Dec. 15 will receive ___________.
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A: Journal entry is the procedure for initially documenting commercial transactions in the books of…
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A: Issue share capital at a premium: The journal entry for the issue of the share capital at a premium…
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A: Journal is the basic recording book in accounting. It is the primary book of entry for recording…
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A: Paid in capital in excess of par = (Issue price per share - Face value per share) x No. of shares =…
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A: Entries to record dividend, if the dividend represents a distribution of earnings.
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A: The journal keeps the record of transactions on regular basis. The shares issued at more than par…
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A: Dividend: Dividend is a part of income paid to shareholders of an organization for the investment…
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Q: *I need help on the Dec 31 entire entry (see attached): HW15-01A: On January 23, 15,000 shares of…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
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A: The journal entry to record the issue of shares as follows:
Q: On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on its 30,000,…
A: Number of shares issued as stock dividend = 30,000 x 100% = 30,000 shares
Q: On November 12th, Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00…
A: Total Outstanding shares = 12,000 Held as treasury share = 2,000 Cash dividend is given total share…
Q: The board of directors of Capstone Incorporated declared a $0.60 per share cash dividend on its $1…
A: Dividend is the amount of profit distributed to the shares outstanding as on the record date. It…
Q: Read & Learn Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On…
A: Number of Preferred Stock outstanding on 15th December = 1,000,000 shares Therefore, Number of…
Q: On September 3, 2021, Mirabel Corporation issued for cash 15,000 shares of no-par ordinary shares…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The board of directors of Elston Inc. declared a $0.60 per share cash dividend on its $1 par…
A: Cash dividends can be defined as the amount of cash distributed by the company to its shareholders.…
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A: Given Information,
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A: Lets understand the basics. Journal entry is required to make to record event and transaction occur…
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A: Journal Entry:Journal entry refers to the recoding of the transactions of the business in the…
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A: Introduction: Preferred stock holders have the preference over common stock holders on (1)…
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A: The journal entries are the initial record of the transactions in the books of accounts, the ledger…
Q: On July 1, Marin Inc. purchases 510 shares of its $5 par value common stock for the treasury at a…
A: Solution:- Preparation of journal entry as follows under:-
Q: Nash Group, Inc. issued 1,000 shares of $10 par common stock in Year 1 for $20 per share. Nash paid…
A: Treasury shares means the share which has been buy back by the company . It will be shown as…
Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…
A: Total deividend received = No. of shares x Dividend per share = 6,000 shares x $0.42 per share =…
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A: When the share is issued at an excess price than a par value of a share, it is recorded to the…
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A: The journal entries are prepared to record the daily transactions of the business.
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A: A journal entry is the recording of financial transactions of business entity in the books of…
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A: To record issue of shares at a value more than par value, common stock will be credited by par value…
Q: a. Prepare all of the necessary journal entries to record the events described above.b. Prepare the…
A: Requirement a: Pass all of the necessary journal entries to record the events.
