Pls explain all calculation, tx
This is the all question no state rate
Could you solve below the question , ?
BE13.4 (LO 2) AP StarLight Ltd. is authorized to issue 10,000, $4 noncumulative preferred shares. On January 13, it issued 3,000 preferred shares for $90 cash per share. (a) Prepare the journal entry to record the transaction. (b) Determine the total amount of dividends that must be paid to the preferred shareholders prior to paying a dividend to common shareholders.
Record issue of preferred shares.
Homework Answers
Flounder Ltd.
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 13 | Cash (2600 x $85) | 221000 | |
| Preferred shares | 221000 | ||
| (To record issuance of shares.) |
Total amount of dividends $15600
Dividends to preferred shareholders = 2600 x $6 = $15600
StarLight Ltd.
(a)
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 13 | Cash (3000 x $90) | 270000 | |
| Preferred shares | 270000 | ||
| (To record issuance of shares.) |
(b) Total amount of dividends $12000
Dividends to preferred shareholders = 3000 x $4 = $12000
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Pls explain all calculation, tx
This is the all question no state rate
Could you solve...
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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
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enter 0 for the amounts.)
Transaction entries:
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part B
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part E
prepare the shareholder's equity section of the statement of
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THE QUESTION IS 100% ACCURATE THERE I NO FURTHER INFO
AVAILABLE AND NOT EVEN NEEDED. IF YOU CANT SOLVE THEN
LEAVE.
PENNYWORTH Corporation was organized on January 1, 2018. It is
authorized to issue 19,000 shares of $3-noncumulative preferred
shares and an unlimited number of common shares. The following
share transactions were completed during the first year.
Jan.
1
Issued 86,000 common shares for
cash at $3 per share.
Mar.
1
Issued 12,700 preferred shares for
cash at $51 per...
* Question 2 Greencastle Corporation, a publicly traded company, was organized on January 1, 2018. It is authorized to issue an unlimited number of $3 noncumulative preferred shares and an unlimited number of common shares. The following share transactions were completed during the company's first year of operations: Jan. 10 Issued 940,000 common shares for $2 per share. Mar. 1 Issued 18,000 preferred shares for $50 per share. May 1 Issued 235,000 common shares for $3 per share. June 1...
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