Homework Answers
Solution:-
| Date | Account Titles and Explanation | Debit | Credit |
| Aug 1 |
Retained Earnings |
2,000,000 | |
|
Dividends Payable |
2,000,000 | ||
| Aug 15 |
No Entry |
||
| Sep 09 | Dividends Payable |
2,000,000 |
|
|
Retained Earnings |
2,000,000 |
Please Rate or comment if you have any doubt regarding this solution.
Sept 09
Dividend payable 2,000,000
Cash 2,000,000
Dividend payable to all stockholders should be cash not retained earnings
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Brief Exercise 15-10 Woolford Inc. declared a cash dividend of $1 per share on its 2...
Splish Inc. declared a cash dividend of $2.15 per share on its 4 million outstanding shares....
Splish Inc. declared a cash dividend of $2.15 per share on its 4 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare all journal entries necessary on those three dates. (Enter answers in dollars. 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.) Date...
Brief Exercise 15-08 Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On...
Brief Exercise 15-08 Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2020, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per share. On November 1, Sprinkle reissued 40 shares at $83 per share. Prepare Sprinkle's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Brief Exercise 15-11 Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2020, the...
Brief Exercise 15-11 Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2020, the securities were carried in Cole's accounting records at their cost of $875,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,200,000, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Prepare all journal entries necessary on those three dates....
Brief Exercise 15-11 Cheyenne Inc. owns shares of Ayayai Corporation stock. At December 31, 2017, the...
Brief Exercise 15-11
Cheyenne Inc. owns shares of Ayayai Corporation stock. At
December 31, 2017, the securities were carried in Cheyenne’s
accounting records at their cost of $979,000, which equals their
fair value. On September 21, 2018, when the fair value of the
securities was $1,092,000, Cheyenne declared a property dividend
whereby the Ayayai securities are to be distributed on October 23,
2018, to stockholders of record on October 8, 2018.
Prepare all journal entries necessary on those three dates....
Why is the 0 entry red? Cole Inc. owns shares of Marlin Corporation stock. At December...
Why is the 0 entry red?
Cole Inc. owns shares of Marlin Corporation stock. At December
31, 2020, the securities were carried in Cole’s accounting records
at their cost of $875,000, which equals their fair value. On
September 21, 2021, when the fair value of the securities was
$1,200,000, Cole declared a property dividend whereby the Marlin
securities are to be distributed on October 23, 2021, to
stockholders of record on October 8, 2021.
Help with the red entries ?!...
*Exercise 15-12 Culver Corporation has 12.20 million shares of common stock issued and outstanding. On June...
*Exercise 15-12 Culver Corporation has 12.20 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 81 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
On September 15, 2020, the Board of Directors of Tamarisk Company declared a 90¢ per share...
On September 15, 2020, the Board of Directors of Tamarisk
Company declared a 90¢ per share cash dividend, payable on October
31 to shareholders of record as of October 1. On the date of
declaration, Tamarisk Company had 205,000 common shares
outstanding, of which 27,000 were held in Treasury. On October 15,
2020, the company issued an additional 60,000 common shares for
$6.00 each.
Prepare all the required journal entries to record these
transactions. (Credit account titles are automatically
indented...
Exercise 15-13 The common stock of Marigold Inc. is currently selling at $114 per share. The...
Exercise 15-13
The common stock of Marigold Inc. is currently selling at $114
per share. The directors wish to reduce the share price and
increase share volume prior to a new issue. The per share par value
is $10; book value is $69 per share. 9.70 million shares are issued
and outstanding.
Prepare the necessary journal entries assuming the following.
(Enter amounts in dollars. Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no...
Splish Brothers Inc. has 71,000 shares of common stock outstanding. It declares a $2 per share...
Splish Brothers Inc. has 71,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash 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...
Cullumber Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the...
Cullumber Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Splish Inc. declared a cash dividend of $2.15 per share on its 4 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare all journal entries necessary on those three dates. (Enter answers in dollars. 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.) Date...
Brief Exercise 15-08 Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2020, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per share. On November 1, Sprinkle reissued 40 shares at $83 per share. Prepare Sprinkle's journal entries to record these transactions using the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,...
Brief Exercise 15-11 Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2020, the securities were carried in Cole's accounting records at their cost of $875,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,200,000, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23, 2021, to stockholders of record on October 8, 2021. Prepare all journal entries necessary on those three dates....
Brief Exercise 15-11
Cheyenne Inc. owns shares of Ayayai Corporation stock. At
December 31, 2017, the securities were carried in Cheyenne’s
accounting records at their cost of $979,000, which equals their
fair value. On September 21, 2018, when the fair value of the
securities was $1,092,000, Cheyenne declared a property dividend
whereby the Ayayai securities are to be distributed on October 23,
2018, to stockholders of record on October 8, 2018.
Prepare all journal entries necessary on those three dates....
Why is the 0 entry red?
Cole Inc. owns shares of Marlin Corporation stock. At December
31, 2020, the securities were carried in Cole’s accounting records
at their cost of $875,000, which equals their fair value. On
September 21, 2021, when the fair value of the securities was
$1,200,000, Cole declared a property dividend whereby the Marlin
securities are to be distributed on October 23, 2021, to
stockholders of record on October 8, 2021.
Help with the red entries ?!...
*Exercise 15-12 Culver Corporation has 12.20 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 81 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
On September 15, 2020, the Board of Directors of Tamarisk
Company declared a 90¢ per share cash dividend, payable on October
31 to shareholders of record as of October 1. On the date of
declaration, Tamarisk Company had 205,000 common shares
outstanding, of which 27,000 were held in Treasury. On October 15,
2020, the company issued an additional 60,000 common shares for
$6.00 each.
Prepare all the required journal entries to record these
transactions. (Credit account titles are automatically
indented...
Exercise 15-13
The common stock of Marigold Inc. is currently selling at $114
per share. The directors wish to reduce the share price and
increase share volume prior to a new issue. The per share par value
is $10; book value is $69 per share. 9.70 million shares are issued
and outstanding.
Prepare the necessary journal entries assuming the following.
(Enter amounts in dollars. Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no...
Splish Brothers Inc. has 71,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash 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...
Cullumber Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
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