Homework Answers
| Date | Account Titles and Explanation | Debit | Credit | |
| Dec 1 | Retained Earnings | $112,050 | (41,500 x 15% x $18) | |
| Common Stock Dividends Distributable | $74,700 | (6225 x $12) | ||
| Paid-in Capital in Excess of Par - Common Stock | $37,350 | Balance | ||
| Dec 31 | Common Stock Dividends Distributable | $74,700 | ||
| Common Stock | $74,700 | |||
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Question 8 View Policies Current Attempt in Progress Concord Corporation has 41,500 shares of $12 par...
- 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...
Brief Exercise 14-03 Concord Corporation has 41,500 shares of $12 par value common stock outstanding. It...
Brief Exercise 14-03 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 no entry is...
View Policies Current Attempt in Progress On January 1, Sandhill Corporation had 90,500 shares of no-par...
View Policies Current Attempt in Progress On January 1, Sandhill Corporation had 90,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred. 1 Issued 29,500 additional shares of common stock for $18 per share. Apr. June 15 Declared a cash dividend of $3 per share to stockholders of record on June 30. July Dec. 10 Paid the $3 cash dividend. Issued 2.000 additional shares of...
Question 3 View Policies Current Attempt in Progress Before preparing financial statements for the current year,...
Question 3 View Policies Current Attempt in Progress Before preparing financial statements for the current year, the chief accountant for Pharoah Company discovered the following errors in the accounts 1. The declaration and payment of $53,000 cash dividend was recorded as a debit to Interest Expense $53,000 and a credit to Cash $53,000 2. A 10% stock dividend (1,300 shares) was declared on the $14 par value stock when the market price per share was $17. The only entry made...
Question 7 --/1 View Policies Current Attempt in Progress The books of Monty Corporation carried the...
Question 7 --/1 View Policies Current Attempt in Progress The books of Monty Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 320,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,600 shares at cost) Retained Earnings $ 175,000 296,000 1,600,000 146,000 32,000 104,300 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting...
Current Attempt in Progress Waterway Corporation has outstanding 517,000 shares of $10 par value common stock....
Current Attempt in Progress Waterway Corporation has outstanding 517,000 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...
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...
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...
Question 15 View Policies Current Attempt in Progress On October 10, the board of directors of...
Question 15 View Policies Current Attempt in Progress On October 10, the board of directors of Pinto Corporation declared a 10% stock dividend. On October 10, the company had 10,000 shares of $1 par common stock issued and outstanding with a market price of $16 per share. The stock dividend will be distributed on October 31 to shareholders of record on October 25. Journalize the entries needed for the declaration and distribution of the stock dividend. (Credit account titles are...
Sunland Company has 57,000 shares of $11 par value common stock outstanding. It declares a 13%...
Sunland Company has 57,000 shares of $11 par value common stock outstanding. It declares a 13% 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 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 no entry is required, select "No...
- 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...
Brief Exercise 14-03 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 no entry is...
View Policies Current Attempt in Progress On January 1, Sandhill Corporation had 90,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following occurred. 1 Issued 29,500 additional shares of common stock for $18 per share. Apr. June 15 Declared a cash dividend of $3 per share to stockholders of record on June 30. July Dec. 10 Paid the $3 cash dividend. Issued 2.000 additional shares of...
Question 3 View Policies Current Attempt in Progress Before preparing financial statements for the current year, the chief accountant for Pharoah Company discovered the following errors in the accounts 1. The declaration and payment of $53,000 cash dividend was recorded as a debit to Interest Expense $53,000 and a credit to Cash $53,000 2. A 10% stock dividend (1,300 shares) was declared on the $14 par value stock when the market price per share was $17. The only entry made...
Question 7 --/1 View Policies Current Attempt in Progress The books of Monty Corporation carried the following account balances as of December 31, 2020. Cash Preferred Stock (6% cumulative, nonparticipating, $50 par) Common Stock (no-par value, 320,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Treasury Stock (common 2,600 shares at cost) Retained Earnings $ 175,000 296,000 1,600,000 146,000 32,000 104,300 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting...
Current Attempt in Progress Waterway Corporation has outstanding 517,000 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...
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...
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...
Question 15 View Policies Current Attempt in Progress On October 10, the board of directors of Pinto Corporation declared a 10% stock dividend. On October 10, the company had 10,000 shares of $1 par common stock issued and outstanding with a market price of $16 per share. The stock dividend will be distributed on October 31 to shareholders of record on October 25. Journalize the entries needed for the declaration and distribution of the stock dividend. (Credit account titles are...
Sunland Company has 57,000 shares of $11 par value common stock outstanding. It declares a 13% 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 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 no entry is required, select "No...
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