Caspar Company reported the following balances at December 31, 20X1:Common Stock ($1 par)Paid-in Capital in Excess of Par-Common StockRetained EarningsTreasury Stock (1,500 stock)$ 45,000O debit to Cash Dividends declared for $54,375.O credit to Cash Dividends Payable for $58,125.O credit to Cash Dividends Payable for $45,000.O debit to Retained Earnings for $56,250.640,000960,00020,000Caspar declares a cash dividend of $1.25 per share on January 10, 20X2 payable to January 14 stockholders of record. The dividendwill be paid on January 22. Caspar's journal entry on January 10, 20X2 will include a

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

Answered: Caspar Company reported the following…

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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The following information was drawn from the year-end balance sheets of Munoz River, Incorporated. Year 2 $675,000 213,000 Account Title Bonds payable Common stock Treasury stock Retained earnings Additional information regarding transactions occurring during Year 2: 1. Munoz River, Incorporated issued $49,800 of bonds during Year 2. The bonds were issued at face value. All bonds retired were retired at face value. 35,000 89,600 2. Common stock did not have a par value. 3. Munoz River, Incorporated uses the cost method to account for treasury stock. 4. The amount of net income shown on the Year 2 income statement was $35,100. Required a. Determine the amount of cash flow for the retirement of bonds that should appear on the Year 2 statement of cash flows. b. Determine the amount of cash flow from the issue of common stock that should appear on the Year 2 statement of cash flows. c. Determine the amount of cash flow for the purchase of treasury stock that should appear on the Year 2…
Company E reports the following stockholders' equity: Common Stock, 100,000 authorized, 30,000 issued, $3 par ? Paid-In Common Stock 93,000 Less: Treasury Stock, 5000 shares (15,000) Retained Earnings 40,000 What was the average price the common stock was issued?
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The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Line Item Description Current Year Previous Year Accounts payable $362,000 $226,000 Current maturities of serial bonds payable 360,000 360,000 Serial bonds payable, 10 % 1,700,000 2,060,000 Common stock, $1 par value 70,000 90,000 Paid-in capital in excess of par 760,000 760,000 Retained earnings 2, 630,000 2,090,000 The income before income tax expense was $803, 400 and $703,000 for the current and previous years, respectively. a. Determine the ratio of liabilities to stockholders' equity at the end of each year. Round your answers to one decimal place. Line Item Description Ratio Current year fill in the blank 1 Previous year fill in the blank 2 b. Determine the times interest earned ratio for both years. Round your answers to one decimal place.
XYZ Company declared a $.50 dividend on common stock. (Pretend there are 1,000 common shares outstanding. Journalize this transaction. DATE Debit Credit X/X XYZ Company paid the dividends declared above. Journalize this transaction. DATE Debit Credit X/X
List the errors in the following Stockholders' Equity section of the balance sheet prepared as of the end of the current year: Stockholders' Equity Paid-in capital: Preferred 2% stock, $80 par (125,000 shares authorized and issued).... Excess of issue price over par. Retained earnings.... Treasury stock (75,000 shares at cost) Dividends payable... Total paid-in capital $10,000,000 $ 10,500,000 96,700,000 500,000 1,755,000 430,000 $ 109,385,000 Common stock, $20 par (1,000,000 shares authorized, 825,000 shares issued)..... 17,655,000 Organizing costs .... Total stockholders'equity.. 300,000 $127,340,000 ... ...
What is the total stockholders' equity based on the following account balances? Common Stock $105,000 Paid-In Capital in Excess of Par 501,000 Retained Earnings 192,000 Treasury Stock 44,000 a.$842,000 b.$798,000 c.$754,000 d.$606,000
Beacon Corporation issued a 8 percent stock dividend on 35,000 shares of its $7 par common stock. At the time of the dividend, the market value of the stock was $30 per share. Required a. Compute the amount of the stock dividend. b. Show the effects of the stock dividend on the financial statements using a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. Complete this question by entering your answers in the tabs below. Required A Required B Show the effects of the stock dividend on the financial statements using a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. (Enter any decreases to account balances with a minus sign.)…
A company with 118,808 authorized shares of $5 par common stock issued 31,951 shares at $16 per share. Subsequently, the company declared a 2% stock dividend on a date when the market price was $33 a share. What is the amount transferred from the retained earnings account to paid-in capital accounts as a result of the stock dividend? Oa. $17,893 Ob. $21,088 Oc. $3,195 Od. $78,413
Ees At December 31 Common stock, $10 par value Paid-in capital in excess of par Retained earnings The company's net Income for the current year ended December 31 was $66,000. 1. Complete the T-accounts to calculate the cash received from the sale of Its common stock during the current year. Beginning balance Issuance of common stock Ending balance Common Stock, $10 Par Beginning balance issuance of common stock Paid-in Capital in Excess of Par Ending balance Cash received 0 Current Year $ 146,000 603,000 349,500 0 Prior Year $ 136,000 360,000 323,500
Subject : Accounting
Vishal

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