Which of the following statements is correct? None of these statements are correct The Common Stock...
Which of the following statements is correct? None of these statements are correct The Common Stock Dividends Distributable account is shown as a current liability on the balance sheet When a stock dividend is declared, the total amount debited to Retained Earnings is the par value, or stated value, of the shares to be issued When a stock dividend is distributed, no assets leave or enter the corporation
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correct answer is option : When a stock dividend is distributed, no assets leave or enter the corporation
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Which of the following statements is correct? None of these
statements are correct The Common Stock...
- Your answer is partially correct. Concord Corporation has 41,500 shares of $12 par value common...
- Your answer is partially correct. Concord Corporation has 41,500 shares of $12 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $18. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
Odessa Corporation had 20,000 shares of $2 par value common stock outstanding on July 1. On...
Odessa Corporation had 20,000 shares of $2 par value common stock outstanding on July 1. On that day, the board of directors declared a 10% stock dividend when the market value of each share was $9. The stock dividend is to be distributed on July 20 to stockholders of record on July 10. The entry to record the dividend declaration is: a) Debit Retained Earnings $18,000; credit Common Stock Dividends Distributable $4,000; credit Paid-In Capital in Excess of Par Value,...
Odessa Corporation had 20,000 shares of $2 par value common stock outstanding on July 1. On that day, the board of direc...
Odessa Corporation had 20,000 shares of $2 par value common stock outstanding on July 1. On that day, the board of directors declared a 10% stock dividend when the market value of each share was $9. The stock dividend is to be distributed on July 20 to stockholders of record on July 10. The entry to record the dividend declaration is: No entry is made until the stock is issued. Debit retained Earnings $18,000; credit Common Stock Dividends Distributable $4,000;...
On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par...
On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) $1,521,000 Paid-in Capital in Excess of Par-Common Stock 192,000 Retained Earnings 622,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per...
Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fresno area....
Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear on Healthy Life’s balance sheet: Common stock (400,000 shares authorized ; 5,000 shares issued), $100 par, $500,000; Paid-In Capital in excess of par—common stock, $100,000; and Retained earnings, $4,000,000. The board of directors declared a 1% stock dividend when the market price of the stock was $121 a share. Healthy Life reported no income or loss for the current...
On January 1, 2020, Pharoah Inc. had the following stockholders' equity balances. Common Stock (480,000 shares...
On January 1, 2020, Pharoah Inc. had the following stockholders' equity balances. Common Stock (480,000 shares issued) $960,000 Paid-in Capital in Excess of Par-Common Stock 560,000 Common Stock Dividends Distributable 140,000 Retained Earnings 520,000 During 2020, the following transactions and events occurred. 1. Issued 70,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 35,000 shares of common stock for cash at $4 per share. 3. Purchased 21,000...
--- Bron Community College Preferred Stock (14,000 shares issued) $700,000 Common Stock (240,000 shares issued) 2,...
--- Bron Community College Preferred Stock (14,000 shares issued) $700,000 Common Stock (240,000 shares issued) 2,400,000 Pidin Capital in Bress of Par-Preferred Stock 240,000 Pild-in Capital incess of Par-Common Stock 380,000 Common Stock Dividends Distributable 240,000 Retained Earnings 966,500 A review of the accounting records reveals the following 1. No errors have been made in recording 2020 transactions or in preparing the closing entry for net income Preferred to $50 per on, and Cumulative; 14,000 shares have been outstanding since...
Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fresno area....
Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear on Healthy Life's balance sheet: Common stock (420,000 shares authorized ; 4,000 shares issued), $125 par, $500,000; Paid-In Capital in excess of par-common stock, $100,000; and Retained earnings, $5,500,000. The board of directors declared a 1% stock dividend when the market price of the stock was $158 a share. Healthy Life reported no income or loss for the current...
The stockholders' equity accounts of Bonita Company have the following balances on December 31, 2020. Common...
The stockholders' equity accounts of Bonita Company have the following balances on December 31, 2020. Common stock, $10 par, 326,000 shares issued and outstanding $3,260,000 Paid-in capital in excess of par-common stock 1,110,000 Retained earnings 5,930,000 Shares of Bonita Company stock are currently selling on the Midwest Stock Exchange at $36. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount If no entry is required, select "No Entry" for the...
Senior Life Co. is an HMO for businesses in the Portland area. The following account balances appear on the balance sh...
Senior Life Co. is an HMO for businesses in the Portland area. The following account balances appear on the balance sheet of Senior Life Co.: The stock outstanding when a corporation has issued only one class of stock.Common stock (330,000 shares authorized; 5,000 shares issued), $125 A dollar amount assigned to each share of stock.par, $625,000; Capital contributed to a corporation by the stockholders and others.Paid-In Capital in excess of par— common stock, $125,000; and Net income retained in a...
- Your answer is partially correct. Concord Corporation has 41,500 shares of $12 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $18. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) $1,521,000 Paid-in Capital in Excess of Par-Common Stock 192,000 Retained Earnings 622,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per...
On January 1, 2020, Pharoah Inc. had the following stockholders' equity balances. Common Stock (480,000 shares issued) $960,000 Paid-in Capital in Excess of Par-Common Stock 560,000 Common Stock Dividends Distributable 140,000 Retained Earnings 520,000 During 2020, the following transactions and events occurred. 1. Issued 70,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 35,000 shares of common stock for cash at $4 per share. 3. Purchased 21,000...
--- Bron Community College Preferred Stock (14,000 shares issued) $700,000 Common Stock (240,000 shares issued) 2,400,000 Pidin Capital in Bress of Par-Preferred Stock 240,000 Pild-in Capital incess of Par-Common Stock 380,000 Common Stock Dividends Distributable 240,000 Retained Earnings 966,500 A review of the accounting records reveals the following 1. No errors have been made in recording 2020 transactions or in preparing the closing entry for net income Preferred to $50 per on, and Cumulative; 14,000 shares have been outstanding since...
Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear on Healthy Life's balance sheet: Common stock (420,000 shares authorized ; 4,000 shares issued), $125 par, $500,000; Paid-In Capital in excess of par-common stock, $100,000; and Retained earnings, $5,500,000. The board of directors declared a 1% stock dividend when the market price of the stock was $158 a share. Healthy Life reported no income or loss for the current...
The stockholders' equity accounts of Bonita Company have the following balances on December 31, 2020. Common stock, $10 par, 326,000 shares issued and outstanding $3,260,000 Paid-in capital in excess of par-common stock 1,110,000 Retained earnings 5,930,000 Shares of Bonita Company stock are currently selling on the Midwest Stock Exchange at $36. Prepare the appropriate journal entries for each of the following cases. (Credit account titles are automatically indented when amount If no entry is required, select "No Entry" for the...
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