On January 1, 2024, Lawn Corporation had 87,000 common shares, recorded at $626,400, and retained earnings of $1 million. During the year, the following transactions occurred: Apr. 2 Issued 5,000 common shares at $20 per share. June 15 Aug 21 Nov. 1 Dec. 20 (a) Declared a cash dividend of $0.15 per share to common shareholders of record on June 30, payable on July 10. Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20. Issued 3,100 common shares at $25 per share. Declared a cash dividend of $0.20 per share to common shareholders of record on December 31, payable on January 10. Date Your answer is partially correct. Record the above transactions for 2024. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. 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.) Account Titles Debit Credit

On January 1, 2024, Lawn Corporation had 87,000 common shares, recorded at $626,400, and retained earnings of $1 million. During the year, the following transactions occurred: Apr. 2 Issued 5,000 common shares at $20 per share. June 15 Aug 21 Nov. 1 Dec. 20 (a) Declared a cash dividend of $0.15 per share to common shareholders of record on June 30, payable on July 10. Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20. Issued 3,100 common shares at $25 per share. Declared a cash dividend of $0.20 per share to common shareholders of record on December 31, payable on January 10. Date Your answer is partially correct. Record the above transactions for 2024. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. 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.) Account Titles Debit Credit

Name: June 15+July 10 #1Aug 21 #Sept 20 #Nov, 1Dec 20 $Common SharesDividen
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Description: June 15+July 10 #1Aug 21 #Sept 20 #Nov, 1Dec 20 $Common SharesDividends DeclaredDividends PayableDividends PayableCashDividends DeclaredStock Dividends DistributableStock Dividends DistributableCommon SharesCashCommon SturesDividends DeclaredDividen

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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The following transactions occurred for Rothman Corp. during 2024, its first quarter of operations (fiscal year ending Dec. 31): 1. 2. On Oct. 5, Rothman issued 2000 shares of $10 par common stock in an IPO and 400 shares of $40 par preferred stock for a lump sum of $85,000 cash. The values of the common and preferred stock were appraised separately at $30 and $50 per share, respectively. On Oct. 20, Rothman declared an 80% common stock dividend, when the market value per share of the common stock was $32. 3. On Dec. 5, the common stock dividend was issued. 4. On Dec. 20, a 3-for-1 stock split occurred for common stock. 5. On Dec. 30, Rothman purchased 100 shares of its own common stock for $14 per share. Instructions: A. Prepare the general journal entries to record each of the above transactions. B. Determine the number of common shares (1) issued and (2) outstanding at Dec. 31, 2024.
Weaver Corporation had the following stock issued and outstanding at January 1, Year 2: 1.147,000 shares of $4 par common stock. 2. 7,500 shares of $50 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 7,500 shares of preferred stock and a $3 per share dividend for the common shareholders. The dividend will be paid on July 1 to the shareholders of record on June 20. 券 Required Determine the total amount of dividend to be paid to the preferred shareholders and common shareholders, 彩 Preferred stock Common stock Total dividend Mc Graw Hill Prey 15 of 20 Next >
The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $170,000 in the current year. It also declared and paid dividends on common stock in the amount of $2.70 per share. During the current year, Sneer had 1 million common shares authorized; 370,000 shares had been issued; and 163,000 shares were in treasury stock. The opening balance in Retained Earnings was $870,000 and Net Income for the current year was $370,000. 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.
During the year, the following selected transactions affecting stockholders' equity occurred for Navajo Corporation: a. February 1: Repurchased 240 shares of the company's common stock at $22 cash per share. b. July 15: Sold 130 of the shares purchased on February 1 for $23 cash per share. c. September 1: Sold 100 of the shares purchased on February 1 for $21 cash per share. Required: 1. Prepare the journal entry required for each of the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Repurchased 240 shares of the company's common stock at $22 cash per share. Date February 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Prev Debit 1 of 8 Credit View general journal ‒‒‒ ‒‒‒ ‒‒‒ Next > *********
During the year ended December 31, 20--, Choi Company completed the following transactions: Apr. 15 Declared a semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of $50 par preferred stock and 80,000 shares of $1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of $1.50 per share on preferred stock and $0.40 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to common shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at $7 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. Required: Prepare journal entries for the transactions
The company. W reflects the following balances in the shareholders' equity section as of July 1, 2019. Capital in common shares, issued and outstanding 20,000 shares, $ 10 par value $ 200,000 Contributed capital in excess of par value 20,000 Retained Earnings 120,000 W carried out the following transactions when acquiring some of its own shares: to. He acquired 2,000 shares at $ 15 / share. b. It issued 1,200 of the 2,000 shares acquired at $ 17 / share. c. It issued 750 of the 2,000 shares acquired at $ 10 / share. d. It canceled the certificates of the remaining 50 shares. Required: Prepare journal entries for transactions a through d above. Suppose they were done in chronological order and the cost method is used to account for portfolio stocks.
Subject: acounting
For the year ended December 31, 2024, Norstar Industries reported net income of $955,000. At January 1, 2024, the company had 1,030,000 common shares outstanding. The following changes in the number of shares occurred during 2024: April 30 Sold 75,000 shares in a public offering May 24 Declared and distributed a 5% stock dividend June 1 Issued 84,000 shares as part of the consideration for the purchase of assets from a subsidiary Required: Compute Norstar's earnings per share for the year ended December 31, 2024. Note: Do not round intermediate calculations. Except for per share amounts, enter your answers in thousands (i.e., 10,000 should be entered as 10). Round "Earnings per share" answer to 2 decimal places. Answer is complete but not entirely correct. $ Numerator 955 ÷ Denominator Earnings per Share 1,170 = $ 0.82
Springer Company was incorporated on January 1, 2022, at which time 500,000 shares of $1 par value common stock were authorized, and 210,000 of these shares were issued for $9 per share. Net income for the year ended December 31, 2022, was $1,900,000. Springer Company's board of directors declared dividends of $1.40 per share of common stock on December 31, 2022, payable on January 27, 2023. The entry to record the payment of dividends on January 27, 2023 is: Multiple Choice O Debit Credit Debit Credit Debit Credit Debit Credit Retained Earnings Dividends Payable Cash Dividends Payable Retained Earnings Cash Dividends Payable Cash 294,000 294,000 294,000 294,000 294,000 294,000 294,000 294,000
On September 15, 2023, the Board of Directors of Sandhill Company declared a $0.45 per share cash dividend, payable on October 31 to shareholders of record as of October 1. On the date of declaration, Sandhill Company had 206,000 common shares issued, of which 18,000 were held in Treasury. On October 15, 2023, the company issued an additional 66,000 common shares for $5.75 each. Prepare all the required journal entries to record these transactions. (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 o for the amounts. Record journal entries in the order presented in the problem.) Date > > > Account Titles and Explanation Debit Credit
Subject: acounting
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.