Homework Answers
3. The characteristics of corporation are :
a. group of individuals or persons,
b. forms a legal entity,
c. having a common seal,
d. It acts as a single entity.
4. The journal entry for dividend declared on JULY 31:
Retained Earnings A/C. 2500
To Dividend payable A/C. 2500
NO ENTRY FOR AUGUST 15.
The journal entry for cash payment on AUGUST 31:
Dividend payable A/C. 2500
To Cash A/C. 2500
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Q3. What are the characteristics of corporations (2.5 mark). Q4. On July 31, a company declared...
Show all work please. Problem 10 points. Show your calculations to solve this problem and answer...
Show all work please.
Problem 10 points. Show your calculations to solve this problem and answer these questions 218. On June 30, a company declared a cash dividend of $0.35 per common share to the shareholders of record on July 15. The cash dividend will be paid on July 31. This company has 500,000 shares authorized and 100,000 shares outstanding. Prepare the journal entries required on June 30, July 15 and July 31 (if any).
looking for Q3 Q3. What are the characteristics of corporations (1 mark). Q1. Abdulaziz Co. purchased...
looking for Q3
Q3. What are the characteristics of
corporations (1 mark).
Q1. Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year: First 23,000 Second 25,000 Third - Fourth 30,000...
Record the above transactions for 2018, including any entries required to close dividends declared and net...
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings, open T accounts and post to the shareholders’ equity
accounts, prepare a statement of retained earnings for the
year.
On January 1, 2018, Macaron Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 3.07 million issued Retained earnings $3,070,000 4,150,000 The following selected transactions occurred...
Testbank, Question 79 On July 15, 2018, the board of directors of George Easton Limited declared...
Testbank, Question 79 On July 15, 2018, the board of directors of George Easton Limited declared a cash dividend of $0.50 per share on 84,000 common shares. The dividend is to be paid on August 15, 2018, to shareholders of record on July 31, 2018. The effects of the journal entry to record the declaration of the dividend on July 15, 2018, are to decrease shareholders' equity and decrease assets. o decrease shareholders' equity and increase liabilities. o increase shareholders'...
Record the above transactions for 2018, including any entries required to close dividends declared and net...
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
Transaction entries:
Problem 11-4A (Part Level Submission) On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited...
Some of the account balances of Vos Limited at December 31, 2019 are as follows: $6...
Some of the account balances of Vos Limited at December 31, 2019 are as follows: $6 Preferred shares (2,000 shares authorized, 2,000 shares issued and outstanding) $660,000 Common shares (unlimited authorized, 62,000 shares issued and outstanding) 500,000 Contributed surplus 103,000 Retained earnings 774,000 Accumulated other comprehensive income 22,320 The price of the company’s common shares has been increasing steadily on the market; it was $21 on January 1, 2020 and advanced to $24 by July 1 and to $27 at...
Exercise 15-14 On January 1, 2020, Pina Colada Ltd. (a public company) had the following shareholders’...
Exercise 15-14
On January 1, 2020, Pina Colada Ltd. (a public company) had the
following shareholders’ equity accounts:
Preferred shares, $5 non–cumulative, unlimited number
authorized, none issued
0
Common shares, unlimited number authorized, 740,000 issued
$
5,920,000
Retained earnings
1,259,000
Accumulated other comprehensive income
150,000
The following selected transactions occurred during 2020:
Jan. 2
Issued 100,000 preferred shares at $100 per share.
Mar. 5
Declared the quarterly cash dividend to preferred shareholders
of record on March 20, payable April 1....
Eastline Corporation had 10,000 shares of $10 per value common stock directors declared a 15% stock...
Eastline Corporation had 10,000 shares of $10 per value common stock directors declared a 15% stock dividend to its shareholders. At the time of the stock videod, the m ning when the board value per share was $12. The try to record e is dividend is Required: A What number of shares will be issued as a divend B. Using the account named "Stock Dividend Distributable prepare the journal entry to report the dividend on the declaration date. 8. A...
Q3. a) Big Auto Part Inc. is authorized to issue 5,000,000 common shares. In its initial...
