only type answer with full explanation No. Account Titles and Explanationa.b.No EntryNo EntryCommon Stock(To record the declaration)(To record the distribution)DebitCreditGOOD DO300 00 The common stock of Swifty Inc. is currently selling at $126 per share. The directors wish to reduce the share price and increase sharevolume prior to a new issue. The per share par value is $10; book value is $76 per share. 8 million shares are issued and outstanding.Prepare the necessary journal entries assuming the following. (List all debit entries before credit entries. Enter amounts in dollars. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for theaccount titles and enter O for the amounts.)a.b.The board votes a 2-for-1 stock split.The board votes a 100% stock dividend.No. Account Titles and Explanationa.No EntryNo EntryCommon StockDebit0Credit100

The stock split affects the number of shares and par value of shares but it is not recorded in the…

Answered: The common stock of Swifty Inc. is…

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 common stock of Monty Inc. is currently selling at $126 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10; book value is $69 per share. 8.60 million shares are issued and outstanding. Prepare the necessary journal entries assuming the following. (Enter amounts in dollars. 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.) (a) The board votes a 2-for-1 stock split. (b) The board votes a 100% stock dividend. No. Account Titles and Explanation (a) Retained Earnings (b) Common Stock Dividend Distributable Retained Earnings H Common Stock Dividend Distributable Debit Credit
The common stock of Bridgeport Inc. is currently selling at $121 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10; book value is $69 per share. 8.00 million shares are issued and outstanding.Prepare the necessary journal entries assuming the following. (Enter amounts in dollars. 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.) (a) The board votes a 2-for-1 stock split. (b) The board votes a 100% stock dividend. No. Account Titles and Explanation Debit Credit (a) (b) (To record the declaration) (To record the distribution
The common stock of Blue Inc. is currently selling at $114 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10; book value is $71 per share. 9.60 million shares are issued and outstanding. Prepare the necessary journal entries assuming the following. (Enter amounts in dollars. 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.) (a) The board votes a 2-for-1 stock split. (b) The board votes a 100% stock dividend. No. Account Titles and Explanation Debit Credit (a) (b) (To record the declaration) (To record the distribution)
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Bridgeport Inc. declared a cash dividend of $0.50 per share on its 3.40 million outstanding shares. The dividend was declared on August 1 and is payable on September 9 to all shareholders of record on August 15. Prepare all necessary journal entries for those three dates. (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 10 Account Titles and Explanation Debit Credit 111 |||||
On January 1, 2020, Vaughn Manufacturing issued 15,000 shares of $4 par value common stock for $180,000. On March 1, 2020, the company purchased 3,800 shares of its common stock for $17 per share for the treasury. Journalize the stock transactions of Vaughn Manufacturing in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. 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 Jan. 1 March 1 Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock Treasury Stock Cash Debit |||| 64600 Credit 64600
Please journalize the 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.
The Ivanhoe Corporation has 94,600 $2.00 noncumulative preferred shares that have been issued. It declares a quarterly cash dividend on May 15 to shareholders of record on June 10. The dividend is paid on June 30. Prepare the entries on the appropriate dates to record the cash dividend. (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 O for the amounts.) Date Account Titles Debit Credit
On November 27, the board of directors of Armstrong Company declared a $.50 per share dividend. The dividend is payable to shareholders of record on December 7 on December 24. Armstrong has 25,500 shares of $1 par common stock outstanding at November 27. Journalize the entries needed on the declaration and payment dates. (Record journal entries in the order presented in the problem. 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 Debit Credit
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
On November 27, the board of directors of Skysong Company declared a $0.50 per share dividend. The dividend is payable to shareholders of record on December 7 on December 24. Skysong has 26,000 shares of $1 par common stock outstanding at November 27. Journalize the entries needed on the declaration and payment dates. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

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