Homework Answers
1) Option: A
A corporation had 20,000 shares of $10 par value common stock outstanding on January 10. Later that day the board of directors declared a 30% stock dividend when the market value of each share was $40. The entry to record this dividend is:
Assuming that it is a Large Stock Dividend declared
| Retained Earning | 60000 | ||
| Common Stock Dividend Distributable | 60000 | ||
2) Option: D
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Acct 2100 Test 3 Spring 2011 Test #: A corporation had 20,000 shares of $10 par...
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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,...
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Connon stock, $10 par value Paid-in capital in excess of par value, common stock Retained earnings $ 420,00 100,000 340,000 In the fourth quarter, the following entries related to its equity are recorded. Date Oct. 2 Credit General Journal Retained Earnings Common Dividend Payable Debit 60,000 60,000 Oct. 25 Common Dividend Payable Cash 60,000 60,000 Oct. 31 83,000 Retained Earnings Common Stock Dividend Distributable Paid-In Capital in Excess of Par Value, Conmon Stock 40,000 43,000 Nov. 5 Common Stock Dividend...
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On January 1, 2017, Monty Corp. had these stockholders equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 523,000 620,000 Paid-in Capital in Excess of Par Value Retained Earnings During the year, the following transactions occurred. Jan. 15 Declared a $0.60 cash dividend per share Feb. 15 Paid the dividend dedlared in January Apr. 15 Declared a May 15 Issued the shares for the stock dividend. Dec 1 Declared a $o.50 per share cash dividend to...
30. At the beginning of 2010. Jill Corporation had 34,000 shares of $10 par value common stock issued and outstanding. During January 2010, James Corporation declared and distributed a 10% stock dividend. The market value of the stock was $24 during the month of January. The entry to be recorded for the declaration of the stock dividend is: a. DR Stock Dividends $81,600 CR Common Stock Distributable $34,000 CR Paid in Capital in excess of par $47,600 b. DR Common...
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