Prepare the entries to record these transactions. (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. Credit account titles are automatically indented when amount is entered. Do notindent manually.)Date<Account Titles and ExplanationDebitCredit On January 1, Wildhorse Corporation had 92,000 shares of no-par common stock issued and outstanding. The stock has a stated valueof $4 per share. During the year, the following occurred.Apr. 1 Issued 23,500 additional shares of common stock for $17 per share.June 15July 10Dec.115Declared a cash dividend of $2 per share to stockholders of record on June 30,Paid the $2 cash dividend.Issued 1,000 additional shares of common stock for $18 per share.Declared a cash dividend on outstanding shares of $4.80 per share to stockholders of record on December 31.

The journal entries are prepared to record the transactions on regular basis. The dividend is…

Answered: On January 1, Wildhorse Corporation had…

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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Nowell Inc. had the following stock issued and outstanding at January 1, Year 2. 1. 150,000 shares of no-par common stock. 2. 30,000 shares of $50 par, 4%, cumulative preferred stock. (dividends are in arrears for one year, Year 1,) On March 9, Year 1, Nowell declared a $175,000 cash dividend to be paid March 31 to shareholders of record on March 20. a. What amount of dividends will be paid to the preferred shareholders versus the common shareholders? b. Prepare the journal entries required for these transactions. (Be sure to include the dates of the entries.)
Nowell Incorporated had the following stock issued and outstanding at January 1, Year 2: 1. 106,000 shares of no-par common stock. 2.36,000 shares of $50 par, 5 percent, cumulative preferred stock. (Dividends are in arrears for one year, Year 1.) On March 8, Year 2, Nowell declared a $208,000 cash dividend to be paid March 31 to shareholders of record on March 20. Required What amount of dividends will be paid to the preferred shareholders versus the common shareholders? Total dividend declared Preferred arrearage Current preferred dividend Available for common Distributed to common Total Distributed to Shareholders Preferred Common
Spring Company is authorized to issue 7500,000 shares of $2 par value common stock. In its first year, the company has the following transactions: March 1: Issued 400,000 shares of stock at $9.75 per share June 15: Purchased 10,000 shares of treasury stock for $9 per share Sept 1: Declared a cash dividend of 10-cents per share on common stock Sept. 15: Record date for cash dividend Oct, 1: Paid cash dividend Journalize the transactions.
Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 1. 138,000 shares of $7 par common stock. 2. 9,500 shares of $90 par, 5 percent, noncumulative preferred stock. On June 10, Weaver Corporation declared the annual cash dividend on its 9,500 shares of preferred stock and a $4 per share dividend for the common shareholders. The dividends will be paid on July 1 to the shareholders of record on June 20. Required a. Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. b. Prepare general journal entries to record the declaration and payment of the cash dividends. Complete this question by entering your answers in the tabs below. Required A Required B Determine the total amount of dividends to be paid to the preferred shareholders and common shareholders. Preferred stock Common stock Total dividend Required A Required B >
Italian Stallion has the following transactions during the year related to stockholders' equity. February 1 Issues 5,700 shares of no-par common stock for $16 per share. May 15 Issues 400 shares of $1e par value, 11% preferred stock for $13 per share. October 1 Declares a cash dividend of $1.10 per share to all stockholders of record (both common and preferred) on October 15. October 15 Date of record. October 31 Pays the cash dividend declared on October 1.
Nowell Inc. had the following stock issued and outstanding as of January 1, Year 2: 1. 150,000 shares of no-par common stock. 2. 30,000 shares of $50 par, 4 percent, cumulative preferred stock. (Dividends are in arrears for one year, Year 1.) On March 8, Year 2, Nowell declared a $175,000 cash dividend to be paid March 31 to shareholders of record on March 20. a. What amount of dividends will be paid to the preferred shareholders versus the common shareholders?
On January 1, Michelle Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of S5 per share. During the year, the following occurred. Apr. 1issued 55, 000 additional shares of common stock for $17 per share. Jun. 15Declared a cash dividend of $1 per share to stockholders of record on June 30. Jul. 10Paid the $1 cash dividend. Dec. 1Issued 2, 000 additional shares of common stock for $19 per share. 15Declared a cash dividend on outstanding shares of S 1.20 per share to stockholders of record on December 31. Prepare the entries, if any, on each of the dates.
On January 1, Pharoah Corporation had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following occurred. Apr. 1 Issued 23,000 additional shares of common stock for $17 per share. June 15 July 10 Dec. (a) 1 15 Declared a cash dividend of $1 per share to stockholders of record on June 30. Paid the $1 cash dividend. Issued 1,500 additional shares of common stock for $19 per share. Declared a cash dividend on outstanding shares of $2.90 per share to stockholders of record on December 31. Prepare the entries to record these transactions. (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. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
On January 1, Year 1, a company had the following transactions: Issued 10,000 shares of $2 par common stock for $12 per share. Issued 3,000 shares of $50 par, 6% cumulative preferred stock for $70 per share. Purchased 1,000 shares of previously issued common stock for $15 per share. The company had the following dividend information available: Year 1 No dividend paid Year 2 Paid $2,000 total dividends Year 3 Paid $20,000 total dividends Year 4 Paid $25,000 total dividends Fill in the correct values for each year: If your answer is zero, please enter "0". Year 1 Year 2 Year 3 Year 4 Common stock dividend $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Preferred stock dividend $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 $fill in the blank 8 Dividends in arrears $fill in the blank 9 $fill in the blank 10 $fill in the blank 11 $fill in the blank 12
Selected transactions completed by Equinox Products Inc. during thefiscal year ended December 31, 20Y8, were as follows:a. Issued 15,000 shares of $20 par common stock at $30, receivingcash.b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash.c. Issued $500,000 of 10-year, 5% bonds at 104, with interestpayable semiannually.d. Declared a quarterly dividend of $0.50 per share on commonstock and $1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasuryshares were held, and 20,000 shares of preferred stock wereoutstanding.e. Paid the cash dividends declared in (d).f. Purchased 8,000 shares of treasury common stock at $33 per shareg. Declared a $1.00 quarterly cash dividend per share on preferredstock. On the date of record, 20,000 shares of preferred stock hadbeen issued.h. Paid the cash dividends to the preferred stockholders. i. Sold, at $38 per share, 2,600 shares of treasury common stockpurchased in…
A company reported the following stockholders' equity on January 1 of the current year: Common stock-$10 par value, 1,000,000 shares authorized; 260,000 shares issued Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Prepare journal entries for the following selected transactions. March 1 Purchased 11,000 shares of its own stock for $21 cash per share. May 5 Sold 5,000 shares of its treasury stock for $21 cash per share. October 12 Sold 3,000 shares of its treasury stock for $22 cash per share. View transaction list 1 2 Purchased 11,000 shares of its own stock for $21 cash per share. Sold 5,000 shares of its treasury stock for $21 cash per share. 3 Sold 3,000 shares of its treasury stock for $22 cash per share. $ 2,600,000 1,270,000 1,685,000 $ 5,555,000 X Credit >
On January 1, Vermont Corporation had 36,300 shares of $9 par common stock issued and outstanding. All 36,300 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 1,000 shares of treasury stock for $27 per share and later sold the treasury shares for $21 per share on March 1. The entry to journalize the purchase of the treasury shares on February 1 would include a O a. debit to a loss account for $5,000. b. credit to Treasury Stock for $27,000. c. credit to a gain account for $5,000. d. debit to Treasury Stock for $27,000.

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