10) On December 23, 2016 the board of directors declared a total dividend of $1,200 on its 550issued and outstanding shares to shareholders of record on January 16, 2017 and payableon February 16, 2017. (Note that the company uses a dividends general ledger accountto record its dividend payments during the year rather than recording the dividendsdirectly to retained earnings. Be sure to use that account!)DateAccount descriptionDebitCredit

DECLARATION OF DIVIDENDSDividend is the amount paid by the Corporation its shareholders in return…

Answered: 10) On December 23, 2016 the board of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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11. Cool Company has decided to take their company public on January 1, 2014. Cool company had 1,000 shares authorized. The following transactions occurred. cool company's net income on December 31, 2016 is $90,000. what is the earnings per share (EPS) for 2016?
1. Refer to additional information (b) only Prepare the following general ledger accounts for the year ended 31 July 2022: •Bank •Application and allotment •Share Capital- Class A •Non Current Liability- Class C 2. Refer to additional information (c) Calculate the number of Class B shares in issue at the beginning of the financial year. 3. Refer to additional information (d) Prepare the dividends and shareholders for dividends accounts as it would appear in the general ledger for the year ended 31 July 2022
SHOW THE JOURNAL ENTRY FOR EACH TRANSACTION!
ABC Inc. declared a dividend on July 17, 2013 to be payable on September 10, 2013. The list of shareholders who would be entitled to this dividend would be prepared on August 10, 2013. Which dates are the date of record and the date of payment Select one: a. July 10, 2013; September 10, 2013 respectively b. August 10, 2013; July 10, 2013 respectively c. September 10, 2013; August 10, 2013 respectively d. August 10, 2013; September 10, 2013 respectively
The declaration, record, and payment dates in connection with a cash dividend of $115,900 on a corporation's common stock are January 12, March 13, and April 12. Required: Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
The board of directors of Kenzie Jane’s Laundry Company declared a cash dividend on July 15, 2017. The dividend is to be paid on August 15, 2017, to stockholders of record on July 31, 2017. The correct recording on August 15, 2017, will include a(n) increase to Dividends decrease to Dividends increase to Dividends Payable decrease to Dividends Payable
Ricci Corporation is preparing their financial statements for the year ending September 30, 2021. Ricci Corporation has two categories of stock; Preferred and Common. On September 25, 2021 Ricci Corporation declared dividends on the preferred stock which will be paid on October 18, 2021. In order to calculate EPS the staff accountant had the following information: 2021 Net Income: $4,000,000 Preferred Dividends Declared in September 25, 2021 $ 500,000 but not paid until October 18, 2021 Weighted Average Number of Common Shares Outstanding 125,000 shares The staff accountant has determined that since the preferred dividends were not paid prior to September 30, 2021 the preferred dividend should not be included in the 2021 EPS. Accounting Issue: In the calculation for EPS should Ricci Corporation include the preferred dividends not paid prior to September 30, 2021? Your Interpretation of the Guidance: Should Ricci Corporation include the preferred dividends in the calculation of EPS…
Subject: acounting
Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023. Assume that the preferred shares are non-cumulative. Accounts Payable Accounts Receivable Accumulated depreciation, Equipment Accumulated depreciation, Warehouse Cash Cash Dividends Common Shares Equipment Income Tax Expense Land Notes Payable, due in 2026 Operating Expenses Preferred Shares Retained Earnings Revenue Warehouse Current assets $ 26,760 40,200 11,140 22,280 9,400 20,600 Required: Prepare a classified balance sheet at December 31, 2023. (Enter all amounts as positive values.) Assets 122,000 79,400 41,600 127,600 34,600 110,200 40,200 28,720 282,100 138,800 SPICER INC. Balance Sheet December 31, 2023 K
6. On December 31, 2015, the shareholders' equity sections of R U B Corporation reflected the following: (see attached image for the given. Someone already answer letter a so please answer letter b to d. Please answer it all. thank you so much!) On February 1, 2016, the Board of directors declared 10% stock dividends to be issued April 30, 2016. The market value of the stock on February 1 was P18. Direction: b) Prepare the shareholders’ equity section immediately after the stock dividend was declared. c) Compare with the accounts and figures given above and explain the effects of this stock dividend on the a) assets, b) liabilities, and c) shareholders' equity. d) Prepare again the shareholders' equity immediately after the stock dividend was distributed. Compare the accounts against no 1 above and explain the effects of this distribution on the a) assets, b) liabilities, and c) shareholders' equity.
The Vermillion Corporation has 116,600 $2.0 noncumulative preferred shares that have been issued. It declares a quarterly cash dividend on May 15 to shareholders of record on June 10. The dividend is paid on June 30. Prepare the entries on the appropriate dates to record the cash dividend. (List all debit entries before credit entries. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit May 15 June 10 June 30 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer
Please show the solution in good accounting form. 5. How much is the TOTAL treasury share capital? 6. How much is the Retained earnings, END? 7. How much is the Retained earnings, end - UNAPPROPRIATED?

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