Weaver Corporation had the following stock issued and outstanding at January 1, Year 2: 1.147,000 shares of $4 par common stock. 2. 7,500 shares of $50 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $3 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. 券 Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders, 彩 Preferred stock Common stock Total dividend Mc Graw Hill Prey 15 of 20 Next >

Weaver Corporation had the following stock issued and outstanding at January 1, Year 2: 1.147,000 shares of $4 par common stock. 2. 7,500 shares of $50 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $3 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. 券 Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders, 彩 Preferred stock Common stock Total dividend Mc Graw Hill Prey 15 of 20 Next >

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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Bonita Corporation was organized on January 1, 2020. It is authorized to issue 10,100 shares of 8%, $100 par value preferred stock, and 541,900 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 ટૂંકા હૈ ન Nov. 1 Sept. Issued 80,150 shares of common stock for cash at $6 per share. Issued 5,240 shares of preferred stock for cash at $111 per share. Issued 24,860 shares of common stock for land. The asking price of the land was $90,530; the fair value of the land was $80,150. Issued 80,150 shares of common stock for cash at $9 per share. Issued 10,100 shares of common stock to attorneys in payment of their bill of $54,900 for services rendered in helping the company organize. Issued 10,100 shares of common stock for cash at $11 per share. Issued 1,070 shares of preferred stock for cash at $120 per share. Prepare the journal entries to record the above transactions. (Credit account titles…
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 94,200 shares of $9 par value common stock. During its first month of operation, the corporation issued 6,880 shares of stock at a price of $24 per share. The entry to record the above transaction would include a a.credit to Paid-In Capital in Excess of Par—Common Stock for $103,200 b.debit to Common Stock for $94,200 c.debit to Cash for $61,920 d.credit to Common Stock for $165,120
Horton Company began business on January 1, 20x1 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $20 per share. On June 30, the Company declared a cash dividend of $1 per share to stockholders of record on July 31. The Company paid the cash dividend on August 30. On November 1, Horton reacquired 200,000 of its own shares of stock for $25 per share. On December 22, the Company resold half of these shares for $30 per share. a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the Stockholders' Equity section of the Balance sheet as of 12/31/20x1 assuming that the Net Income for the year was $3,000,000.
On January 6, Dee-Light Corporation issued for cash 22,750 shares of $2 par value common stock at $32 per share. On May 10, Dee-Light issued at par 4,200 shares of preferred 3% stock, $20 par for cash. On June 22, Dee-Light issued for cash 27,650 shares of 3%, $25 par value preferred stock at $31 per share. Determine the amount of cash that Dee-Light will receive from each of these stock issuances. Issue Date Cash Received January 6 May 10 June 22 Recording in the Accounting System Journalize the entry to record the January 6 issuance of common stock. If an amount box does not require an entry, leave it blank or enter "0". Jan. 6 Journalize the entry to record the May 10 issuance of preferred stock. May 10 fill in the blank fill in the blank Journalize the entry to record the June 22 issuance of preferred stock. If an amount box does not require an entry, leave it blank or enter "0".…
During the year ended December 31, 20--, Choi Company completed the following transactions: Apr. 15 Declared a semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of $50 par preferred stock and 80,000 shares of $1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to common shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at $7 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. Required: Prepare journal entries for the transactions
Monty Inc. has 5,400,000 shares of common stock issued and outstanding. On April 1, the board of directors voted a 70 cents per share cash dividend to stockholders of record as of April 14, payable April 21. Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings. How would the entry differ if the dividend were a liquidating dividend?
Assume that on June 30, Sunland Corporation declares a 10% stock dividend on its 100000 common shares, to be distributed on August 5 to shareholders of record on July 20. Assume the fair value of its shares on June 30 is $13.64 per share and $16.00 on August 5. Which of the following is the correct entry to record the distribution of the stock dividend? Dividends Payable Common Shares Stock Dividends Distributable Common Shares Stock Dividends Distributable Stock Dividends Stock Dividends Distributable Cash 160000 136400 160000 136400 160000 136400 160000 136400
Alma Corp. issues 1,120 shares of $7 par common stock at $15 per share. When the transaction is journalized, credits are made to a.Common Stock, $7,840 and Paid-In Capital in Excess of Par—Common Stock, $8,960. b.Common Stock, $16,800. c.Common Stock, $8,960 and Paid-In Capital in Excess of Stated Value, $7,840. d.Common Stock, $7,840 and Retained Earnings, $8,960.
Ivanhoe Corporation has 10.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 83 cents per share cash dividend to stockholders of record as of June 14, payable June 30. (a) Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation ◄► A n Debit Credit
On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued 25,000 additional shares of common stock for $17 per share. June 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. July 10 Paid the $1 cash dividend. Dec. 1 Issued 2,000 additional shares of common stock for $19 per share. 15 Declared a cash dividend on outstanding shares of $1.2 per share to stockholders of record on December 31. (a)Prepare the entries, on each of the three dividend dates. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par value. During its first year, the following selected transactions were completed: Issued 5,700 shares of common stock for cash at $20 per share. Issued 1,700 shares of common stock for cash at $23 per share. Prepare the stockholders’ equity section as it should be reported on the year-end balance sheet. At year-end, the accounts reflected a profit of $200.
Crane Corporation was organized on January 1, 2027. It is authorized to issue 19,800 shares of 7%, $50 par value preferred stock and 462,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 1 Issued 71,000 shares of common stock for cash at $5 per share. Issued 11,600 shares of preferred stock for cash at $56 per share. Issued 116,000 shares of common stock for cash at $8 per share. May Sept. 1 Nov. 1 Issued 5,200 shares of common stock for cash at $6 per share. Issued 3,200 shares of preferred stock for cash at $58 per share. (a) Prepare a tabular summary to record the transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Jan. 10 $ Mar. 1 Cash 1 $ Common Stock Paid-in-Capit Stated…