
| Retained Earnings (5320*20) | $106400 | |
| Common Stock Dividend Distributable | $106400 | |
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Eastline Corporation had 14,000 shares of $10 par value common stock outstanding when the board of...
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;...
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,...
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...
On July 1, Stubbs Corporation had 100,000 no-par-value common shares outstanding. On this day the board...
On July 1, Stubbs Corporation had 100,000 no-par-value common shares outstanding. On this day the board of directors declared a 10% share dividend. The fair market value of each share was $13. A possible entry to record this dividend is: A. Share Dividend Declared 100,000 Common Share Dividend Distributable 100,000 B. Common Share Dividend Distributable 130,000 Share Dividend Declared 130,000 C. Share Dividend Declared 130,000 Cash 130,000 D. Share Dividend Declared 130,000 Common Share Dividend Distributable 130,000 E. No Entry
Eastline Corporation had 10,000 shares of $10 per value common stock directors declared a 15% stock...
Eastline Corporation had 10,000 shares of $10 per value common stock directors declared a 15% stock dividend to its shareholders. At the time of the stock videod, the m ning when the board value per share was $12. The try to record e is dividend is Required: A What number of shares will be issued as a divend B. Using the account named "Stock Dividend Distributable prepare the journal entry to report the dividend on the declaration date. 8. A...
- 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...
Eastline Corporation had 10.000 shares of S10 valamon scoutstanding when the board directors declared a 15%...
Eastline Corporation had 10.000 shares of S10 valamon scoutstanding when the board directors declared a 15% stock dividend to its shareholders. All the time of the stock dividend, the market value per share was $12. The entry to record this dividend is Required: A What number of shares will be issued as a dividend? B. Using the account named "Stock Dividend Distributable prepare the journal entry to report the dividend on the declaration date. 8. A company is authorized to...
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...
Knowledge Check 01 Appaloosa Corporation had 100,000 shares of $2 par value common stock issued and outstanding. On Jan...
Knowledge Check 01 Appaloosa Corporation had 100,000 shares of $2 par value common stock issued and outstanding. On January 1, the company's board of directors declares a 50% stock dividend. The market price of the company's stock is $10 per share on January 1. Prepare the necessary journal entry for January 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No General Journal...
On September 1, Ziegler Corporation had 75,000 shares of $5 par value common stock, and $225,000...
On September 1, Ziegler Corporation had 75,000 shares of $5 par value common stock, and $225,000 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 $1125,000 credit Common Stock $425,000 o Debit Retained Earnings $375,000 credit Common Stock $375,000 o No entry is made for this transaction Debit Retained Earnings $125.000...
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...
Eastline Corporation had 10,000 shares of $10 per value common stock directors declared a 15% stock dividend to its shareholders. At the time of the stock videod, the m ning when the board value per share was $12. The try to record e is dividend is Required: A What number of shares will be issued as a divend B. Using the account named "Stock Dividend Distributable prepare the journal entry to report the dividend on the declaration date. 8. A...
- 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...
Eastline Corporation had 10.000 shares of S10 valamon scoutstanding when the board directors declared a 15% stock dividend to its shareholders. All the time of the stock dividend, the market value per share was $12. The entry to record this dividend is Required: A What number of shares will be issued as a dividend? B. Using the account named "Stock Dividend Distributable prepare the journal entry to report the dividend on the declaration date. 8. A company is authorized to...
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...
Knowledge Check 01 Appaloosa Corporation had 100,000 shares of $2 par value common stock issued and outstanding. On January 1, the company's board of directors declares a 50% stock dividend. The market price of the company's stock is $10 per share on January 1. Prepare the necessary journal entry for January 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No General Journal...
On September 1, Ziegler Corporation had 75,000 shares of $5 par value common stock, and $225,000 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 $1125,000 credit Common Stock $425,000 o Debit Retained Earnings $375,000 credit Common Stock $375,000 o No entry is made for this transaction Debit Retained Earnings $125.000...
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