Whispering Corporation has 11 million shares of common stock issued and outstanding. On June 1, the board of directors votedan 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30.(a)Your answer is correct.Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (List all debitentries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problemstatement.)Date6/16/14 v6/30Account Titles and ExplanationRetained EarningsDividends PayableNo EntryNo EntryDividends PayableDebit836000008360000Credit8360000 Prepare the journal entries for each of the dates above assuming the dividend were a liquidating dividend? (List all debit entriesbefore credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problemstatement.)Date: Account Titles and ExplanationDebitCredit100

Journal Entry :— It is an act of recording transaction in books of account when transaction…

Answered: Whispering Corporation has 11 million…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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On May 1, Foress Corporation incorporated and authorized 211,000 preferred shares and an unlimited number of common shares. On May 2, Foress issued 1,900 common shares for $15 per share. On June 15, it issued an additional 1,100 common shares for $18 per share. On November 1, Foress issued 230 preferred shares for $30 per share. On December 15, it issued an additional 230 preferred shares for $37 per share. (a) Record the share transactions. (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.) Date Account Titles and Explanation Debit Credit
Gilligan Corporation was established on February 15, Year 1. Gilligan is authorized to issue 500,000 shares of $6 par value common stock. As of December 30, Year 1, Gilligan's stockholders' equity accounts report the following balances: Common stock, $6 par, 500,000 shares authorized 61,000 shares issued and outstanding Paid-in capital in excess of par Common Multiple Choice Retained earnings Total Stockholders' Equity On December 31, Year 1, Gilligan decides to issue a 5% stock dividend. At the time of issue, the market price of the stock was $25 per share. What is the dollar value of the stock dividend issued by Gilligan Corporation? $18,300 $48,800 $76,250 $366,000 488,000 $114,500 $ 854,000 1,436,000 $ 2,290,000 Google Chrome
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Prepare the journal entries for these transactions, assuming that the common stock has a par value of $4 per share. (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 Cre (a) > >
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On April 1, 2019, Kelly Corporation began operations and authorized 100,000 shares of $5 par value common stock. The company engaged in the following transactions:April 1 Issued 20,000 shares of common stock for $200,000.April 15 Issued 10,000 shares of common stock for $125,000.May 12 Purchased 2,500 shares of common stock for $75,000.June 30 The board of directors declared a $0.20 per share cash dividend to be paid on July 15 to shareholders of record on July 51. Prepare journal entries for the above transactions.2. Prepared the stockholders’ equity section of Kelly Corporation’s balance sheet as of June 30, 2019. Net income for the period April 1 through June 30 was $150,000.3. What effect, if any, will the cash dividend declaration on June 30 have on Kelly Corporation’s net income, retained earnings, and cash flows?
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The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $140.000 in the current year. It also declared and paid dividends on common stock in the amount of $2.40 per share. During the current year, Sneer had 1 milion common shares authorized; 340,000 shares had been issued; and 136,000 shares were in treasury stock. The opening balance in Retained Earnings was $840,000 and Net Income for the current year was $340,000 Required: 1. Prepare journal entries to record the declaration, and payment, of dividends on (a) preferred and (b) common stock. 2. Using the information given above, prepare a statement of retained earnings for the year ended December 31 3. Prepare a journal entry to close the dividends account.

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Whispering Corporation has 11 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30.