eBookOct. 31. Declared semiannual dividends of $1.60 per share on the preferred stock and $0.13 per share on the common stock (before the stock dividend). In addition, a 2% commonstock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $36.Oct. 31 Cash DividendsCash Dividends PayableOct. 31 Stock DividendsStock Dividends Distributable0030,780 X0015,600 XPaid-In Capital in Excess of Par-Common Stock0FeedbackCheck My WorkOn the date of declaration of a cash dividend, it becomes legally binding. How do stock dividends affect stockholders' equity?Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend.Dec. 31 Cash Dividends PayableCashDec. 31 Stock Dividends DistributableCommon StockFeedbackCheck My WorkWhat are the stockholders receiving?Feedback75,600 X00 ✓30,780 X00✓

Part 2:Explanation:Step 1: Calculate the total number of shares outstanding before the stock…

Answered: eBook Oct. 31. Declared semiannual…

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 balance sheet of QUIGGE and get the end of the current fiscal year indicated the following bonds payable 8% $1 million preferred $10 stock $100 par 117,000 common stock $13 par 1,026,675 income before and come tax expense was $200,000 in income taxes for $30,350 for the current year cash dividends paid common stock during the current. Your total is $do 47,285 common stock with selling for $20 per share at the end of the year determine each of the following round answers to one decimal place, except for dollar amounts, which should be rounded to the nearest whole cent a. Times interest earned ratio. b. Earnings per share in common stock. c. Price earnings ratio. d. Dividends per share of common stock. e. Dividend yield.
Required: 1. How many common shares are outstanding on each cash dividend date? January 5 April 5 July 5 October 5 Outstanding common shares
Entries for Stock Dividends Madrid Corporation has 22,000 shares of $80 par common stock outstanding. On August 2, Madrid Corporation declared a 4% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $96 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. 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. Aug. 2 Sept. 15 Oct. 8
Can you fix the dividends per share for both classes of stock.
Subject - account
31. Closed the credit balance of the income summary account, $269,400. 2. Journalize the entries to record the transactions, and post to the eight selected Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. listed. Also prepare T accounts for the following: Paid-In Capital from Sale cf July 1. Declared a 4% stock dividend on common stock, to be capitalized at the 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts FROBLEM 12-4B Btries for selected oporate transactions Objectives 4, 5, 7, 8 Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2006, are as follows: Common Stock, $20 stated value (100,000 shares authorized, 75,000 shares issued) Paid-In Capital in Excess of Stated Value Retained Earnings.. Treasury Stock (5,000 shares, at cost) $1,500,000 180,000 725,000 140,000 ADNET ASS The following selected transactions occurred…
Answer all questions. Ch.10-2
Identifying and Analyzing Financial Statement Effects of Stock Transactions (FSET) Lipe Company reports the following transactions relating to its stock accounts. Feb. 20 Issued 16,800 shares of $1 par value common stock at $25 cash per share. Feb. 21 Issued 25,200 shares of $100 par value, 8% preferred stock at $250 cash per share.. Jun. 30 Purchased 3,360 shares of its own common stock at $15 cash per share. Sep. 25 Sold 1,680 shares of the treasury stock at $21 cash per share. Using the financial statement effects template, illustrate the effects of these transactions. NOTE: Use negative signs with your answers, when appropriate. NOTE: Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction Issuance of common stock. Issuance of preferred stock. Purchase of treasury stock. Sale of treasury stock. Check Cash Cash Cash Cash Cash Asset 420,000 + ✓N/A 6,300,000 ✓ # ✓N/A (50,400)✓ 35,280 + ✓ ✔ N/A Noncash Assets 0 + 0✔ + 0✔ + = ✔ N/A N/A Liabilities…
Calgate Company had the following shares outstanding and retained earnings at the end of the current year: Preferred shares, 4% (par value $15; outstanding, 10,300 shares) Common shares (outstanding, 33,000 shares) Retained earnings The board of directors is considering the distribution of a cash dividend to both groups of shareholders. No dividends were declared during the previous two years. Three independent cases are assumed: Case A: The preferred shares are non-cumulative; the total amount of dividends is $51,600. Case B: The preferred shares are cumulative; the total amount of dividends is $63,000. Case C: Same as case B, except the amount is $97,500. Required: 1. Compute the amount of dividends, in total and per share, that would be payable to each class of shareholders for each case. (Round "Per share" to 2 decimal places.) Case A: Total Per share Case B: Total Per share $ 154,500 615,000 296,000 Case C: Total Per share Preferred Shares Common Shares
8. On August 1, Hagino Corporation declared a $1.50 per share cash dividend on its common stock (20,000 shares) for stockholders on record as of August 15. Hagino Corporation paid the dividend on August 31. Journalize the entries declaring the cash dividend and paying the dividend. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the entry declaring the cash dividend. Date Aug. 1 Accounts and Explanation Debit Credit
Entries for Stock Dividends Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $51 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Stock Dividends / | 943,500 June 8 Stock Dividends Distributable / Paid-In Capital in Excess of Par-Common Stock No Entry Required July 13 No Entry Required v 0. 0. Aug. 12 Stock Dividends Distributable / Common Stock /

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