Hi Tech manufacturing company has 500,000 shares of $1 per value capital stock outstanding on January 1. The following entry transactions occurred during the current year. June 1 declared a cash dividend of 0.20 per share Jult 1 paid the $0.20 cash dividend to stockholders. Aug1 declared a 10% stock dividend. Market price of stock was $15 per share Sept 1o issued shares resulting from 10% stock dividend declared on Aug1 a) Write the journal entries b) compute the number of shares of capital stock outstanding at year end
Hi Tech manufacturing company has 500,000 shares of $1 per value capital stock outstanding on January 1. The following entry transactions occurred during the current year. June 1 declared a cash dividend of 0.20 per share Jult 1 paid the $0.20 cash dividend to stockholders. Aug1 declared a 10% stock dividend. Market price of stock was $15 per share Sept 1o issued shares resulting from 10% stock dividend declared on Aug1 a) Write the journal entries b) compute the number of shares of capital stock outstanding at year end
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hi Tech manufacturing company has 500,000 shares of $1 per value capital stock outstanding on January 1. The following entry transactions occurred during the current year.
June 1 declared a cash dividend of 0.20 per share
Jult 1 paid the $0.20 cash dividend to stockholders.
Aug1 declared a 10% stock dividend. Market price of stock was $15 per share
Sept 1o issued shares resulting from 10% stock dividend declared on Aug1
a) Write the
b) compute the number of shares of capital stock outstanding at year end
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