Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear on Healthy Life’s balance sheet: Common stock (420,000 shares authorized ; 4,000 shares issued), $75 par, $300,000; Paid-In Capital in excess of par—common stock, $32,000; and Retained earnings, $2,400,000. The board of directors declared a 1% stock dividend when the market price of the stock was $95 a share. Healthy Life reported no income or loss for the current year. 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. a1. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value. fill in the blank 6a18bffdc000056_2 fill in the blank 6a18bffdc000056_3 fill in the blank 6a18bffdc000056_5 fill in the blank 6a18bffdc000056_6 fill in the blank 6a18bffdc000056_8 fill in the blank 6a18bffdc000056_9 a2. Journalize the entry to record the issuance of the stock certificates. fill in the blank 951bd6fff07cff9_2 fill in the blank 951bd6fff07cff9_3 fill in the blank 951bd6fff07cff9_5 fill in the blank 951bd6fff07cff9_6 b. Determine the following amounts before the stock dividend was declared: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity. Total paid-in capital $fill in the blank 5fb21f042046030_1 Total retained earnings $fill in the blank 5fb21f042046030_2 Total stockholders' equity $fill in the blank 5fb21f042046030_3 c. Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity. Total paid-in capital $fill in the blank 5fb21f042046030_4 Total retained earnings $fill in the blank 5fb21f042046030_5 Total stockholders' equity $fill in the blank 5fb21f042046030_6

Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear on Healthy Life’s balance sheet: Common stock (420,000 shares authorized ; 4,000 shares issued), $75 par, $300,000; Paid-In Capital in excess of par—common stock, $32,000; and Retained earnings, $2,400,000. The board of directors declared a 1% stock dividend when the market price of the stock was $95 a share. Healthy Life reported no income or loss for the current year. 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. a1. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value. fill in the blank 6a18bffdc000056_2 fill in the blank 6a18bffdc000056_3 fill in the blank 6a18bffdc000056_5 fill in the blank 6a18bffdc000056_6 fill in the blank 6a18bffdc000056_8 fill in the blank 6a18bffdc000056_9 a2. Journalize the entry to record the issuance of the stock certificates. fill in the blank 951bd6fff07cff9_2 fill in the blank 951bd6fff07cff9_3 fill in the blank 951bd6fff07cff9_5 fill in the blank 951bd6fff07cff9_6 b. Determine the following amounts before the stock dividend was declared: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity. Total paid-in capital $fill in the blank 5fb21f042046030_1 Total retained earnings $fill in the blank 5fb21f042046030_2 Total stockholders' equity $fill in the blank 5fb21f042046030_3 c. Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity. Total paid-in capital $fill in the blank 5fb21f042046030_4 Total retained earnings $fill in the blank 5fb21f042046030_5 Total stockholders' equity $fill in the blank 5fb21f042046030_6

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Entries for Stock Dividends

Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear on Healthy Life’s balance sheet: Common stock (420,000 shares authorized ; 4,000 shares issued), $75 par, $300,000; Paid-In Capital in excess of par—common stock, $32,000; and Retained earnings, $2,400,000. The board of directors declared a 1% stock dividend when the market price of the stock was $95 a share. Healthy Life reported no income or loss for the current year.

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.

a1. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value.

		fill in the blank 6a18bffdc000056_2	fill in the blank 6a18bffdc000056_3
		fill in the blank 6a18bffdc000056_5	fill in the blank 6a18bffdc000056_6
		fill in the blank 6a18bffdc000056_8	fill in the blank 6a18bffdc000056_9

a2. Journalize the entry to record the issuance of the stock certificates.

		fill in the blank 951bd6fff07cff9_2	fill in the blank 951bd6fff07cff9_3
		fill in the blank 951bd6fff07cff9_5	fill in the blank 951bd6fff07cff9_6

b. Determine the following amounts before the stock dividend was declared: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity.

Total paid-in capital	$fill in the blank 5fb21f042046030_1
Total retained earnings	$fill in the blank 5fb21f042046030_2
Total stockholders' equity	$fill in the blank 5fb21f042046030_3

c. Determine the following amounts after the stock dividend was declared and closing entries were recorded at the end of the year: (1) total paid-in capital, (2) total retained earnings, and (3) total stockholders' equity.

Total paid-in capital	$fill in the blank 5fb21f042046030_4
Total retained earnings	$fill in the blank 5fb21f042046030_5
Total stockholders' equity	$fill in the blank 5fb21f042046030_6

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Step 1

The following transactions are journalized for Healthy Life Co.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.