Q: At the start of 20X5, Happy Corp. had 20,000 shares of $5 par common stock issued and outstanding.…
A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…
Q: On December 2, Coley Corp. acquired 1,500 shares of its $3 par value common stock for $20 each. On…
A: Solution: Cost of treasury stock resold = 1100*$20 = $22,000
Q: Hi-C Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On December…
A: The Company has $1,000,000 shares of 10%, $ 20 Par Value Preferred Stock outstanding. On December…
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A: The dividend is declared and paid to the shareholders from the retained earnings of the business.…
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A: The retained earnings increases with revenue and decreases with losses during the period. The…
Q: Gotham Inc. issued 10,000 shares of its $2 par value common stock for $25 per share. The journal…
A: Cash (10,000 x $25) 250,000 Common Stock (10,000 x $2) 20,000 Additional Paid-in Capital…
Q: On December 1, 20×1, Entity A purchased 6,000 shares of its own common stock at $25 per share. Par…
A: We have the following information: Purchased 6,000 shares of it own common stock Purchase price:…
Q: Prepare the journal entry to record Randy Company's issuance of 75,000 shares of $5 par value common…
A: A business agreement is documented in the company's accounting records using a journal entry.…
Q: Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share…
A: A journal entry is the recording of financial transactions of business entity in the books of…
Q: Spring Company is authorized to issue 7500,000 shares of $2 par value common stock. In its first…
A: Journal entry is defined as the book of accounts which records or maintain the transactions of the…
Q: Prepare the journal entry to record Rony Company's issuance of 35,000 shares of its common stock…
A: The shares are issued to the shareholders on basis of market value of shares. The par value is the…
Q: Fancy Clothing Company is authorized to issue 110.000 shares of $2 par common stock. The company…
A: Dividend is paid on the number of shares issued. The increase in liability is credited and decrease…
Q: Nutritious Pet Food Company's board of directors declares a cash dividend of $1.00 per common share…
A: Date Account Tittle and explanation Debit Credit 12-Nov Retained…
WGA Corp. declared a 10% cash dividend on Dec. 1 payable to shareholders on record as of Dec. 31. A shareholders with 100 shares of a 10 par stock who bought another 100 shares on Dec. 15 will receive ___________.
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- GadubhaiXYZ 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.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
- 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.Mt. Everst Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On December 1st, the Board of Directors declares a 4% Stock Dividend to be issued to the shareholders of record on December 15th and distributed on December 30th. The market price of the stock on December 1st was $25 per share. Calculate the amount the Company would Debit to Stock Dividends on December 15th: Calculate the amount the Company would Credit to Additional Paid in Capital…Preferred Stock on December 15:During the first year Zidux corp issued 80,000 shares of $4 par value common stock at a price of $50 cash per share. Zidux Corp was organized on January 2, 2018. On December 31, 2018: Net Income = $350,000 Cash Dividends paid= $70,000 Find the amount Zidux will report on its year end Balance Sheet for Paid in Capital Common Stock in Excess to par.
- Mt. Everest Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On December 1st, the Board of Directors declares a 4% Stock Dividend to be issued to the shareholders of record on December 15th and distributed on December 30th. The market price of the stock on December 1st was $25 per share. Calculate the amount the Company would Debit to Stock Dividends on December 15th:Calculate the amount the Company would Credit to Additional Paid-in Capital…Preferred Stock on December 15:Please show all work and answers: 1. On January 1st, ZYX company purchased 1,000 shares of its own stock at $37 per share. On January 20th, ZYX later reissues or sells 199 shares of treasury stock for $12 per share. On January 20th, the balance in Additional paid in capital-Treasury stock is credit balance of $0. What is the amount debited to Retained earnings on January 20th? 2. ABC issues 14,000 shares of common stock to investors on January 1 for cash, with the investors paying cash of $24 per share. The par value of the stock is $5 per share. What is the amount applied to additional paid in capital? 3. On January 1st, ABC company issues a stock dividend of 18%. ABC has 101,000 shares outstanding with a par value of $1. ABC also has 210,000 shares authorized. The market price per share January 1st is $32. What is number of new shares issued for stock dividend? 4. On January 1st, ZYX company purchased 1,200 shares of its own stock at $36 per share. On January 20th, ZYX later reissues…Prepare the journal entry to record Jevonte Company’s issuance of 41,000 shares of its common stock assuming the shares have a: $3 par value and sell for $19 cash per share. $3 stated value and sell for $19 cash per share
- The Board of Directors of ABC Corporation declared a dividend on March 6, 2XX1, to shareholders of record on April 7, 2XX1, P18 per share, payable on May 1, 2XX1. 100,000 ordinary shares were outstanding from March 6 to April 28 and 110,000 ordinary shares outstanding from April 29 to May 1. Compute for the total cash dividends distributed to shareholders.Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be credited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenueNutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend? The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?
