Homework Answers
| No | Transaction | Debit | Credit |
| 1 | Cash dividends [500,000 x $0.20] | $100,000 | |
| Dividends payable | $100,000 | ||
| [To record declaration of cash dividends] | |||
| 2 | Dividends payable | $100,000 | |
| Cash | $100,000 | ||
| [To record payment of cash dividends] | |||
| 3 | Share dividend [500,000 shares x 5% x $50] | $1,250,000 | |
| Share capital-ordinary [500,000 shares x 5% x $10 par] | $250,000 | ||
| Share premium-ordinary | $1,000,000 | ||
| [To record declaration and issuance of small share dividends] | |||
| 4 | Share dividend | $5,000,000 | |
| Share capital-ordinary [500,000 shares x 100% x $10 par] | $5,000,000 | ||
| [To record declaration and issuance of large share dividends] | |||
| 5 | No Entry for stock-split |
Note: You may use 'Retained earnings' in the place of 'Cash dividends' & 'Share dividends'
Add Answer to:
Question Two 120 Marks) (4 marks each) The equity accounts of Sam Group have the following...
The equity accounts of Sam Group have the following balances on December 31, 2011. Share Capital-Ordinary,...
The equity accounts of Sam Group have the following balances on December 31, 2011. Share Capital-Ordinary, $10 par, 500,000 shares issued and outstanding $5,000,000 Share Premium-Ordinary 3,500,000 Retained Earnings 8,600,000 Shares of Sam Group are currently selling at $50. Instructions Prepare the appropriate journal entries for each of the following cases. No. 1 Transaction A declaration of cash dividends for $0.2 per share Journal Entry 2 The payment of cash dividends declared above Journal Entry 3 A share dividend of...
EPPD1033 QUESTION 2 (20 MARKS) Intan Sahara is undergoing industrial training in an accounting firm. She...
EPPD1033 QUESTION 2 (20 MARKS) Intan Sahara is undergoing industrial training in an accounting firm. She was prepare the financial statements for Nasuha Corporation. In the process of her found the following transactions related to ownership interest for the year 201 work, she Apr 4 | Issued 10,000 units of cumulative Preference Share, 5% for the purp ha e of acquiring a parcel of land According to an independent valuer, he market value of RM60,000. Market value of Nasuha Corporation...
EPPD1O33 QUESTION 2 (20 MARKS) Intan Sahara found the EPPDI033 is undergoing industrial training in an...
EPPD1O33 QUESTION 2 (20 MARKS) Intan Sahara found the EPPDI033 is undergoing industrial training in an accounting firm. She was ng indistriNasininginanmerestforehe year? iatements or th an accounting firm. She was assigned to Covporation In the process of her work, she the followiny Apr 4Iss s related to ownership interest for the year 2011 sued 10,000 units of cumulative-Preference Share, 5% for the purpose of auring a parcel of land According to an independent valuer, the lana n harket value...
Question: Please help! The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts...
Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
Problem 12 The owners' equity accounts for Leahy, Inc. on January 1, 2015 are as follows:...
Problem 12 The owners' equity accounts for Leahy, Inc. on January 1, 2015 are as follows: Common stock, no par value, 500,000 shares issued and outstanding $5,000,000 Retained earnings 3,000,000 Shares of Leahy's common stock are selling at this time for $30 per share. Make the necessary entries for the following cases: A 10% stock dividend is declared and issued. A 50% stock dividend is declared and issued. A 2-for-1 stock split is declared and issued.
Problem No. 2 Wise Company has the following capital structure as of December 31, 2020: Ordinary...
Problem No. 2 Wise Company has the following capital structure as of December 31, 2020: Ordinary share capital, P100 par value, 100,000 shares authorized, 10,000 shares issued and outstanding Share premium Retained earnings P1,000,000 250,000 520,000 On the same date, when the shares market price is at P115 per share, the company declared a share dividend to its ordinary shareholders to be distributed on January 31, 2021. Requirements: 1. Journal entry on the date of declaration if the share dividends...
The stockholders’ equity accounts of Buffalo Company have the following balances on December 31, 2020. Common...
The stockholders’ equity accounts of Buffalo Company have the following balances on December 31, 2020. Common stock, $10 par, 328,000 shares issued and outstanding $3,280,000 Paid-in capital in excess of par—common stock 1,200,000 Retained earnings 5,720,000 Shares of Buffalo Company stock are currently selling on the Midwest Stock Exchange at $36. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
The stockholders’ equity accounts of Ivanhoe Company have the following balances on December 31, 2020. Common...
The stockholders’ equity accounts of Ivanhoe Company have the following balances on December 31, 2020. Common stock, $10 par, 290,000 shares issued and outstanding $2,900,000 Paid-in capital in excess of par—common stock 1,120,000 Retained earnings 5,110,000 Shares of Ivanhoe Company stock are currently selling on the Midwest Stock Exchange at $36. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
The stockholders’ equity accounts of T Company have the following balances on December 31, 2020. Common...
