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S13-7 Accounting for cash dividends Java Company earned net income of $85,000 during the year...
6. Java Company earned net income of $85,000 during the year ended December 31, 2018. On...
6. 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 stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares), Java then paid the dividends on January 4, 2019. Read the requirements Requirement 1. Journalize for Java the entry declaring the cash dividends on December 15, 2018. (Record debits first, then credits. Select the explanation...
Hazelnut Company earned net income of $75,000 during the year ended December 31, 2018. On December...
Hazelnut Company earned net income of $75,000 during the year ended December 31, 2018. On December 15, Hazelnut declared the annual cash dividend on its 5% preferred stock (par value, $110,000) and a $0.25 per share cash dividend on its common stock (58,000 shares). Hazelnut then paid the dividends on January 4, 2019 Read the requirements. Requirement 1. Journalize for Hazelnut the entry declaring the cash dividends on December 15, 2018 (Record debits first, then credits. Select the explanation on...
Company earned net income of $ 110 comma 000 during the year ended December 31, 2018...
Company earned net income of $ 110 comma 000 during the year ended December 31, 2018 . On December 15, Whitetea declared the annual cash dividend on its 6 % preferred stock (par value, $ 118 comma 000 ) and a $1.00 per share cash dividend on its common stock left parenthesis 45 comma 000 shares). Whitetea then paid the dividends on January 4, 2019 .
Greenland Corporation earned net income of $95,000 during the year ended December 31, 2018. On December...
Greenland Corporation earned net income of $95,000 during the year ended December 31, 2018. On December 15, Greenland declared the annual cash dividend on its 2% preferred stock (10,000 shares with total par value of $100,000) and a $0.50 per share cash dividend on its common stock (35,000 shares with total par value of $350,000). Greenland then paid the dividends on January 4, 2019. Read the requirements. a. Journalize for Greenland Corporation the declaration for the cash dividends on December...
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.
Problem 8-23 Recording and reporting stock transactions and cash dividends across two accounting cycles LO 8-3,...
Problem 8-23 Recording and reporting stock transactions and cash dividends across two accounting cycles LO 8-3, 8-4, 8-5, 8-6 Sun Corporation received a charter that authorized the issuance of 100,000 shares of $ 10 par common stock and 50,000 shares of $50 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Jan.5 12 Apr. 5 2018 Sold 6,000 shares of the $10 par common stock for $15 per share. Sold...
Required information Problem 8-23 Recording and reporting stock transactions and cash dividends across two accounting cycles...
Required information Problem 8-23 Recording and reporting stock transactions and cash dividends across two accounting cycles LO 8-3, 8-4, 8-5, 8-6 [The following information applies to the questions displayed below.] Sun Corporation received a charter that authorized the issuance of 105,000 shares of $7 par common stock and 22,000 shares of $125 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: 2018 Jan. 5 Sold 15,750 shares of the $7...
Question 6 Loki Corporation earned net income of $90,000 during the year ended December 31 2016....
Question 6 Loki Corporation earned net income of $90,000 during the year ended December 31 2016. On December 15, Loki had declared the annual cash dividend on its $0.35 preferred shares (5,000 shares issued for $80,000) and a $0.40 per share cash dividend on its common shares (20,000 shares issued for $60,000). Loki then paid the dividends on January 4, 2017. Journalize the following for Loki Corporation: Declaring the cash dividends on December 15, 2016. Paying the...
Problem 4: Stock Issuance and cash dividends (12 pts) On Feb. 12, 2017, MorningStar Industries issued 7 million of...
Problem 4: Stock Issuance and cash dividends (12 pts) On Feb. 12, 2017, MorningStar Industries issued 7 million of its $0.01 par common shares at $13 per share, for aggregate gross proceeds $91,000,000. MorningStar received net proceeds of $89,600,000, after deducting promotional and accounting fees of $1,400,000 to effect the issue. Required: Prepare the journal entry to record the above transaction (5 pts). Cash Commmon Stock Paid-In Capikl-Excess of par Besides the above common stock, MorningStar also has $5,000, 000...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
6. 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 stock (par value, $120,000) and a $0.25 per share cash dividend on its common stock (50,000 shares), Java then paid the dividends on January 4, 2019. Read the requirements Requirement 1. Journalize for Java the entry declaring the cash dividends on December 15, 2018. (Record debits first, then credits. Select the explanation...
Hazelnut Company earned net income of $75,000 during the year ended December 31, 2018. On December 15, Hazelnut declared the annual cash dividend on its 5% preferred stock (par value, $110,000) and a $0.25 per share cash dividend on its common stock (58,000 shares). Hazelnut then paid the dividends on January 4, 2019 Read the requirements. Requirement 1. Journalize for Hazelnut the entry declaring the cash dividends on December 15, 2018 (Record debits first, then credits. Select the explanation on...
Greenland Corporation earned net income of $95,000 during the year ended December 31, 2018. On December 15, Greenland declared the annual cash dividend on its 2% preferred stock (10,000 shares with total par value of $100,000) and a $0.50 per share cash dividend on its common stock (35,000 shares with total par value of $350,000). Greenland then paid the dividends on January 4, 2019. Read the requirements. a. Journalize for Greenland Corporation the declaration for the cash dividends on December...
Problem 8-23 Recording and reporting stock transactions and cash dividends across two accounting cycles LO 8-3, 8-4, 8-5, 8-6 Sun Corporation received a charter that authorized the issuance of 100,000 shares of $ 10 par common stock and 50,000 shares of $50 par, 5 percent cumulative preferred stock. Sun Corporation completed the following transactions during its first two years of operation: Jan.5 12 Apr. 5 2018 Sold 6,000 shares of the $10 par common stock for $15 per share. Sold...
Problem 4: Stock Issuance and cash dividends (12 pts) On Feb. 12, 2017, MorningStar Industries issued 7 million of its $0.01 par common shares at $13 per share, for aggregate gross proceeds $91,000,000. MorningStar received net proceeds of $89,600,000, after deducting promotional and accounting fees of $1,400,000 to effect the issue. Required: Prepare the journal entry to record the above transaction (5 pts). Cash Commmon Stock Paid-In Capikl-Excess of par Besides the above common stock, MorningStar also has $5,000, 000...
Dec 31 Closed the Cash Dividends and Income Summary Cash Dividends and Income Summary accounts. A $381.600 profit was earned. Required 1. Prepare general journal entries to record the transa 2. Prepare a statement of changes in eq! stament of changes in equity for the year ended Dece , 2020. Prepare the equity section of the balance sheet as of the close of ousiness on December 31, 2020 Analysis Component: Calculate the net assets of Labtech Inc. for 2018, 2019,...
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