What is the entry for the dividend declaration
Q: Eidman Corporation has 80,000 shares of common stock outstanding. It declares a $1 per share cash…
A: A dividend is the distribution of some of a company's earnings to a class of its shareholders, as…
Q: On October 10, the board of directors of Pinto Corporation declared a 10% stock dividend. On October…
A: Journal entry shows recording of each and every business transaction. Every transaction have dual…
Q: Bridgeport Corp. has 7,400 shares of common stock outstanding. It declares a $5 per share cash…
A: Dividend for shareholders No.of shares * cash dividend per share 7400 shares * $5 $37,000
Q: Fetzer Company declared a $0.30 per share cash dividend. The company has 180,000 shares authorized,…
A: Treasury stock represents shares of a company's stock that it has bought back from the shareholders.…
Q: Fetzer Company declared a $0.30 per share cash dividend. The company has 380,000 shares authorized,…
A: Retained earnings:Retained earnings are that portion of profits which are earned by a company but…
Q: Crane Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the…
A: Entries to record dividend, if the dividend represents a distribution of earnings.
Q: Which of the following would be included in the entry to record the issuance of 7,000 shares of $4…
A: The firm can raise funds for the operation of the business. It can be from issuing common stock,…
Q: Greenwood Corporation has 80,000 shares of common stock outstanding. It declares a $1 per share cash…
A: Cash dividends are cash distributions of accumulated earnings by a corporation to its stockholders.…
Q: The board of directors of Capstone Incorporated declared a $0.60 per share cash dividend on its $1…
A: Dividend is the amount of profit distributed to the shares outstanding as on the record date. It…
Q: At Microsoft, the board of directors declared a $0.70 per share cash dividend on its common stock.…
A: Authorized share capital means the share capital which is the company is legally authorized to…
Q: Hutter Corporation declared a $0.50 per share cash dividend on its common shares. The company has…
A: Dividend is payable on no. of outstanding shares
Q: The following dividends both pertain to Ehrlich Corporation. On October 10, the board of directors…
A: Dividend refers to the profits that are distributed to the shareholders of the entity. It could be…
Q: The board of directors of Elston Inc. declared a $0.60 per share cash dividend on its $1 par…
A: Cash dividends can be defined as the amount of cash distributed by the company to its shareholders.…
Q: During its first year of operations, Culver Corporation had these transactions pertaining to its…
A:
Q: On June 13, the board of directors of Siewert Inc. declared a 5% stock dividend on its 60 million,…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Nash Corporation has 10 million shares of common stock issued and outstanding. On June 1, the board…
A: Dividend is the amount of return that an entity pays to the common and preferred shareholders of the…
Q: The charter of a corporation provides for the issuance of 104,571 shares of common stock. Assume…
A: Cash dividends: The amount of cash provided by a corporation out of its distributable profits to its…
Q: On June 13, the board of directors of Siewert Inc. declared a 5% stock dividend on its 40 million,…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: A company's board of directors declared a $0.50 per share cash dividend on its $3 par common stock.…
A: Number of shares=Issued shares-Treasury stock=18,000-5,000=13,000
Q: The charter of a corporation provides for the issuance of 104,020 shares of common stock. Assume…
A: The charter of a corporation provides maximum numbers of shares that can be issued by the…
Q: The board of directors of Capstone Inc. declared a $0.60 per share cash dividend on its $1 par…
A: Dividend is the disbursement of profit in consideration to the shares purchased by the shareholders.
Q: The charter of a corporation provides for the issuance of 106,635 shares of common stock. Assume…
A: The objective of the question is to calculate the total amount of cash dividends to be paid by the…
Q: Explain how to calculate the after stock dividend to enter on the balance sheet for the below. At…
A: Determine the effect of stock dividend.
Q: Monty Inc. has 5,400,000 shares of common stock issued and outstanding. On April 1, the board of…
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Q: )On January 1, Sunland Corporation had 270000 common shares issued. On April 10, the company…
A: Stock dividend is a method of capitalizing the retained earning. Under this, no profit is…
Q: Lotoya Davis Corporation has 10 million shares of common stock issued and outstanding. On June 1,…
A: Step 1 The journal entry is recorded for the declaration of dividend under which retained earnings…
Q: At June 30th, Tidal Co. has 22,000 shares of common stock authorized, 17,000 issued, and 16,500…
A: The dividend is declared and paid to the shareholders from the retained earnings of the business.…
Q: On June 13, the board of directors of Siewert Inc. declared a 5% stock dividend on its 40 million,…
A:
Q: Sheffield Corp. has 84,000 shares of common stock outstanding. It declares a $1 per share cash…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Company Z has 2.4 million shares of common stock authorized with a par value of $1 and a market…
A: The dividend is declared to the shareholders from the retained earnings of the business. The…
Q: Alpha Corporation has 25 million shares of common stock issued and outstanding. On August 31 the…
A: Payment of dividend out of profits indicate that the dividends are distributed out of retained…
Q: The board of directors of Capstone Inc. declared a $0.60 per share cash dividend on its $1 par…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Crane Corporation has 70,000 shares of common stock outstanding. It declares a $1 per share cash…
A:
Q: During its first year of operations, Flounder Corporation had the following transactions pertaining…
A: Journal entries are used to record the transactions of business in a chronological order.
