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

Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Answered: During the year ended December 31,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Way Inc. obtained significant influence by buying 40% of Sonic Inc's 4,800 outstanding shares of common stock at a cost of $8 per share on January 1, 2025. On December 31, Sonic declared and paid a $2,900 cash dividend and reported net income of $18,900 for the year. Post all transactions and determine the account balance of the Stock Investments account. Jan. 1 Dec. 31 Dec. 31 Bal. Stock Investments 15,360 Dec. 31 Revenue from Stock Investments Dec. 31
At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year Stockholders' equity Contributed capital Common stock (par $10; 5,100 shares) Paid-in capital Total contributed capital Retained earnings Total stockholders' equity $ 51,000 13,000 64,000 49,000 $ 113,000 During the current year, the following selected transactions (summarized) were completed: a. Sold and issued 2,000 shares of common stock at $27 cash per share (at year-end). b. Determined net income, $53,000. c. Declared and paid a cash dividend of $2 per share on the beginning shares outstanding. Required: Prepare a statement of stockholders' equity for the year ended December 31, current year. BARNARD CORPORATION Statement of Stockholders' Equity Common Stock Shares Amount Paid-in Capital Retained Earnings Total Stockholders' Equity Balances as of December 31, prior year Balances as of December 31, current year
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 1, the board of directors of Zion, Inc. declare a 10% stock dividend. On this date, there were 10,000 shares of $1 par value stock issued and outstanding and the market value was $5 per share. On March 15, the date of payment, Zion issued the stock. The entry necessary on March 15 would include a (credit/debit) to Common Stock Dividends distributable for O debit; $5,000 O debit; $1,000 O credit; $5,000 O credit; $1,000
Prepare journal entries for each of the following transactions of Telecommunications, Inc. Apr. 15 Declared a dividend of $1.43 per share on 11,000 shares of preferred stock outstanding. May 19 Paid the dividend declared on April 15.
Feb. 1 July 1 E16-4 Hulse Company had the following transactions pertaining to stock investments. Purchased 600 shares of Wade common stock (2%) for $7,200 cash. Received cash dividends of $1 per share on Wade common stock. Sold 300 shares of Wade common stock for $4,300. Dec. 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Instructions (a) Journalize the transactions.
Record each of the following transactions and events of Hertz. Note: Round to nearest whole dollar. Year 1 January 1 Acquired 75,000 shares of Thrifty common stock for $531,000 cash. Thrifty has 300,000 shares of common stock outstanding, and its activities will be significantly influenced by Hertz. August 31 Thrifty declared and paid a cash dividend of $1.70 per share. December 31 Thrifty reported net income for the year of $504,900. Year 2 August 31 Thrifty declared and paid a cash dividend of $3.40 per share. December 31 Thrifty reported net income for the year of $730,400. December 31 Hertz sold 9,000 shares of Thrifty for $131,000 cash. View transaction list Journal entry worksheet
Prepare the journal entries for the following transactions for Batson Co. Sept. 1 Batson Co. purchased 1,200 shares of the total of 100,000 outstanding shares of Michael Corp. stock for $20.75 per share plus a $70 commission. Dec. 31 Michael Corp.’s total earnings for the period are $84,000. 31 Michael Corp.’s paid a total of $40,000 in cash dividends to shareholders of record.
On January 1, Oriole Corporation had 61,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Issued 11,250 additional shares of common stock for $11 per share. Declared a cash dividend of $1.90 per share to stockholders of record on June 30. Paid the $1.90 cash dividend. Issued 5,000 additional shares of common stock for $12 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31. Apr. 1 June 15 July 10 Dec. (a) Prepare a tabular summary to record the three dates that involved dividends. Include margin explanations for the changes in revenues and expenses. (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. Round answers to O decimal places, e.g.…
Prepare journal entries to record the following transactions and events of Kodax Company. Year 1 Jan. 2 Purchased 30,000 shares of Grecco Co. common stock for $411,000 cash. Grecco has 90,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. Sep. 1 Grecco declared and paid a cash dividend of $1.50 per share. Dec. 31 Grecco announced that net income for the year is $486,900. Year 2 June 1 Grecco declared and paid a cash dividend of $2.10 per share. Dec. 31 Grecco announced that net income for the year is $702,750. Dec. 31 Kodax sold 3,000 shares of Grecco for $71,000 cash.
On January 1, Pharoah Company had 87000 shares of $10 par value common stock outstanding. On May 7, the company declared a 5% stock dividend to stockholders of record on May 21. Market value of the stock was $16 on May 7. The stock was distributed on May 24. The entry to record the transaction of May 24 would include a
provide the cost of good sold statement for may 2022

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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.