Cash and Stock DividendsDebra Corporation has 15,000 shares of $1 par value common stock outstanding. The company has $125,000 of retained earnings. At year-end, the company declares a cashdividend of $2.00 per share and a four percent stock dividend. The market price of the stock at the declaration date is $15 per share. Three weeks later, the company pays thedividends.a. Prepare the journal entry for the declaration of the cash dividend.b. Prepare the journal entry for the declaration of the stock dividend.c. Prepare the journal entry for the payment of the cash dividend.d. Prepare the journal entry for the payment of the stock dividend.General JournalRef.a.b.C.d.Description+To record declaration of cash dividend.수Paid-in capital in excess of par valueTo record declaration of stock dividend.Paid cash dividend.Issued stock for stock dividend.수수+Debit000000000Credit000000000

The company raises capital by issuing common and preferred shares. The company pays dividends to…

Answered: Cash and Stock Dividends Debra…

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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Dividend payment procedures At the quarterly dividend meeting, Wood Shoes declared a cash dividend of $0.61 per share for holders of record on Monday, July 10 The firm has 350,000 shares of common stock outstanding and has set a payment date of July 31. Prior to the dividend declaration, the firm's key accounts were ptions as follows $ 0 $2.200,000 $400,000 Dividends payable Retained eamings Cash a Show the entries after the meeting adjourned. b. When is the er-dividend date? c. What values would the key accounts have after the July 31 payment date? d. What effect, if any, will the dividend have on the firm's total assets? .In a nartart markat hat offert anu will tho didend have on the firm'e etok nrine nn the ev didend date? a. Show the entries after the meeting adjourned. (Round to the nearest dollar.) Cash Dividends payable Retained eanings Enter your answer in the edit fields and then click Check Answer. 4 parts remaining Clear All Check Answer Type here to search
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Entries for Stock Dividends Paris Corporation has 20,000 shares of $80 par common stock outstanding. On June 8, Paris Corporation declared a 4% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $118 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank, Jun. 8 Jul. 13 Aug. 12
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XYZ Company has 100,000 shares of stock outstanding. On January 1, 200X XYZ Company declared a cash dividend of .50 per share to be paid on January 31. On January 1 XYZ Company will make the following journal entry: Credit cash $50,000and debit dividends declared $50,000. Debit dividends declared $50,000 and credit dividends payable $50,000. No entry is made until January 31. Debit cash $50,000 and credit dividends payable $50,000.
Treasury stock transactions Mystic Lake Inc. bottles and distributes spring water.On July 9 of the current year, Mystic Lake reacquired 60,000 shares of its common stock at $42 per share. On September 22, Mystic Lake sold 45,000 of the reacquired shares at $51per share.The remaining 15,000 shares were sold at $40 per share on November 23. a.Journalize the transactions of July September 22, and November 23. b.What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31of the current year? c.For what reasons might Mystic Lake have purchased the treasury stock?
A company declared a cash dividend of $.35 per common share to the shareholders of record on July 15. The cash dividend will be paid on July 31. This company has 500,000 shares authorized and 100,000 shares outstanding. What is the entry to record the payment on the payment date? O debit Common Dividend Payable 35,000 and credit Cash 35,000 O debit Common Dividend Payable 175,000 and credit Cash 175,000 O no entry on payment date O debit Retained Earnings 175,000; credit Common Dividend Payable 175,000 79°F Rain t
Feb 25 Declared a 2.50 per share cash dividend on 20,000 shares of common stock outstanding Mar. 20 Paid the cash dividends declared on Feb. 25, Dec. 31 Closed the 72,000 credit balance in Income Summary that reflects net income to Retained Earnings (a) Prepare the journal entries for these transactions. (b) If Retained Earnings had a 155,000 credit balance on January 1, calculate its year-end balance as of December 31
MAKE A JOURNAL ENTRY FOR EACH TRANSACTION
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calculations for journal entries needed
Cash Dividends Cyprus Corporation issued 12,000 shares of common stock. At the beginning of the year, Cyprus held 5,000 shares of treasury stock, but it reissued 1,000 of those shares in October. On December 1, 2019, Cyprus's board of directors declares a cash dividend of $0.95 per share payable on December 20, 2019, to stockholders of record on December 15, 2019. Required: Prepare the appropriate journal entries for the date of declaration, date of record, and date of payment. If no entry is required, choose "No entry required" and leave the amount boxes blank.

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