On October 10, the board of directors of Skysong Corporation declared a 10% stock dividend. On October 10, the company had12,200 shares of $1 par common stock issued and outstanding with a market price of $15 per share. The stock dividend will bedistributed 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 indentedwhen 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. Listall debit entries before credit entries. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit

The dividend is declared to the shareholders from the retained earnings of the business. The stock…

Answered: On October 10, the board of directors…

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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Grouper Corp. has 7,700 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
Windsor, Inc. has 46,000 shares of $10 par value common stock outstanding. It declares a 13% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend.
Monty Inc. has 5,400,000 shares of common stock issued and outstanding. On April 1, the board of directors voted a 70 cents per share cash dividend to stockholders of record as of April 14, payable April 21. Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings. How would the entry differ if the dividend were a liquidating dividend?
Top Dog, Inc. has 13,000 shares of $1 par value common stock outstanding. Top Dog, Inc. distributes a 15% stock dividend when the market value of its stock is $18 per share. Read the requirements. Requirement 1. Journalize Top Dog, Inc.'s declaration of the stock dividend on May 15 and distribution on May 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by journalizing the declaration of the stock dividend on May 15. Ad punts and Explanation Date May. 15 Requirements Debit 1. Journalize Top Dog, Inc.'s declaration of the stock dividend on May 15 and distribution on May 31. 2. What is the overall effect of the stock dividend on Top Dog, Inc.'s total assets? 3. What is the overall effect on total stockholders' equity? Credit X
Pro-Builders corporation has 1,500,000 shares par common stock outstanding. On September 2, pro- builders corporation declared a $3 stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $36 per share on September 2. Journalize the entries required on September 2, October 3,and November 30. If no entry is required, simply skip to the next transaction.
(R) please answer asap.. The stockholders’ equity section of Jun Company’s balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 20% stock dividend. The stock’s per share market value on April 2 is $10 (prior to the dividend). Common stock—$5 par value, 555,000 sharesauthorized, 290,000 shares issued and outstanding$ 1,450,000Paid-in capital in excess of par value, common stock670,000Retained earnings923,000Total stockholders' equity$ 3,043,000Prepare the stockholders’ equity section immediately after the stock dividend is distributed.
On March 15, American eagle declares a quarterly cash dividend of $0.035 per-share payable on April 13 to all stockholders of record on March 30. Record American Eagle‘s declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a transaction/event, select “ no journal entry required” in the first account field enter your answer in dollars not in millions)
Jan. 16 Feb. 15 Jun. 10 Jul. 30 Aug. 15 Oct. 26 Nov. 8 Nov. 30 Declared a cash dividend on the 5%, $105 par noncumulative preferred stock (900 shares outstanding). Declared a $0.55 per share dividend on the 95,000 shares of $6 par value common stock outstanding. The date of record is January 31, and the payment date is February 15. Paid the cash dividends. Split common stock 2-for-1. Declared a 50% stock dividend on the common stock. The market value of the common stock was $12 per share. Distributed the stock dividend. Purchased 8,000 shares of treasury stock at $9 per share. Sold 4,000 shares of treasury stock for $10 per share. Sold 1,400 shares of treasury stock for $5 per share.
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
Flint Corporation purchased 2,500 shares of its $10 par value common stock for $167,500 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 1,500 shares of treasury stock for cash at $75 per share. Journalize the treasury stock transactions. (List all debit entries before credit entries. 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 eTextbook and Media Debit Credit
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.
Vienna Corporation has 31,000 shares of $90 par common stock outstanding. On June 8, Vienna Corporation declared a 4% stock dividend to be issued August 12 to stockholders of record on July 13. The market price of the stock was $120 per share on June 8. Journalize the entries required on June 8, July 13, and August 12. For a compound transaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Jun. 8 Stock Dividends Common Stock Paid-In Capital in Excess of Par-Common Stock Jul. 13 No Entry Required No Entry Required Aug. 12 Stock Dividends Distributable Common Stock

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