On January 1, 2022, Cullumber Corporation had $1,125,000 of common stock outstanding that was issued at par. It also had retainedearnings of $746,500. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $410,000 for theyear.Journalize the declaration of a 16% stock dividend on December 10, 2022, for the following independent assumptions. (Credit accounttitles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts)a.b.No. Account Titles and Explanationa.Par value is $10, and market price is $19.Par value is $5, and market price is $20.b.DebitCredit

Stock dividend: When the company issues a stock dividend it pays the dividend in the form of shares…

Answered: On January 1, 2022, Cullumber…

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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(b) Your answer is incorrect. If the preferred stock is not cumulative, how much of the $800,000 would be paid to common stockholders? Common Stock Dividends $ I
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Gleneagles Corporation earned net income of $70,000 during the year ended December 31, 2020. On December 15, Gleneagles had declared the annual cash dividend on its $0.50 preferred shares (10,000 shares issued for $100,000) and a $0.60 per share cash dividend on its common shares (25,000 shares for $50,000). Gleneagles then paid the dividends on January 4, 2021. Journalize the following for Gleneagles Corporation: a. Declaring the cash dividends on December 15, 2020 b. Paying the cash dividends on January 4, 2021 Did Retained Earnings increase or decrease during 2020? By how much?
On January 1, Icecap had 7,900 shares of $2 par common stock issued and outstanding. The following transactions occurred during the year. April 15: Declared a cash dividend of $0.80 per share to stockholders of record on May 31. July 10: Paid the $0.80 cash dividend. A Prepare the entry to declare the dividends. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter o for the amounts) Date Account Titles and Explanation Apr. 15 Cash Dividends Dividends Payable (To record declaration of cash dividend) Debit Date Account Title Credit B. Prepare the entry to pay the dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account tities and enter O for the amounts.)
Please provide assistance and explanation for scenario provided in the attached image.
In 2022, Sheffield Corporation reported net income of $ 1,141,200. It declared and paid preference dividends of $ 262,964. During 2022, Sheffield had a weighted average of 194,300 ordinary shares outstanding. Compute Sheffield's 2022 earnings per share. (Round earnings per share to 2 decimal places, e.g. 1.48.) Sheffield's 2022 earnings per share $4
Blue Spruce Limited reported profit of $472,686 for its November 30, 2024, year end. Cash dividends of $63,700 on the common shares and $60,000 on the noncumulative preferred shares were declared and paid during the year. The following information is available regarding Blue Spruce's common shares: Dec. 1, 2023 Feb. 28, 2024 The opening number of common shares was 55,100. Sold 8,800 common shares for $220,000 cash. May 31, 2024 Nov. 1, 2024 Reacquired 4,400 common shares for $101,200 cash. Issued 13,200 common shares in exchange for land with a fair value of $280,000. (a) Question Part Score (b) Calculate the weighted average number of common shares for the year. Weighted average number of shares 2/2
A recent annual report for Malestrom Incorporated disclosed that the company declared and paid dividends on common stock in the amount of $1.80 per share. During the year, Malestrom had 1,017,000,000 authorized shares of common stock and 191,370,000 issued shares. There is no treasury stock. Required: Assume Malestrom declared the entire dividend ($1.80 per share) on February 20 and subsequently paid the dividend on March 1. Prepare the journal entries to record the declaration and payment of dividends. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0). View transaction list Journal entry worksheet
On January 1, 2020, Kingbird Corporation had $2,090,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,180,000. The company issued 220,000 shares of common stock at $12 per share on July 1. On December 15, the board of directors declared a 15% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. The market value of Kingbird Corporation stock was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $515,000. (a1) Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. (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 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 July 1 Cash Dec. 15 く…
Pet Boutique Corp, reported $4,365.410 of profit for 2023. On November 2, 2023, it declared and paid the annual preferred dividends of $283,560 On January 1, 2023, Pet Boutique had 111,410 and 567,000 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year: Feb. 1 Declared and issued a 20% common share dividend. Apr.30 Sold 111,060 common shares for cash. May 1 Sold 45,550 preferred shares for cash. Oct. 31 Sold 32,760 common shares for cash. a. What is the amount of profit available for distribution to the common shareholders? Earnings available to common shareholders $ 4,081,850 Check my wark b. What is the weighted-average number of common shares for the year?
Belkin Incorporated has 118,000 shares of $3 par value common stock outstanding. Belkin declares a 58% stock dividend on March 2 when the stock's market value is $90 per share. Prepare the journal entry for declaration of the stock dividend. View transaction list Journal entry worksheet 1 Record the declaration of a 58% stock dividend. Note: Enter debits before credits. Date March 02 Record entry General Journal Clear entry Debit Credit View general journal
On January 1, 2020, Windsor Corporation had $2,000,000 of $10 par value common stock outstanding that was issued at par and retained earnings of $1,040,000. The company issued 235,000 shares of common stock at $12 per share on July 1. On December 15, the board of directors declared a 15% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. The market value of Windsor Corporation stock was $15 per share on December 15 and $16 per share on December 31. Net income for 2020 was $535,000. (a1) Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. (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 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 July 19 Dec 15 Debit

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