Q: The charter of a corporation provides for the issuance of 114,964 shares of common stock. Assume…
A: Cash dividends: The amount of cash provided by a corporation out of its distributable profits to its…
Q: Concordia Corporation has 96,900 common shares that have been issued. It declares a 4% stock…
A: The share dividend is declared on the basis of market value of shares on declaration date. The share…
Q: On October 10, the board of directors of Skysong Corporation declared a 10% stock dividend. On…
A: The dividend is declared to the shareholders from the retained earnings of the business. The stock…
The board of directors of Capstone Inc. declared a $0.60 per share cash dividend on its $1 par common stock. On the date of declaration, there were 50,000 shares authorized, 20,000 shares issued, and 5,000 shares held as
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- Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend?The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.Anoka Company reported the following selected items in the shareholders equity section of its balance sheet on December 31, 2019, and 2020: In addition, it listed the following selected pretax items as a December 31, 2019 and 2020: The preferred shares were outstanding during all of 2019 and 2020; annual dividends were declared and paid in each year. During 2019, 2,000 common shares were sold for cash on October 4. During 2020, a 20% stock dividend was declared and issued in early May. At the end of 2019 and 2020, the common stock was selling for 25.75 and 32.20, respectively. The company is subject to a 30% income tax rate. Required: 1. Prepare the comparative 2019 and 2020 income statements (multiple-step), and the related note that would appear in Anokas 2020 annual report. 2. Next Level Compute the price/earnings ratio for 2020. How does this compare to 2019? Why is it different?
- Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: A. Issued 15,000 shares of 20 par common stock at 30, receiving cash. 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 interest payable semiannually. D. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. E. Paid the cash dividends declared in (D). F. Purchased 8,000 shares of treasury common stock at 33 per share. G. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. H. Paid the cash dividends to the preferred stockholders. I. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (F). J. Recorded the payment of semiannual interest on the bonds issued in (C) and the amortization of the premium for six months. The amortization is determined using the straight-line method. Instructions 1. Journalize the selected transactions. 2. After all of the transactions for the year ended December 31, 20Y8, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follow were taken from the records of Equinox Products Inc. Income statement data: Advertising expense 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expenseoffice buildings and equipment 30,000 Depreciation expensestore buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable 194,300 Accounts receivable 545,000 Accumulated depreciationoffice buildings and equipment 1,580,000 Accumulated depreciationstore buildings and equipment 4,126,000 Allowance for doubtful accounts 8,450 Bonds payable, 5%, due in 10 years 500,000 Cash 282,850 Common stock, 20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000 Dividends: Cash dividends for common stock 155,120 Cash dividends for preferred stock 100,000 Goodwill 700,000 Income tax payable 44,000 Interest receivable 1,200 Inventory (December 31, 20Y8),at lower of cost (FIFO) or market 778,000 Office buildings and equipment 4,320,000 Paid-in capital from sale of treasury stock 13,000 Excess of issue price over parcommon stock 886,800 Excess of issue price over parpreferred stock 150,000 Preferred 5% stock, 80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000 Premium on bonds payable 19,000 Prepaid expenses 27,400 Retained earnings, January 1, 20Y8 8,197,220 Store buildings and equipment 12,560,000 Treasury stock (5,400 shares of common stock at cost of 33 per share) 178,200 A. Prepare a multiple-step income statement for the year ended December 31, 20Y8. B. Prepare a retained earnings statement for the year ended December 31, 20Y8. C. Prepare a balance sheet in report form as of December 31, 20Y8.
- Nutritious Pet Food Companys board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 3,000 shares of $5 par value 5% preferred stock outstanding and 7,000 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend?Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. Open the file STOCKEQ from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then fill in the columns to show the effect of each of the selected transactions and events listed earlier. Enter your name in cell A1. Save the completed worksheet as STOCKEQ2. Print the worksheet. Also print your formulas. Check figure: Total stockholders equity balance at 12/31/12 (cell G21). 398,800.Chen Corporation began 2012 with the following stockholders equity balances: The following selected transactions and events occurred during the year: a. Issued 10,000 shares of common stock for 60,000. b. Purchased 1,200 shares of treasury stock for 4,800. c. Sold 2,000 shares of treasury stock for 11,000. d. Generated net income of 94,000. e. Declared and paid the full years dividend on preferred stock and a dividend of 1.00 per share on common stock outstanding at the end of the year. Chen Corporation maintains several paid-in capital accounts (Paid-in Capital in Excess of Par, Paid-in Capital from Treasury Stock, etc.) in its ledger, but combines them all as Additional paid-in capital when preparing financial statements. In the space provided below, prepare the stockholders equity section of Chen Corporations balance sheet as of December 31, 2012. Use proper headings and provide full disclosure of all appropriate information. Chens corporate charter authorizes the issuance of 1,000 shares of preferred stock and 100,000 shares of common stock.
- The following data was reported by Saturday Corporation: Authorized shares: 30,000 Issued shares: 25,000 Treasury shares: 5,000 How many shares are outstanding?Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.