12) ABSD INC.'s B.O.D's approved issuance of 5,000,000 share of $50 par valuecommon stock. Currently 4,200,000 shares are outstanding.Current stock price is $60A 4% stock dividend is declared on March 1, 2020 and paid two months later.Show journal entries required to record declaration and payment of distribution.

Dividends are paid in two types Stock dividends and Cash dividends. Stock dividend means a payment…

Answered: 12) ABSD INC.'s B.O.D's approved…

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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Information related to the common shares of Empresas ABC for the year 2019 is presented below: January 1 - opening balances: 2,000,000 authorized, 402,000 issued, and 400,000 outstanding March 1 - Sells 15,000 authorized common shares, not previously issued June 1 - Declare and distribute a 10% stock dividend to outstanding shares November 1 - Declares a 2: 1 “stock-split-up” December 1 - sell (issue) 1,000 portfolio shares below cost Determine the total number of common shares outstanding as of December 31, 2019 Select one: to. 229,250 shares b. 914,000 shares c. 912,000 shares d. 399,000 shares
During its first year of operations, Cupola Fan Corporation issued 36,000 of $1 par Class B shares for $415,000 on June 30, 2024. Share issue costs were $2,100. One year from the issue date (July 1, 2025), the corporation retired 10% of the shares for $42,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.60 per share dividend on December 1, 2024, the payment of the dividend on December 31, 2024, and the retirement of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Vikrambhai
4. During 2020, Maldives Corporation started their company on January 1st and reported the following selected transactions: Jan 1 Issued 20,000 common shares at $15.00 per share. Apr 15 Issued 2,000 common shares at $12.80 per share. May 30 Repurchased 1,000 common shares for a price of $13 Nov 30 Declared a 10% common stock dividend for the shareholders on record on Dec 15 and to be distributed on Dec 20. The market price of the common shares on this date was $12 per share. (a) Prepare all journal entries required for the above transactions for Maldives Corporation. No explanations are required. (b) What are the number of common shares outstanding at Dec 31, 2020?
On Oct. 1, 2022, the board of directors of Purple Inc. declared a $3.00 per share cash dividend on 95,000 shares of $1 par value common stock. The dividend will be paid to stockholders who own shares on Dec. 31, 2022. The dividend will be paid on Feb. 1, 2023. What journal entry, if any, is required on each of the following dates? a. Oct. 1, 2022 b. Dec. 31, 2022 c. Feb. 1, 2023
Subject: acounting
Ashvin
I need help with preparring a journal entry using the following. Billy Bob Corporation issued 220,000 shares of $20 par value, 7% preferred stock on January 1, 2020, for $4,950,000. In December 2021, Billy Bob declared its first dividend of $800,000. How do you calculate the Common Stock and "Paid-In" results?
Following is a recent Tangent press release: MINNEAPOLIS, March 12, 2020 /PRNewswire/—The board of directors of Tangent Corporation has declared a quarterly dividend of 82 cents per common share. The dividend is payable June 10, 2020, to shareholders of record at the close of business May 20, 2020. Prepare the journal entries Tangent used to record the declaration and payment of the cash dividend for its 500 million shares.
During its first year of operations, Cupola Fan Corporation issued 30,000 of $1 par Class B shares for $385,000 on June 30, 2024. Share issue costs were $1,500. One year from the issue date (July 1, 2025), the corporation retired 10% of the shares for $39,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2 per share dividend on December 1, 2024, the payment of the dividend on December 31, 2024, and the retirement of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Salalah Mills Company is having 10,000 stocks of 15% OMR 1 par value non-cumulative, Irredeemable preferred stock outstanding at January 1 2019. The board of directors has decided to declare dividends for preferred stock on 31st December 2019 which was eventually paid on 10th January 2020. Which of the following journal entry was correct on 31st December 2019? a. Debit Retained earnings OMR 1500 Credit Preference dividend payable OMR 1500 b. Debit Bank OMR 1500 Credit Retained earnings OMR1500 c. Debit Preference Dividend payable OMR 1500 Credit Bank OMR 1500 d. Debit Preference dividend payable OMR 1500 Credit Retained earnings OMR1500
612,000 common shares outstanding. During 2020, it had the following transactions thataffected the common share account:Feb. 1Mar. 1May 1June 1Oct. 1Issued 154,000 shares.(a)Issued a 10% stock dividend.Acquired 166,000 common shares and retired them.Issued a 3-for-1 stock split.Issued 61,000 shares.The company's year end is December 31.Determine the weighted average number of shares outstanding as at December 31, 2020. (Round answer to 0 decimal places, e.g.5,275.)Weighted average number of shares outstandingshares Please don't provide solution in an image format thank you

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