Answered: Nash Corporation has 10 million shares… | bartleby

FINANCIAL ACCOUNTING

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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Question

Prepare the journal entries for each of the dates above assuming the dividend were a liquidating dividend? (4

Nash Corporation has 10 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 78 cents
per share cash dividend to stockholders of record as of June 14, payable June 30.

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The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $300,000 in the current year. It also declared and paid dividends on common stock in the amount of $1.00 per share. During the current year, Sneer had 1 million common shares authorized; 500,000 shares had been issued; and 280,000 shares were in treasury stock. The opening balance in Retained Earnings was $700,000 and Net Income for the current year was $200,000. Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31. 3. Prepare a journal entry to close the dividends account.
On June 13, the board of directors of Siewert Inc. declared a 5% stock dividend on its 40 million, $1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $15 on June 13. Complete the below table to calculate the stock dividend.Prepare a journal entry that summarizes the declaration and distribution of the stock dividend.
OM, Inc. was organized on January 1, 20X5. The firm was authorized to issue 1,000,000 shares of $3 par value common stock. During 20X5, OM had the following transactions relating to stockholders' equity: Issued 50,000 shares of common stock at $7 per share. Issued 30,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. What is the total amount recorded in the Common Stock account at the end of 20X5? Select one: a. $240,000 b. $160,000 c. $80,000 d. $-0- e. $590,000
When Wisconsin Corporation was formed on January 1, the corporate charter provided for 115,800 shares of $6 par value common stock. The following transaction was among those engaged in by the corporation during its first month of operation: The corporation issued 7,740 shares of stock at a price of $27 per share. The entry to record the above transaction would include a:
During its first year of operations, Buffalo Corporation had the following transactions pertaining to its common stock. Jan. Issued 84,800 shares for cash at $6 per share. 10 Issued 5,000 shares to attorneys in payment of a bill for $37,000 for services rendered in helping the company to incorporate. Mar. 1 July Issued 32,700 shares for cash at $8 per share. 1 Sept. Issued 61,700 shares for cash at $10 per share. 1
During its first year of operations, Bramble Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 81,500 shares for cash at $6 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $36,200 for services rendered in helping the company to incorporate. July 1 Issued 33,300 shares for cash at $8 per share. Sept. 1 Issued 62,400 shares for cash at $10 per share. (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.)
OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2 par value common stock. During 20X7, OM had the following transactions relating to stockholders' equity: Issued 20,000 shares of common stock at $7 per share. Issued 40,000 shares of common stock at $8 per share. Reported a net income of $100,000. Paid dividends of $50,000. What is the total amount recorded in the Common Stock account at the end of 20X7?
The following accounts and their balances appear in the ledger of Young Properties Inc. on November 30 of the current year: Common Stock, $15 par $168,000 Paid-In Capital in Excess of Par 13,440 Paid-In Capital from Sale of Treasury Stock 7,300 Retained Earnings 277,000 Treasury Stock 10, 450 Prepare the Stockholders' Equity section of the balance sheet as of November 30. Fifty thousand shares of common stock are authorized, and 550 shares have been reacquired.
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Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend? The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?
On October 10, the board of directors of Skysong Corporation declared a 10% stock dividend. On October 10, the company had 12,200 shares of $1 par common stock issued and outstanding with a market price of $15 per share. The stock dividend will be distributed on October 31 to shareholders of record on October 25. Journalize the entries needed for the declaration and distribution of the stock dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

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