Homework Answers
Answer.10
Property dividend:
Please find the attached solution in image.
A company may issue a non-monetary dividend to investors, rather than making a cash or stock payment.
Record this distribution at the fair market value of the assets distributed. Since the fair market value is likely to vary somewhat from the book value of the assets, the company will likely record the variance as a gain or loss.
This accounting rule can sometimes lead a business to deliberately issue property dividends in order to alter their taxable and/or reported income.
Answer.11
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10. You currently own 10,000 shares of Ink Inc. stock that is worth $500,000. You originally...
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 ?!...
8. You acquire 12% of the 100,000 shares of Ink Inc. for $15 per share on...
8. You acquire 12% of the 100,000 shares of Ink Inc. for $15 per share on March 29, 2019. Then, on October 12, 2019, Ink Inc. declared and paid $72,000 in dividends to all shareholders. On December 31, the net income for the year was $120,000 and the fair value of the stock decreased to $12 per share. Record the journal entries for these events. 9. Your company purchased 32,000 shares of common stock of the Computer Corporation for $40...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit terms ol 3/15, n/45. Defective inventory of $50,000 was returned 3 days later, and the accounts were appropriately adjusted to record the return. If the company paid the invoice 25 days later, the journal entry to record the payment would be A) $450,000 debit to Accounts Payable and $450,000 credit to Cash B) $500,000 debit to Accounts Payable and $500,000 credit to Cash C)...
Question 4 1.5 pts On September 18th, 2019 Microsoft Corp. announced that its board of directors...
Question 4 1.5 pts On September 18th, 2019 Microsoft Corp. announced that its board of directors declared a quarterly dividend of $0.51 per share, reflecting a 5 cent or 11% increase over the previous quarter's dividend. The dividend is payable Dec. 12, 2019, to shareholders of record on Nov. 21, 2019. Microsoft has 7.71B shares outstanding. What is the journal entry Microsoft records on September 18th, 2019? [Select] What is the journal entry Microsoft records on November 21. 2019? [Select]...
The first image is the original question, the rest are the answer choices for each box....
The first image is the original question, the rest are the
answer choices for each box.
Question 4 1.5 pts On September 18th, 2019 Microsoft Corp. announced that its board of directors declared a quarterly dividend of $0.51 per share, reflecting a 5 cent or 11% increase over the previous quarter's dividend. The dividend is payable Dec. 12, 2019, to shareholders of record on Nov. 21, 2019. Microsoft has 7.71B shares outstanding. What is the journal entry Microsoft records on...
Question 2 Table 10-1 Lewis & Clark, Inc., has 100,000 shares of common stock authorized, 25,000...
Question 2 Table 10-1 Lewis & Clark, Inc., has 100,000 shares of common stock authorized, 25,000 shares issued and outstanding. On September 1, 20X9, the company declared a $3.00 per share dividend for those of record on October 1, 20X9, to be paid on November 1, 20X9. Referring to Table 10-1, which of the following journal entries would Lewis & Clark, Inc., make on September 1, 20X9? Retained Earnings 75,000 Cash 75,000 Retained Earnings 300,000 Dividends Payable 300,000 Retained Earnings...
Springer Co. was incorporated on January 1, 2019, at which time 500,000 shares of $1 par...
Springer Co. was incorporated on January 1, 2019, at which time
500,000 shares of $1 par value common stock were authorized, and
210,000 of these shares were issued for $9 per share. Net income
for the year ended December 31, 2019, was $1,900,000. Springer
Co.’s board of directors declared dividends of $1.40 per share of
common stock on December 31, 2019, payable on January 27, 2020.
The entry to record the issuance of common stock on January 1,
2019 is:...
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,...
Teal Inc. owns shares of Flint Corporation stock. At December 31, 2020, the securities were carried...
Teal Inc. owns shares of Flint Corporation stock. At December 31, 2020, the securities were carried in Teal's accounting records at their cost of $941,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,000,000, Teal declared a property dividend whereby the Flint 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. (Credit account titles...
Skysong Inc. issues 500 shares of $10 par value common stock and 100 shares of $100...
Skysong Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $123,000. (a) Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each. (b) Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $216 per share. A)...
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 ?!...
8. You acquire 12% of the 100,000 shares of Ink Inc. for $15 per share on March 29, 2019. Then, on October 12, 2019, Ink Inc. declared and paid $72,000 in dividends to all shareholders. On December 31, the net income for the year was $120,000 and the fair value of the stock decreased to $12 per share. Record the journal entries for these events. 9. Your company purchased 32,000 shares of common stock of the Computer Corporation for $40...
5) A company using the perpetual inventory system purchased inventory worth $500,000 on account with credit terms ol 3/15, n/45. Defective inventory of $50,000 was returned 3 days later, and the accounts were appropriately adjusted to record the return. If the company paid the invoice 25 days later, the journal entry to record the payment would be A) $450,000 debit to Accounts Payable and $450,000 credit to Cash B) $500,000 debit to Accounts Payable and $500,000 credit to Cash C)...
Question 4 1.5 pts On September 18th, 2019 Microsoft Corp. announced that its board of directors declared a quarterly dividend of $0.51 per share, reflecting a 5 cent or 11% increase over the previous quarter's dividend. The dividend is payable Dec. 12, 2019, to shareholders of record on Nov. 21, 2019. Microsoft has 7.71B shares outstanding. What is the journal entry Microsoft records on September 18th, 2019? [Select] What is the journal entry Microsoft records on November 21. 2019? [Select]...
The first image is the original question, the rest are the
answer choices for each box.
Question 4 1.5 pts On September 18th, 2019 Microsoft Corp. announced that its board of directors declared a quarterly dividend of $0.51 per share, reflecting a 5 cent or 11% increase over the previous quarter's dividend. The dividend is payable Dec. 12, 2019, to shareholders of record on Nov. 21, 2019. Microsoft has 7.71B shares outstanding. What is the journal entry Microsoft records on...
Springer Co. was incorporated on January 1, 2019, at which time
500,000 shares of $1 par value common stock were authorized, and
210,000 of these shares were issued for $9 per share. Net income
for the year ended December 31, 2019, was $1,900,000. Springer
Co.’s board of directors declared dividends of $1.40 per share of
common stock on December 31, 2019, payable on January 27, 2020.
The entry to record the issuance of common stock on January 1,
2019 is:...
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,...
Teal Inc. owns shares of Flint Corporation stock. At December 31, 2020, the securities were carried in Teal's accounting records at their cost of $941,000, which equals their fair value. On September 21, 2021, when the fair value of the securities was $1,000,000, Teal declared a property dividend whereby the Flint 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. (Credit account titles...
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