On January 1, Vancouver Ltd.’s equity was as follows: common shares, 1,000,000 shares authorized, 525,000 shares...
On January 1, Vancouver Ltd.’s equity was as follows: common
shares, 1,000,000 shares authorized, 525,000 shares issued.
Prepare journal entries to record the following transactions:
May 1 A cash dividend of $1.10 per share was declared by the board of directors to shareholders of record on May 20, payable on June 1.
June 1 Paid the cash dividend.
Homework Answers
Solution
| Date | General journal | Debit | Credit |
| May-1 | Cash Dividend | $ 577,500.00 | |
| Dividend distributable | $ 577,500.00 | ||
| (To record distribution of Dividend) | |||
| May-20 | No entry required | ||
| June-1 | Dividend distributable | $ 577,500.00 | |
| Cash | $ 577,500.00 | ||
| (To record payment of dividend) |
No entry will be made on record date that is May 20th.
Add Answer to:
On January 1, Vancouver Ltd.’s equity was as follows: common
shares, 1,000,000 shares authorized, 525,000 shares...
Michael Inc. is authorized to issue 50,000, 58, no par value, cumulative, fully participating preferred shares,...
Michael Inc. is authorized to issue 50,000, 58, no par value, cumulative, fully participating preferred shares, and 750,000 no par value common shares. Prepare journal entries to record the following transactions that occurred during the first year of operations: Jan 10 Sold 96,000 common shares for S8 per share, cash 15 Exchangod 10.000 preferred shares for equipment with a fair market value of $80,000 Feb. 1 Exchanged 500 common shares for $2.500 worth of legal fees incurred during organization On...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.70 million issued Retained earnings $2,700,000 3,940,000 The following selected transactions occurred during 2018: Jan. 2 Issued 180,000 preferred shares at $25 per share. Feb. 8 Issued 90,000 common shares in exchange for land. On this date, the current value of the land was $184,000. The common shares have not recently...
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred...
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.06 million issued Retained earnings $2,860,000 3,470,000 The following selected transactions occurred during 2018: Jan. 2 Issued 210,000 preferred shares at $25 per share. Feb. 8 Issued 100,000 common shares in exchange for land. On this date, the current value of the land was $210,000. The common shares have not recently...
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....
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding $ 369,000 Retained earnings 217,000 Total equi
The balance sheet for Umi Sustainable Seafood Inc. reported the following components of equity on December 31, 2019: Common shares, unlimited shares authorized, 20,100 shares issued and outstanding$369,000Retained earnings217,000Total equity$586,000In 2020, Umi had the following transactions affecting shareholders and the equity accounts: Jan.5The directors declared a $3.30 per share cash dividend payable on Feb. 28 to the Feb. 5 shareholders of record.Feb.28Paid the dividend declared on January 5.July6Sold 800 common shares at $38.50 per share.Aug.22Sold 1,300 common shares at $27.30 per share.Sept.5The...
Corporation reported stockholders' equity on Dec 31 of the prior year as follows: Common stock, $5...
Corporation reported stockholders' equity on Dec 31 of the prior year as follows: Common stock, $5 par value, 1,000,000 shares $2,500,000 authorized, 500,000 shares issued ----- 2,5000,000 Paid-in capital in excess of par, common stock ----1,000,000 Retained earnings-------3,000,000 The following selected transactions occurred during the current year: Feb. 15 The board of directors declared a 7% stock dividend to stockholders of record on March 1, payable March 20. The stock was selling for $8 per share. Mar. 9 Distributed the...
11. Melissa Corp has 300,000 shares authorized of common stock, of which 60.000 shares are unissued,...
11. Melissa Corp has 300,000 shares authorized of common stock, of which 60.000 shares are unissued, and 10,000 are held in treasury stock. On January 15, the board of directors declared a cash dividend of 25 per share, payable on March 15, to shareholders of record on Feb 15. Prepare the journal entries associated with those dates.
Vancouver Company reports the following components of stockholders' equity on December 31, 2016 Common stock-$10 par...
Vancouver Company reports the following components of stockholders' equity on December 31, 2016 Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, Retained earnings $500,000 75,000 common stock 410,000 $985,000 Total stockholders' equity In year 2017, the following transactions affected its stockholders' equity accounts. 1 Purchased 5,000 shares of its own stock at $23 cash per share Jan $2 per share cash dividend payable on February 28 to 5 Directors...
