Preferred DividendsNathan Products' equity includes 10.8 %, $100 par preferred stock. There are 100,000 shares authorized and 25,000 shares outstanding. Assumethat Nathan Products declares and pays preferred dividends quarterly.Required:1. Prepare the journal entry to record declaration of one quarterly dividend. If an amount box does not require an entry, leave it blank.Dividends Declared8*8Dividends PayableFeedbackCheck My Work1. An obligation is incurred at the date of declaration.2. Prepare the journal entry to record payment of the one quarterly dividend. If an amount box does not require an entry, leave it blankDividends PayableCashXFeedback

Working Note: Quarterly Dividend to Preferred shareholders = No. of preferred share outstanding x…

Answered: Nathan Products' equity includes 10.8…

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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Riverbed Inc's $10 par value common stock is actively traded at a market price of $16 per share. Riverbed issues 6,000 shares to purchase land advertised for sale at $77,500. Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per share. Record the issuance of the preferred shares. (If no entry is required for a particular transaction/event, select "No Jour Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of the preferred, shares. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
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EQUITY TRANSACTIONS JOURNAL ENTRIES Use the following stock and equity transactions to record journals and prepare a partial Balance Sheet: HINT: you will need to keep track of the various equity accounts. I will give you two of the accounts you will need: CS, Par and APIC, but there are a few others. You may use a schedule/table, T accounts, or your own method. 1. Equity Financing Inc (EFI) is formed on Jan 1, 2020 and establishes 50,000 shares of common stock authorized with a par value of $.50 per share. 2. EFI issues 4000 shares of CS to the founding owner in exchange for land with a FMV of $5000 AND cash of $10,000. 3. On January 31, EFI sells 2000 shares of Common Stock for cash at $15 per share. 4. On March 31, EFI completes a 1 for 2 FORWARD stock split. 5. On June 15th EFI repurchases 1,000 shares of its own stock for $10 per share. 6. On November 15th, EFI declares a cash dividend payable in the next accounting period of $1 per share outstanding. 7. Net income for the…
answer in text form please (without image), Note: .Every entry should have narration please
On June 1, Teal Mountain Inc. issues 3,000 shares of no-par common stock at a cash price of $5 per share. Journalize the issuance of the shares. (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.) Date Account Titles and Explanation June 1 Debit Credit
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Windsor, Inc. issues 8,500 shares of $105 par value preferred stock for cash at $114 per share. Journalize the issuance of the preferred stock. (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 0 for the amounts.) Account Titles and Explanation Debit Credit
The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $89,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 5. Purchased merchandise on account from Kester Co., $42,950, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,400, terms n/15. The cost of the goods sold was $9,390. 7. Returned merchandise with an invoice amount of $12,600 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $218,410. The cost of the goods sold was $152,110. 22. Sold merchandise on account to Tabor Co.,…
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