Homework Answers
| Date | Accounts | Debit | Credit |
| Dec 1 | Dividend | 7600 | |
| Dividend payable (12000-4000)*0.95 | 7600 | ||
| Dec 15 | no entry required | ||
| Dec 20 | Dividend payable | 7600 | |
| Cash | 7600 | ||
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Cyprus Corporation issued 12,000 shares of common stock. At the beginning of the year, Cyprus held...
- 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...
Hemingway Corporation has 100,000 shares of common stock issued and outstanding. At the meeting of the...
Hemingway Corporation has 100,000 shares of common stock issued and outstanding. At the meeting of the board of directors on December 1, 2018, the board voted to declare a cash dividend of $5 per share to be paid on December 31, 2018, to shareholders of record as of December 16, 2018. Complete the necessary journal entry on the date of declaration by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit...
Rachel's Designs has 1,100 shares of 5%, $50 par value cumulative preferred stock issued at the...
Rachel's Designs has 1,100 shares of 5%, $50 par value cumulative preferred stock issued at the beginning of 2019. Al remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2019 or 2020. The company plans to pay total dividends of $10,000 in 2021. How much of the $10,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders? Preferred dividends in arrears for 2019...
Shopify sold 7.7m shares of no par common stock during its IPO for $28/share. The journal...
Shopify sold 7.7m shares of no par common stock during its IPO for $28/share. The journal entry to record the sale is: DR Cash $215.6m CR [Select] D Question 3 1.5 pts On September 18th, 2019 Microsoft Corp. announced that its board of directors declared a quarterly dividend of $0.51 per share, reflecting a 5 cent or 11% increase over the previous quarter's dividend. The dividend is payable Dec. 12, 2019, to shareholders of record on Nov. 21, 2019. September...
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...
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...
Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend...
Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $69,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Oct. 1 Cash Dividends ✓ Cash Dividends Payable Nov. 7 No Entry Required No Entry...
Brief Exercise 11-8 Langley Corporation has 48,600 shares of $10 par value common stock outstanding. It...
Brief Exercise 11-8
Langley Corporation has 48,600 shares of $10 par value common
stock outstanding. It declares a 10% stock dividend on December 1
when the market price per share is $17. The dividend shares are
issued on December 31.
Prepare the entries for the declaration and payment 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 no
entry is...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 180,0e0 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 675,000 80,000 400,000 $1,155,000 Total stockholders' equity ed During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $15 cash per share. 5 Directors declared a $4 per share cash dividend payable on February...
Question 4 Entries for Stock Dividends Vienna Corporation has 36,000 shares of $80 par common stock...
Question 4
Entries for Stock Dividends Vienna Corporation has 36,000 shares of $80 par common stock outstanding. On August 2, Vienna Corporation declared a 4% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $113 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is...
- 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...
Rachel's Designs has 1,100 shares of 5%, $50 par value cumulative preferred stock issued at the beginning of 2019. Al remaining shares are common stock. Due to cash flow difficulties, the company was not able to pay dividends in 2019 or 2020. The company plans to pay total dividends of $10,000 in 2021. How much of the $10,000 dividend will be paid to preferred stockholders and how much will be paid to common stockholders? Preferred dividends in arrears for 2019...
Shopify sold 7.7m shares of no par common stock during its IPO for $28/share. The journal entry to record the sale is: DR Cash $215.6m CR [Select] D Question 3 1.5 pts On September 18th, 2019 Microsoft Corp. announced that its board of directors declared a quarterly dividend of $0.51 per share, reflecting a 5 cent or 11% increase over the previous quarter's dividend. The dividend is payable Dec. 12, 2019, to shareholders of record on Nov. 21, 2019. September...
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...
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...
Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $69,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Oct. 1 Cash Dividends ✓ Cash Dividends Payable Nov. 7 No Entry Required No Entry...
Brief Exercise 11-8
Langley Corporation has 48,600 shares of $10 par value common
stock outstanding. It declares a 10% stock dividend on December 1
when the market price per share is $17. The dividend shares are
issued on December 31.
Prepare the entries for the declaration and payment 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 no
entry is...
Kohler Corporation reports the following components of stockholders' equity at December 31, 2018. Common stock-$15 par value, 180,0e0 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 675,000 80,000 400,000 $1,155,000 Total stockholders' equity ed During 2019, the following transactions affected its stockholders' equity accounts. 2 Purchased 5,000 shares of its own stock at $15 cash per share. 5 Directors declared a $4 per share cash dividend payable on February...
Question 4
Entries for Stock Dividends Vienna Corporation has 36,000 shares of $80 par common stock outstanding. On August 2, Vienna Corporation declared a 4% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $113 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is...
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