FIN+MAN ACCOUNTING (LL) W/ ACCESS CODE
FIN+MAN ACCOUNTING (LL) W/ ACCESS CODE
9th Edition
ISBN: 9781265884871
Author: Wild
Publisher: MCG
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Chapter 11, Problem 16QS
To determine

Concept Introduction:

Shares outstanding: Shares outstanding describe the stock of a corporation that each shareholder currently owns. In order to determine important measures such as market capitalization, profits per share, cash flow per share, etc. the number of outstanding shares is taken into consideration.

The number of shares outstanding.

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On January 1, Flint Corporation had 62,900 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred. Apr. 1 Issued 18,000 additional shares of common stock for $13 per share. June 15 Declared a cash dividend of $1.95 per share to stockholders of record on June 30. July 10 Paid the $1.95 cash dividend. Dec. 1 Issued 8,000 additional shares of common stock for $13 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31. (a) Prepare the entries on each of the three dates that involved dividends. (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 amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the…
Please provide the correct answer to this financial accounting problem using valid calculations.
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Chapter 11 Solutions

FIN+MAN ACCOUNTING (LL) W/ ACCESS CODE

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