Equity section of Sol Corporation shows the following on January 1, 2018. Shares Ordinary – Ordinary,...
Equity section of Sol Corporation shows the following on January 1, 2018. Shares Ordinary – Ordinary, $1 par value 1,000,000 shares authorized, 500,000 shares issued and outstanding $500,000 Shares premium – Ordinary 500,000 Retained earnings 1,750,000 Total Equity $ 2,750,000 During the year, the company had following transactions occurred: Mar. 1 Issued 50,000 ordinary shares for $150,000. Jun. 1 Acquired 5,000 shares of its shares for the treasury at $4 per share Sep. 1 Sold 3,000 shares at...
Warner Corporation stockholders' equity consisted of the following on January 1, 2015: Stockholders' Equity Paid-In Capital...
Warner Corporation stockholders' equity consisted of the following on January 1, 2015: Stockholders' Equity Paid-In Capital Capital Stock Common Stock, no par, $15 stated value, 1,000,000 shares authorized 400,000 shares issued and outstanding 6,000,000 Additional Paid-In Capital APIC - Common Stock 4,600,000 Total Paid-In Capital 10,600,000 Retained Earnings 4,100,000 Total Stockholders' Equity 14,700,000 Prepare the appropriate journal entries, if any, for the following transactions in 2015. If no journal entry is required, please clearly indicate that. Show your computations. 2/20/15:...
Michael Inc. is authorized to issue 50,000, 58, no par value, cumulative, fully participating preferred shares, and 750,000 no par value common shares. Prepare journal entries to record the following transactions that occurred during the first year of operations: Jan 10 Sold 96,000 common shares for S8 per share, cash 15 Exchangod 10.000 preferred shares for equipment with a fair market value of $80,000 Feb. 1 Exchanged 500 common shares for $2.500 worth of legal fees incurred during organization On...
On January 1, 2018, Tarjee Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.70 million issued Retained earnings $2,700,000 3,940,000 The following selected transactions occurred during 2018: Jan. 2 Issued 180,000 preferred shares at $25 per share. Feb. 8 Issued 90,000 common shares in exchange for land. On this date, the current value of the land was $184,000. The common shares have not recently...
On January 1, 2018, Sweetwater Ltd., a private company, had the following shareholders' equity accounts: Preferred shares, $1 noncumulative, unlimited number authorized, none issued Common shares, unlimited number authorized, 2.06 million issued Retained earnings $2,860,000 3,470,000 The following selected transactions occurred during 2018: Jan. 2 Issued 210,000 preferred shares at $25 per share. Feb. 8 Issued 100,000 common shares in exchange for land. On this date, the current value of the land was $210,000. The common shares have not recently...
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....
11. Melissa Corp has 300,000 shares authorized of common stock, of which 60.000 shares are unissued, and 10,000 are held in treasury stock. On January 15, the board of directors declared a cash dividend of 25 per share, payable on March 15, to shareholders of record on Feb 15. Prepare the journal entries associated with those dates.
Vancouver Company reports the following components of stockholders' equity on December 31, 2016 Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, Retained earnings $500,000 75,000 common stock 410,000 $985,000 Total stockholders' equity In year 2017, the following transactions affected its stockholders' equity accounts. 1 Purchased 5,000 shares of its own stock at $23 cash per share Jan $2 per share cash dividend payable on February 28 to 5 Directors...
Most questions answered within 3 hours.
-
Two small plastic spheres are given positive electrical charges.
When they are a distance of 15.4...
asked 45 minutes ago -
how
does gravity affect the trajectory of projectile? what would be the
shape of the trajactory...
asked 37 minutes ago -
An acidic solution containing gold ions is
electrolyzed, producing gaseous oxygen (from water) at the anode...
asked 1 hour ago -
Assume that the population of Mexico is 128
million and that the population increases 1.01
percentannually....
asked 1 hour ago -
Can someone please help me add appropriate descriptive
comments to each line of code in the...
asked 2 hours ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 3 hours ago -
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 3 hours ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 2 hours ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 3 hours ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 3 hours ago -
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 4 hours ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 4 hours ago