DEF Company had a net income of $120,000 and paid cash dividends of $24,000. GHI Company...
DEF Company had a net income of $120,000 and paid cash dividends of $24,000. GHI Company had a net loss of $30,000 and distributed a 100% stock dividend with a market value of $18,000. Prepare the journal entries for these two companies.
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DEF Company had a net income of $120,000 and paid cash dividends
of $24,000. GHI Company...
Cash and Stock Dividends Debra Corporation has 24,000 shares of $1 par value common stock outstanding....
Cash and Stock Dividends Debra Corporation has 24,000 shares of $1 par value common stock outstanding. The company has $200,000 of retained earnings. At year-end, the company declares a cash dividend of $2.00 per share and a five percent stock dividend. The market price of the stock at the declaration date is $24 per share. Three weeks later, the company pays the dividends. a. Prepare the journal entry for the declaration of the cash dividend. b. Prepare the journal entry...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash divid...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 b. On March 1, 2019, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The...
1. Use the following company information to calculate its net cash provided or used by investing...
1. Use the following company information to calculate its net cash provided or used by investing activities: (a) Equipment with a book value of $125,000 and an original cost of $220,000 was sold at a gain of $22,000. (b) Paid $49,000 cash for a new truck. (c) Sold land costing $30,000 for $26,000 cash, realizing a $4.000 loss. (d) Purchased treasury stock for $53,000 cash. (e) Long-term investments in stock are sold for S41.000 cash, realizing a gain of $3,500....
s13-7 S13-7 Accounting for cash dividends Java Company earned net income of $85,000 during the year...
s13-7
S13-7 Accounting for cash dividends Java Company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred od stock (par value, $120,000) and a $0.25 per share cash dividend on its common st (50,000 shares). Java then paid th dividends on January 4, 2019.
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...
Madison Company earned net income of $75,000 during the year ended December 31, 2016. On December...
Madison Company earned net income of $75,000 during the year ended December 31, 2016. On December 20, Madison declared the annual cash dividend on its 8% preferred stock (par value, $150,000) and a $0.50 per share cash dividend on its common stock (45,000 shares). Madison then paid the dividends on January 10, 2017. Prepare the journal entries to record the declaration and the distribution of the dividends. Explanations are not required.
EXERCISE 12.7 Cash Dividends, Stock Dividends, and Stock Splits HiTech Manufacturing Company has 1.000.000 shares of...
EXERCISE 12.7 Cash Dividends, Stock Dividends, and Stock Splits HiTech Manufacturing Company has 1.000.000 shares of Si par value capital stock outstand: January 1. The following equity transactions occurred during the current year: Apr. 30 Distributed additional shares of capital stock in a 2-for-1 stock split. Market price arket price of stock was $35 per share. June 1 Declared a cash dividend of 50.60 per share. July Paid the 80.60 cash dividend to stockholders. Aug 1 Declared a 5 percent...
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680....
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares...
Suppose your company reports $195 of net income and $47 of cash dividends paid, and its...
Suppose your company reports $195 of net income and $47 of cash dividends paid, and its comparative balance sheet indicates the following Beginning $ 42 110 280 $432 Cash Accounts Receivable Inventory Total Salaries and Wages Payable Common Stock Retained Earnings Total Ending $242 212 172 $626 $ 85 113 280 $ 626 Required: 1. Prepare the operating activities section of the statement of cash flows, using the indirect method. (Amounts to be deducted should be indicated with a minus...
Suppose your company reports $170 of net income and $42 of cash dividends paid, and its...
Suppose your company reports $170 of net income and $42 of cash dividends paid, and its comparative balance sheet indicates the following. Beginning Ending $ 37 85 255 $217 187 147 Cash Accounts Receivable Inventory Total Salaries and Wages Payable Common Stock Retained Earnings S 12 110 $ 60 108 383 Total Required: 1. Prepare the operating activities section of the statement of cash flows, using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)...
Cash and Stock Dividends Debra Corporation has 24,000 shares of $1 par value common stock outstanding. The company has $200,000 of retained earnings. At year-end, the company declares a cash dividend of $2.00 per share and a five percent stock dividend. The market price of the stock at the declaration date is $24 per share. Three weeks later, the company pays the dividends. a. Prepare the journal entry for the declaration of the cash dividend. b. Prepare the journal entry...
($ in eees) $120,000 720,000 990,800 Common stock, 120 million shares at $1 par Paid-in capital-excess of par Retained earnings a. November 1, 2018, the board of directors declared a cash dividend of $0.80 per share on its common shares, payable to shareholders of record November 15, to be paid December 1 b. On March 1, 2019, the board of directors declared a property dividend consisting of corporate bonds of Warner Corporation that Branch-Rickie was holding as an investment. The...
1. Use the following company information to calculate its net cash provided or used by investing activities: (a) Equipment with a book value of $125,000 and an original cost of $220,000 was sold at a gain of $22,000. (b) Paid $49,000 cash for a new truck. (c) Sold land costing $30,000 for $26,000 cash, realizing a $4.000 loss. (d) Purchased treasury stock for $53,000 cash. (e) Long-term investments in stock are sold for S41.000 cash, realizing a gain of $3,500....
s13-7
S13-7 Accounting for cash dividends Java Company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred od stock (par value, $120,000) and a $0.25 per share cash dividend on its common st (50,000 shares). Java then paid th dividends on January 4, 2019.
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...
EXERCISE 12.7 Cash Dividends, Stock Dividends, and Stock Splits HiTech Manufacturing Company has 1.000.000 shares of Si par value capital stock outstand: January 1. The following equity transactions occurred during the current year: Apr. 30 Distributed additional shares of capital stock in a 2-for-1 stock split. Market price arket price of stock was $35 per share. June 1 Declared a cash dividend of 50.60 per share. July Paid the 80.60 cash dividend to stockholders. Aug 1 Declared a 5 percent...
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares...
Suppose your company reports $195 of net income and $47 of cash dividends paid, and its comparative balance sheet indicates the following Beginning $ 42 110 280 $432 Cash Accounts Receivable Inventory Total Salaries and Wages Payable Common Stock Retained Earnings Total Ending $242 212 172 $626 $ 85 113 280 $ 626 Required: 1. Prepare the operating activities section of the statement of cash flows, using the indirect method. (Amounts to be deducted should be indicated with a minus...
Suppose your company reports $170 of net income and $42 of cash dividends paid, and its comparative balance sheet indicates the following. Beginning Ending $ 37 85 255 $217 187 147 Cash Accounts Receivable Inventory Total Salaries and Wages Payable Common Stock Retained Earnings S 12 110 $ 60 108 383 Total Required: 1. Prepare the operating activities section of the statement of cash flows, using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)...
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