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Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash:...
Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash:...
Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash: 760,000 shares of no-par common stock were authorized; 140,000 shares were issued on January 1, 2016, at $18.00 per share. 250,000 shares of $110 par value, 7.50% cumulative, preferred stock were authorized, and 61,000 shares were issued on January 1, 2016, at $150 per share. Net income for the years ended December 31, 2016 and 2017, was $1,490,000 and $2,570,000, respectively. No dividends were...
Required information (The following information applies to the questions displayed below.] Permabilt Corp. was incorporated on...
Required information (The following information applies to the questions displayed below.] Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash: • 2,000,000 shares of no-par common stock were authorized; 750,000 shares were issued on January 1, 2019, at $35 per share. • 800,000 shares of $100 par value, 7.5% cumulative, preferred stock were authorized; 540,000 shares were issued on January 1, 2019, at $105 per share. • No dividends were declared or paid during...
Bridgeport Corp. reported the following amounts in the shareholders’ equity section of its December 31, 2019...
Bridgeport Corp. reported the following amounts in the shareholders’ equity section of its December 31, 2019 SFP: Preferred shares, $7 dividend (9,000 shares authorized, 2,000 shares issued) $206,000 Common shares (unlimited authorized, 29,000 issued) 696,000 Contributed surplus 81,700 Retained earnings 300,000 Accumulated other comprehensive income 67,000 Total $1,350,700 During 2020, the company had the following transactions that affect shareholders’ equity. 1. Paid the annual 2019 $7 per share dividend on preferred shares and a $3 per share dividend on common...
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:...
On January 2, 2020, the Jing Company received its charter. It issued all of its authorized...
On January 2, 2020, the Jing Company received its charter. It issued all of its authorized 6,000 shares of no-par preferred stock at $106 per share and all of its 12,000 authorized shares of no-par common stock at $42 per share. The preferred stock has a stated value of $60 per share, is entitled to a basic cumulative annual dividend of $7 per share, is callable at $110 beginning in 2022, and is entitled to $100 per share plus cumulative...
Cullumber Corporation was organized on January 1, 2019. During its first year, the corporation issued 1,900...
Cullumber Corporation was organized on January 1, 2019. During its first year, the corporation issued 1,900 shares of $50 par value preferred stock and 105,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $5,250; 2020, $14,400; and 2021, $29,000. Collapse question part (a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2019 2020 2021 Allocation to preferred stock $...
Pina Company reported the following amounts in the stockholders’ equity section of its December 31, 2019, balance sheet. Preferred stock, 13%, $ 100 par (100,000 shares authorized, 28,000 shares issued) $ 2,800,000 Common stock, $ 1 par (1,000,000 sha
Pina Company reported the following amounts in the stockholders’ equity section of its December 31, 2019, balance sheet. Preferred stock, 13%, $ 100 par (100,000 shares authorized, 28,000 shares issued)$ 2,800,000 Common stock, $ 1 par (1,000,000 shares authorized, 307,000 shares issued) 307,000 Additional paid-in capital-common 858,000 Retained earnings 1,379,000 Total $ 5,344,000 During 2020, Pina took part in the following transactions concerning stockholders’ equity. .1.Paid the annual 2019 dividend on preferred stock and a $ 0.50 per share dividend on common stock. These dividends had been declared on December...
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....
a) Prepare journal entries to record the transactions above. Swifty Corp. reported the following amounts in...
a) Prepare journal entries to record the transactions above.
Swifty Corp. reported the following amounts in the shareholders' equity section of its December 31, 2019 SFP: Preferred shares, $7 dividend (12,000 shares authorized, 2,400 shares issued) Common shares (unlimited authorized, 29,000 issued) Contributed surplus Retained earnings Accumulated other comprehensive income Total $242,400 696,000 47,100 300,000 66,000 $1,351,500 During 2020, the company had the following transactions that affect shareholders' equity. LI, 2019 1. Paid the annual 2019 $7 per share dividend...
Sunland Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,000...
Sunland Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 106,000 shares of $10 par valve common stock. At December 31, the company declared the following cash dividends: 2019, $6,500; 2020, $14,400, and 2021, $29,000. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2020 2021 Allocation to preferred stock Allocation to common stock Show the...
Required information (The following information applies to the questions displayed below.] Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash: • 2,000,000 shares of no-par common stock were authorized; 750,000 shares were issued on January 1, 2019, at $35 per share. • 800,000 shares of $100 par value, 7.5% cumulative, preferred stock were authorized; 540,000 shares were issued on January 1, 2019, at $105 per share. • No dividends were declared or paid during...
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 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....
a) Prepare journal entries to record the transactions above.
Swifty Corp. reported the following amounts in the shareholders' equity section of its December 31, 2019 SFP: Preferred shares, $7 dividend (12,000 shares authorized, 2,400 shares issued) Common shares (unlimited authorized, 29,000 issued) Contributed surplus Retained earnings Accumulated other comprehensive income Total $242,400 696,000 47,100 300,000 66,000 $1,351,500 During 2020, the company had the following transactions that affect shareholders' equity. LI, 2019 1. Paid the annual 2019 $7 per share dividend...
Sunland Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 106,000 shares of $10 par valve common stock. At December 31, the company declared the following cash dividends: 2019, $6,500; 2020, $14,400, and 2021, $29,000. Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 7% and noncumulative. 2020 2021 Allocation to preferred stock Allocation to common stock Show the...
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