Indicate the effect of each of the following on Retained Earnings 1 Payment of cash dividends...
Indicate the effect of each of the following on Retained Earnings
| 1 | Payment of cash dividends on a date different from declaration | IncreaseDecreaseNo Effect |
| 2 | Sale of Treasury Stock below cost and current PIC—Treasury Stock is zero | IncreaseDecreaseNo Effect |
| 3 | Declaration of Property Dividends | IncreaseDecreaseNo Effect |
| 4 | Acquisition of Treasury Stock | IncreaseDecreaseNo Effect |
| 5 | Stock split Effected in the Form of a Stock Dividend | IncreaseDecreaseNo Effect |
| 6 | 2 for 1 Split | IncreaseDecreaseNo Effect |
| 7 | Issuance of shares of preferred stock for cash | IncreaseDecreaseNo Effect |
| 8 | Issuance of shares of common stock for PP&E | IncreaseDecreaseNo Effect |
| 9 | Declaration of 15% of common stock dividend | IncreaseDecreaseNo Effect |
| 10 | Declaration of 35% of common stock dividend | IncreaseDecreaseNo Effect |
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Indicate the effect of each of the following on Retained
Earnings
1
Payment of cash dividends...
Indicate No effect, Increase, or Decrease each of the following on Retained Earnings 1 Payment of...
Indicate No effect, Increase, or Decrease each of the following on Retained Earnings 1 Payment of cash dividends on a date different from declaration 2 Sale of Treasury Stock below cost and current PIC—Treasury Stock is zero 3 Declaration of Property Dividends 4 Acquisition of Treasury Stock 5 Stock split Effected in the Form of a Stock Dividend 6 2 for 1 Split 7 Issuance of shares of preferred stock for cash 8 Issuance of shares of common stock for...
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...
20. The sale of common shares should be recorded as a (a) debit to Retained Earnings...
20. The sale of common shares should be recorded as a (a) debit to Retained Earnings and a credit to Cash. (b) debit to Cash and a credit to Retained Earnings. (c) debit to Cash and a credit to Common Shares. (d) debit to Common Shares and a credit to Cash. 21. Dividends in arrears on cumulative preferred shares (a) never have to be paid, even if common dividends are paid. (b) must be paid before common shareholders can receive...
Problem 21.4A Recording cash dividends, stock splits, appropriations of retained earnings, and donated assets; preparing the...
Problem 21.4A Recording cash dividends, stock splits, appropriations of retained earnings, and donated assets; preparing the Stockholders Equity section of the balance sheet. LO 21-5, 21-7, 21-8, 21-9, 21-11 20 points The Stockholders' Equity section of the balance sheet of Willy Corporation on January 1, 2019, is shown below, selected transactions for the year follow: $89,000 8,900 $ 97,900 Stockholders' Equity Preferred Stock (10% cumulative, $10 par value, 200,00 shares authorized) Issued and Outstanding, 8,900 Shares Paid-in Capital in Excess...
Infer from the statements the events and transactions that affected Anaconda International Corporation’s shareholders’ equity during...
Infer from the statements the
events and transactions that affected Anaconda International
Corporation’s shareholders’ equity during 2018, 2019, and 2020.
Prepare the journal entries that reflect those events and
transactions.
2018
Record sale of preferred stock.
Record sale of common stock.
Record declaration of cash dividend for preferred shares.
Record payment of cash dividend for preferred shares.
Record declaration of cash dividend for common shares.
Record payment of cash dividend for common shares.
Record transfer of net income to retained...
The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31,...
The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2017: Paid-in capital: Preferred stock, 7.5%, 92,000 shares at $1 par Common stock, 424,280 shares at $1 par Paid-in capital-excess of par, preferred Paid in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,200 common shares Total shareholders' equity 92,000 424, 20e 1,535,000 2,585,000 9, 145, eee (46,200) $13,735,869 During 2018, several events and transactions affected the retained earnings of Consolidated Paper...
The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31,...
The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31, 2020: Paid-in capital: Preferred stock, 8.8%, 95, eee shares at $i par Common stock, 454,500 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,500 common shares Total shareholders' equity $ 95, eee 454,500 1,565,000 2,615, cee 9,445, eee (49,500) $14,125,000 During 2021, several events and transactions affected the retained earnings of Consolidated...
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts....
