A company originally issued 17,000 shares of $7 par value common stock at $13 per share. The board of directors declares a 12% stock dividend when the market price of the stock is $20 a share. Which of the following isincluded in the entry to record the declaration of a stock dividend?O Stock Dividends is debited for $20,400.O Stock Dividends is debited for $40,800.O Common Stock is credited for $40,800.O Common Stock-$7 Par Value is credited for $38,760.

Stock Dividend - Stock Dividend is the dividend declared on the shares issued and outstanding.…

Answered: A company originally issued 17,000…

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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A company with 95,000 authorized shares of $7 par common stock issued 42,000 shares at $16. Subsequently, the company declared a 2% stock dividend on a date when the market price was $34 per share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
Company Z has 2.4 million shares of common stock authorized with a par value of $1 and a market price of $58. There are 1.2 million outstanding shares and 0.3 millión shares held in treasury stock Required: a. Prepare the journal entry if the company declares and distributes a 10% stock dividend. b. Show the effect of the 10% stock dividend on assets, liabilities, and stockholders' equity. c. Prepare the journal entry if the company declares and distributes a 100% stock dividend. d. Show the effect of the 100% stock dividend on assets, liabilities, and stockholders' equity. Complete this question by entering your answers in the table below. Required A Required B Required C Required D Prepare the journal entry if the company declares and distributes a 10% stock dividend. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars and not in millions.) View transaction list Journal entry worksheet Record…
Nebraska Inc. issues 2,300 shares of common stock for $73,600. The stock has a stated value of $12 per share. The journal entry to record the stock issuance would include a credit to Common Stock for a.$73,600 b.$27,600 c.$2,300 d.$46,000
Prepare the following journal entries issued 2,000 shares of common stock, $ 1 par value at an issue price of $ 12.00. The board of directors declared a $ .25 cents per share dividend on the 10,000 common shares outstanding.
A company whose stock is trading at $10 per share has 1,000 shares of $1 par common stock outstanding when the board of directors declares a 30% common stock dividend. Which of the following adjustments should be made when recording the stock dividend? O Retained earnings is debited for $300. O Common stock is debited for $3,000. O Additional paid-in capital is credited for $2,700. O Treasury stock is debited for $300.
Entity H issued 9,000 shares of its $1 par value common stock for $20 per share. Which of the following statements is correct? Hint: Make the journal entry first. Common stock should be credited for $180,000. Cash should be credited for $180,000. Paid-in-capital-in-excess-of-par-value should be debited for $171,000. Common stock should be credited for $9,000.
A company with 100,000 authorized shares of $6 par common stock issued 35,000 shares at $12. Subsequently, the company declared a 2% stock dividend on a date when the market price was $22 per share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend?
8. On August 1, Hagino Corporation declared a $1.50 per share cash dividend on its common stock (20,000 shares) for stockholders on record as of August 15. Hagino Corporation paid the dividend on August 31. Journalize the entries declaring the cash dividend and paying the dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the entry declaring the cash dividend. Date Aug. 1 Accounts and Explanation Debit Credit
The following information pertains to Matthew Corporation. Prepare journal entries for the following dates: 1/1/22: the company issues 140,000 shares of common stock, $5 par, for $8 per share 2/1/22: the company issues 10,000 shares of common stock, $5 par value, for $9 per share 3/15/22: the company declares a $4 per share dividend, to stockholders of record on 4/15/22, payable on 5/10/22 4/15/22: date of record: 5/10/22: date of payment: 7/1/22: the board of directors declares a 15% stock dividend when the market value of the stock is $12 per share, to be distributed on 8/15/22. 8/15/22: the company distributes the stock dividend shares 10/31/22: the company declares a $5 per share cash dividend, to be paid on 11/30/22 11/30/22: the company pays the cash dividend

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