Vincent Corporation has 98,000 shares of $105 par common stock outstanding. On June 30, Vincent Corporation declared a 3% stock dividend to be issued on July 30 to stockholders of record July 15. The market price of the stock was $125 a share on June 30. Required: Vincent Corporation General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation-Building 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 322 Paid-In Capital in Excess of Par-Common Stock 323 Paid-In Capital in Excess of Stated Value-Common Stock 331 Treasury Stock 332 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary
Vincent Corporation has 98,000 shares of $105 par common stock outstanding. On June 30, Vincent Corporation declared a 3% stock dividend to be issued on July 30 to stockholders of record July 15. The market price of the stock was $125 a share on June 30. Required: Vincent Corporation General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Supplies 151 Prepaid Insurance 181 Land 191 Buildings 192 Accumulated Depreciation-Building 193 Equipment 194 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 322 Paid-In Capital in Excess of Par-Common Stock 323 Paid-In Capital in Excess of Stated Value-Common Stock 331 Treasury Stock 332 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends 390 Income Summary
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vincent Corporation has 98,000 shares of $105 par common stock outstanding. On June 30, Vincent Corporation declared a 3% stock dividend to be issued on July 30 to stockholders of record July 15. The market price of the stock was $125 a share on June 30.
Required:
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