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 (280,000 shares authorized ; 8,000 shares issued), $75 par, $600,000; Paid-In Capital in excess of par—common stock, $64,000; and Retained earnings, $6,600,000. The board of directors declared a 1% stock dividend when the market price of the stock was $104 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 4764020a9fc4028_2 fill in the blank 4764020a9fc4028_3 fill in the blank 4764020a9fc4028_5 fill in the blank 4764020a9fc4028_6 fill in the blank 4764020a9fc4028_8 fill in the blank 4764020a9fc4028_9 a2. Journalize the entry to record the issuance of the stock certificates. fill in the blank 4321befb9f9701c_2 fill in the blank 4321befb9f9701c_3 fill in the blank 4321befb9f9701c_5 fill in the blank 4321befb9f9701c_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 37cc60f0f02efa9_1 Total retained earnings $fill in the blank 37cc60f0f02efa9_2 Total stockholders' equity $fill in the blank 37cc60f0f02efa9_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 37cc60f0f02efa9_4 Total retained earnings $fill in the blank 37cc60f0f02efa9_5 Total stockholders' equity $fill in the blank 37cc60f0f02efa9_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 (280,000 shares authorized ; 8,000 shares issued), $75 par, $600,000; Paid-In Capital in excess of par—common stock, $64,000; and Retained earnings, $6,600,000. The board of directors declared a 1% stock dividend when the market price of the stock was $104 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 4764020a9fc4028_2 fill in the blank 4764020a9fc4028_3 fill in the blank 4764020a9fc4028_5 fill in the blank 4764020a9fc4028_6 fill in the blank 4764020a9fc4028_8 fill in the blank 4764020a9fc4028_9 a2. Journalize the entry to record the issuance of the stock certificates. fill in the blank 4321befb9f9701c_2 fill in the blank 4321befb9f9701c_3 fill in the blank 4321befb9f9701c_5 fill in the blank 4321befb9f9701c_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 37cc60f0f02efa9_1 Total retained earnings $fill in the blank 37cc60f0f02efa9_2 Total stockholders' equity $fill in the blank 37cc60f0f02efa9_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 37cc60f0f02efa9_4 Total retained earnings $fill in the blank 37cc60f0f02efa9_5 Total stockholders' equity $fill in the blank 37cc60f0f02efa9_6

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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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 (280,000 shares authorized ; 8,000 shares issued), $75 par, $600,000; Paid-In Capital in excess of par—common stock, $64,000; and Retained earnings, $6,600,000. The board of directors declared a 1% stock dividend when the market price of the stock was $104 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 4764020a9fc4028_2	fill in the blank 4764020a9fc4028_3
		fill in the blank 4764020a9fc4028_5	fill in the blank 4764020a9fc4028_6
		fill in the blank 4764020a9fc4028_8	fill in the blank 4764020a9fc4028_9

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

		fill in the blank 4321befb9f9701c_2	fill in the blank 4321befb9f9701c_3
		fill in the blank 4321befb9f9701c_5	fill in the blank 4321befb9f9701c_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 37cc60f0f02efa9_1
Total retained earnings	$fill in the blank 37cc60f0f02efa9_2
Total stockholders' equity	$fill in the blank 37cc60f0f02efa9_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 37cc60f0f02efa9_4
Total retained earnings	$fill in the blank 37cc60f0f02efa9_5
Total stockholders' equity	$fill in the blank 37cc60f0f02efa9_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.

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