The stockholders’ equity accounts of T Company have the following balances on December 31, 2020. Common stock, $10 par, 275,000 shares issued and outstanding $2,750,000 Paid-in capital in excess of par—common stock 1,140,000 Retained earnings 6,090,000 Shares of T Company stock are currently selling on the MW Stock Exchange at $40. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is...
The equity accounts of Sam Group have the following balances on December 31, 2011. Share Capital-Ordinary, $10 par, 500,000 shares issued and outstanding $5,000,000 Share Premium-Ordinary 3,500,000 Retained Earnings 8,600,000 Shares of Sam Group are currently selling at $50. Instructions Prepare the appropriate journal entries for each of the following cases. No. 1 Transaction A declaration of cash dividends for $0.2 per share Journal Entry 2 The payment of cash dividends declared above Journal Entry 3 A share dividend of...
EPPD1033 QUESTION 2 (20 MARKS) Intan Sahara is undergoing industrial training in an accounting firm. She was prepare the financial statements for Nasuha Corporation. In the process of her found the following transactions related to ownership interest for the year 201 work, she Apr 4 | Issued 10,000 units of cumulative Preference Share, 5% for the purp ha e of acquiring a parcel of land According to an independent valuer, he market value of RM60,000. Market value of Nasuha Corporation...
EPPD1O33 QUESTION 2 (20 MARKS) Intan Sahara found the EPPDI033 is undergoing industrial training in an accounting firm. She was ng indistriNasininginanmerestforehe year? iatements or th an accounting firm. She was assigned to Covporation In the process of her work, she the followiny Apr 4Iss s related to ownership interest for the year 2011 sued 10,000 units of cumulative-Preference Share, 5% for the purpose of auring a parcel of land According to an independent valuer, the lana n harket value...
Question:
Please help!
The balance sheet of Consolidated Paper, Inc., included the
following shareholders' equity accounts at December 31, 2020:
Paid-in capital: Preferred stock,
8.8%, 90,000 shares at $1 par$90,000 Common stock, 364,000 shares
at $1 par 364,000 Paid-in capital—excess of par, preferred
1,437,000 Paid-in capital—excess of par, common 2,574,000 Retained
earnings 9,735,000 Treasury stock, at cost; 4,000 common shares
(44,000)Total shareholders' equity$14,156,000
During 2021, several events and transactions affected the
retained earnings of Consolidated Paper.
Required:
1. Prepare the appropriate...
Problem 12 The owners' equity accounts for Leahy, Inc. on January 1, 2015 are as follows: Common stock, no par value, 500,000 shares issued and outstanding $5,000,000 Retained earnings 3,000,000 Shares of Leahy's common stock are selling at this time for $30 per share. Make the necessary entries for the following cases: A 10% stock dividend is declared and issued. A 50% stock dividend is declared and issued. A 2-for-1 stock split is declared and issued.
Problem No. 2 Wise Company has the following capital structure as of December 31, 2020: Ordinary share capital, P100 par value, 100,000 shares authorized, 10,000 shares issued and outstanding Share premium Retained earnings P1,000,000 250,000 520,000 On the same date, when the shares market price is at P115 per share, the company declared a share dividend to its ordinary shareholders to be distributed on January 31, 2021. Requirements: 1. Journal entry on the date of declaration if the share dividends...
Most questions answered within 3 hours.
-
7. The term Six Sigma refers to:
Select one:
a. The control limits established in a...
asked 6 minutes ago -
Wildhorse Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item
basis....
asked 8 minutes ago -
For the following reaction: A(g) + 2 B(g) ⇌ 2 C(g) Calculate the
equilibrium constant K...
asked 8 minutes ago -
Which of the following best describes tidal volume? options:
1.The amount of oxygen in the air...
asked 25 minutes ago -
1. Smaller cost distortions occur when the traditional systems'
single indirect-cost rate and the activity-cost-driver rates:...
asked 33 minutes ago -
Using either a FMECA approach or some other appropriate RCA
tool, identify five risk treatment actions...
asked 33 minutes ago -
If for a test the P-value is between 0.0025 and 0.005, what
conclusion can you draw?...
asked 45 minutes ago -
Using Python. Write a function clean2(aList) that takes a list
of integers aList as argument, and...
asked 51 minutes ago -
Intrapreneurship is defined as the
development of an enterprise culture with an existing (Nandan,
2009). An...
asked 1 hour ago -
QUESTION 1 Tamiflu is a drug used to treat influenza. A study
found that Tamiflu reduced...
asked 1 hour ago -
Which of the following would be less likely to be used to
allocate factory overhead when...
asked 1 hour ago -
Transverse pulses travel with a speed of 195 m/s along a taut
copper wire whose diameter...
asked 1 hour ago