On January 1, 2018, Gerlach Inc. had the following account balances in its shareholders' equity accounts. Common stock, $1 par, 244,000 shares issued 244,000 Paid-in capital - excess of par, common 488,000 Paid-in capital - excess of par, preferred 180,000 Preferred stock, $100 par, 18,000 shares outstanding 1,800,000 Retained earnings 3,600,000 Treasury stock, at cost, 4,400 shares 22,000 During 2018, Gerlach Inc. had several transactions relating to common stock. January 15: Declared a property dividend of 100,000 shares of Slowdown...
Cash dividends involve three events. On the date of declaration, the directors bind the company to...
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividend. A dividend declaration reduces retained earnings and creates a current liability. On the date of record recipients of the dividend are identified. On the date of payment, cash is paid to stockholders and the current liability is removed. Neither a stock dividend nor a stock split alters company value. However, the value of each share is less due to the distribution...
Comparative statements of shareholders' equity for Anaconda International Corporation were reported as follows for the fiscal...
Comparative statements of shareholders' equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2021. 2022, and 2023. ANACONDA INTERNATIONAL CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2021, 2022, and 2023 ($ in millions) Preferred Common Additional Stock Stock Paid-In $10 par $1 par Capital 309 10 449 45 Retained Earnings 1,640 Total Shareholders' Equity 2.000 68 458 785 Balance at January 1, 2021 Sale of preferred shares Sale of...
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...
20. The sale of common shares should be recorded as a (a) debit to Retained Earnings and a credit to Cash. (b) debit to Cash and a credit to Retained Earnings. (c) debit to Cash and a credit to Common Shares. (d) debit to Common Shares and a credit to Cash. 21. Dividends in arrears on cumulative preferred shares (a) never have to be paid, even if common dividends are paid. (b) must be paid before common shareholders can receive...
Problem 21.4A Recording cash dividends, stock splits, appropriations of retained earnings, and donated assets; preparing the Stockholders Equity section of the balance sheet. LO 21-5, 21-7, 21-8, 21-9, 21-11 20 points The Stockholders' Equity section of the balance sheet of Willy Corporation on January 1, 2019, is shown below, selected transactions for the year follow: $89,000 8,900 $ 97,900 Stockholders' Equity Preferred Stock (10% cumulative, $10 par value, 200,00 shares authorized) Issued and Outstanding, 8,900 Shares Paid-in Capital in Excess...
Infer from the statements the
events and transactions that affected Anaconda International
Corporation’s shareholders’ equity during 2018, 2019, and 2020.
Prepare the journal entries that reflect those events and
transactions.
2018
Record sale of preferred stock.
Record sale of common stock.
Record declaration of cash dividend for preferred shares.
Record payment of cash dividend for preferred shares.
Record declaration of cash dividend for common shares.
Record payment of cash dividend for common shares.
Record transfer of net income to retained...
The balance sheet of Consolidated Paper, Inc., included the following shareholders' equity accounts at December 31, 2017: Paid-in capital: Preferred stock, 7.5%, 92,000 shares at $1 par Common stock, 424,280 shares at $1 par Paid-in capital-excess of par, preferred Paid in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,200 common shares Total shareholders' equity 92,000 424, 20e 1,535,000 2,585,000 9, 145, eee (46,200) $13,735,869 During 2018, several events and transactions affected the retained earnings of Consolidated Paper...
The balance sheet of Consolidated Paper, Inc., Included the following shareholders' equity accounts at December 31, 2020: Paid-in capital: Preferred stock, 8.8%, 95, eee shares at $i par Common stock, 454,500 shares at $1 par Paid-in capital-excess of par, preferred Paid-in capital-excess of par, common Retained earnings Treasury stock, at cost; 4,500 common shares Total shareholders' equity $ 95, eee 454,500 1,565,000 2,615, cee 9,445, eee (49,500) $14,125,000 During 2021, several events and transactions affected the retained earnings of Consolidated...
Cash dividends involve three events. On the date of declaration, the directors bind the company to pay the dividend. A dividend declaration reduces retained earnings and creates a current liability. On the date of record recipients of the dividend are identified. On the date of payment, cash is paid to stockholders and the current liability is removed. Neither a stock dividend nor a stock split alters company value. However, the value of each share is less due to the distribution...
Comparative statements of shareholders' equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2021. 2022, and 2023. ANACONDA INTERNATIONAL CORPORATION Statements of Shareholders' Equity For the Years Ended Dec. 31, 2021, 2022, and 2023 ($ in millions) Preferred Common Additional Stock Stock Paid-In $10 par $1 par Capital 309 10 449 45 Retained Earnings 1,640 Total Shareholders' Equity 2.000 68 458 785 Balance at January 1, 2021 Sale of preferred shares Sale of...
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