Q3. a) Big Auto Part Inc. is authorized to issue 5,000,000 common shares. In its initial public offering during 2015, Big Parts issued 500,000 common shares for $7.00 per share. Over the next year, Big Auto Part's share price increased and the company issued 400,000 more shares at an average price of $8.50 During the five years from 2015 through 2019, Big Auto Part eamed net income of $920,000 and declared and paid cash dividends of $140,000. A 10% stock...
Eastline Corporation had 10.000 shares of S10 valamon scoutstanding when the board directors declared a 15%...
Eastline Corporation had 10.000 shares of S10 valamon scoutstanding when the board directors declared a 15% stock dividend to its shareholders. All the time of the stock dividend, the market value per share was $12. The entry to record this dividend is Required: A What number of shares will be issued as a dividend? B. Using the account named "Stock Dividend Distributable prepare the journal entry to report the dividend on the declaration date. 8. A company is authorized to...
Show all work please.
Problem 10 points. Show your calculations to solve this problem and answer these questions 218. On June 30, a company declared a cash dividend of $0.35 per common share to the shareholders of record on July 15. The cash dividend will be paid on July 31. This company has 500,000 shares authorized and 100,000 shares outstanding. Prepare the journal entries required on June 30, July 15 and July 31 (if any).
looking for Q3
Q3. What are the characteristics of
corporations (1 mark).
Q1. Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year: First 23,000 Second 25,000 Third - Fourth 30,000...
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings, open T accounts and post to the shareholders’ equity
accounts, prepare a statement of retained earnings for the
year.
On January 1, 2018, Macaron Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 3.07 million issued Retained earnings $3,070,000 4,150,000 The following selected transactions occurred...
Testbank, Question 79 On July 15, 2018, the board of directors of George Easton Limited declared a cash dividend of $0.50 per share on 84,000 common shares. The dividend is to be paid on August 15, 2018, to shareholders of record on July 31, 2018. The effects of the journal entry to record the declaration of the dividend on July 15, 2018, are to decrease shareholders' equity and decrease assets. o decrease shareholders' equity and increase liabilities. o increase shareholders'...
Record the above transactions for 2018, including any entries
required to close dividends declared and net income to Retained
Earnings. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
Transaction entries:
Problem 11-4A (Part Level Submission) On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited...
Exercise 15-14
On January 1, 2020, Pina Colada Ltd. (a public company) had the
following shareholders’ equity accounts:
Preferred shares, $5 non–cumulative, unlimited number
authorized, none issued
0
Common shares, unlimited number authorized, 740,000 issued
$
5,920,000
Retained earnings
1,259,000
Accumulated other comprehensive income
150,000
The following selected transactions occurred during 2020:
Jan. 2
Issued 100,000 preferred shares at $100 per share.
Mar. 5
Declared the quarterly cash dividend to preferred shareholders
of record on March 20, payable April 1....
Eastline Corporation had 10,000 shares of $10 per value common stock directors declared a 15% stock dividend to its shareholders. At the time of the stock videod, the m ning when the board value per share was $12. The try to record e is dividend is Required: A What number of shares will be issued as a divend B. Using the account named "Stock Dividend Distributable prepare the journal entry to report the dividend on the declaration date. 8. A...
Q3. a) Big Auto Part Inc. is authorized to issue 5,000,000 common shares. In its initial public offering during 2015, Big Parts issued 500,000 common shares for $7.00 per share. Over the next year, Big Auto Part's share price increased and the company issued 400,000 more shares at an average price of $8.50 During the five years from 2015 through 2019, Big Auto Part eamed net income of $920,000 and declared and paid cash dividends of $140,000. A 10% stock...
Eastline Corporation had 10.000 shares of S10 valamon scoutstanding when the board directors declared a 15% stock dividend to its shareholders. All the time of the stock dividend, the market value per share was $12. The entry to record this dividend is Required: A What number of shares will be issued as a dividend? B. Using the account named "Stock Dividend Distributable prepare the journal entry to report the dividend on the declaration date. 8. A company is authorized to...
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