Loose Leaf For Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781260159547
Author: Phillips Associate Professor, Fred, Libby, Robert, Patricia
Publisher: McGraw-Hill Education
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Chapter 11, Problem 19E
(a)
To determine
To Prepare:
(b)
To determine
To Prepare: journal entry for the large 100% stock dividend of Corporation RB.
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Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). Determine the specific citation for accounting for each of the following items: 1. Initial measurement of stock options. 2. The measurement date for share-based payments classified as liabilities. 3. The formula to calculate diluted earnings per share. 4. The way stock dividends or stock splits in the current year affect the presentation of EPS in the income statement.
Access the FASB Accounting Standards Codification at the FASB website and select Basic View for free access. Determine
the specific seven-, eight-, or nine-digit Codification citation (XXX-XX-XX-X) for accounting for each of the following items:
Required:
1. Initial measurement of stock options.
2. The measurement date for share-based payments classified as liabilities.
3. The formula to calculate diluted earnings per share.
4. The way stock dividends or stock splits in the current year affect the presentation of EPS in the income statement.
Epic Incorporated has 10,100 shares of $2 par value common stock outstanding. Epic declares a 6% stock dividend on July 1
when the stock's market value is $9 per share. The stock dividend is distributed on July 20.
Prepare journal entries for (a) declaration and (b) distribution of the stock dividend.
View transaction list
Journal entry worksheet
1
2
Record the distribution of 6% stock dividend.
Note: Enter debits before credits.
Date
July 20
General Journal
Debit
Credit
Chapter 11 Solutions
Loose Leaf For Fundamentals Of Financial Accounting
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Explain each of the following terms: (a)...Ch. 11 - What are the differences between common stock and...Ch. 11 - What is the distinction between par value and...Ch. 11 - What are the usual characteristics of preferred...Ch. 11 - What items are included in Accumulated Other...Ch. 11 - What is treasury stock? Why do corporations...Ch. 11 - How is treasury stock reported on the balance...
Ch. 11 - What are the two financial requirements to support...Ch. 11 - What is the difference between cumulative and...Ch. 11 - What is a stock dividend? How does a stock...Ch. 11 - What are the primary reasons for issuing a stock...Ch. 11 - Your company has been very profitable and expects...Ch. 11 - Identify and explain four important dates with...Ch. 11 - Prob. 17QCh. 11 - How do stock repurchases affect the EPS and ROE...Ch. 11 - What is one interpretation of a high P/E ratio?Ch. 11 - Prob. 20QCh. 11 - Which feature is not applicable to common stock...Ch. 11 - Which statement regarding treasury stock is false?...Ch. 11 - Which of the following statements about stock...Ch. 11 - Which of the following is ordered from the largest...Ch. 11 - Prob. 5MCCh. 11 - A journal entry is not recorded on what date? a....Ch. 11 - Prob. 7MCCh. 11 - Prob. 8MCCh. 11 - Prob. 9MCCh. 11 - Prob. 10MCCh. 11 - Equity versus Debt Financing Indicate whether each...Ch. 11 - Computing the Number of Issued Shares Face 2 Face...Ch. 11 - Computing the Number of Unissued Shares The...Ch. 11 - Analyzing and Recording the Issuance of Common...Ch. 11 - Analyzing and Recording the Issuance of No-Par...Ch. 11 - Determining the Effects of Stock Issuance and...Ch. 11 - Determining the Amount of a Dividend Netpass...Ch. 11 - Recording Dividends On May 20, the board of...Ch. 11 - Determining the Impact of a Stock Dividend Sturdy...Ch. 11 - Determining the Impact of a Stock Split Complete...Ch. 11 - Determining the Amount of a Preferred Dividend...Ch. 11 - Determining the Amount of a Preferred Dividend...Ch. 11 - Calculating and Interpreting Earnings per Share...Ch. 11 - Inferring Financial Information Using the P/E...Ch. 11 - (Supplement 11A) Comparing Owner's Equity to...Ch. 11 - (Supplement 11B) Recording a Stock Dividend To...Ch. 11 - Computing Shares Outstanding The 2016 annual...Ch. 11 - Reporting Stockholders' Equity and Determining...Ch. 11 - Preparing the Stockholders' Equity Section of the...Ch. 11 - Reporting the Stockholders' Equity Section of the...Ch. 11 - Determining the Effects of the Issuance of Common...Ch. 11 - Recording and Reporting Stockholders' Equity...Ch. 11 - Finding Amounts Missing from the Stockholders'...Ch. 11 - Recording Treasury Stock Transactions and...Ch. 11 - Prob. 9ECh. 11 - Computing Dividends on Preferred Stock and...Ch. 11 - Recording Dividends and Preparing a Statement of...Ch. 11 - Analyzing Stock Dividends On December 31, the...Ch. 11 - Prob. 13ECh. 11 - Comparing 100 percent Stock Dividend and 2-for-1...Ch. 11 - Journalizing Cash Dividends Bogscraft Company has...Ch. 11 - Preparing a Statement of Retained Earnings and...Ch. 11 - Determining the Effect of a Stock Repurchase on...Ch. 11 - (Supplement 11 A) Comparing Stockholders' Equity...Ch. 11 - Prob. 19ECh. 11 - Analyzing Accounting Equation Effects, Recording...Ch. 11 - Recording Stock Dividends Activision Blizzard,...Ch. 11 - Finding Missing Amounts At December 31, the...Ch. 11 - Prob. 4CPCh. 11 - Prob. 5CPCh. 11 - Analyzing Accounting Equation Effects, Recording...Ch. 11 - Recording Cash Dividends National Chocolate Corp....Ch. 11 - Finding Missing Amounts At December 31, the...Ch. 11 - Calculating Common and Preferred Cash Dividends...Ch. 11 - Prob. 5PACh. 11 - Analyzing Accounting Equation Effects, Recording...Ch. 11 - Prob. 2PBCh. 11 - Prob. 3PBCh. 11 - Prob. 4PBCh. 11 - Prob. 5PBCh. 11 - Financial Reporting of Depreciation, Write-off,...Ch. 11 - Prob. 2COPCh. 11 - Prob. 1SDCCh. 11 - Prob. 2SDCCh. 11 - Prob. 4SDCCh. 11 - Prob. 5SDCCh. 11 - Critical Thinking: Making a Decision asan Investor...Ch. 11 - CC11 Accounting for Equity Financing Nicole has...
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- Use the same facts as in RE 16-3, but instead assume that Pickens declares and issues a 50% stock dividend when the stock is selling for 30 per share. Prepare the journal entry on the date of declaration to record Pickenss stock dividend.arrow_forwardKk.312.arrow_forwardIn computations of weighted average of shares outstanding, when a stock dividend or stock split occurs, the additional shares are a. considered outstanding at the beginning of the reporting period b. weighted by the number of months outstanding. c. considered outstanding at the payment date. d. weighted by the number of days outstanding.arrow_forward
- Help Be cleararrow_forwardIndicate how each of the following accounts should be classified in the stockholders’ equity section. a. Common Stock. b. Retained Earnings. c. Paid-in Capital in Excess of Par—Common Stock. d. Treasury Stock. e. Paid-in Capital from Treasury Stock. f. Paid-in Capital in Excess of Stated Value—Common Stock. g. Preferred Stock.arrow_forwardThe journal entry to record a stock split effected in the form of dividends may include which of the following? (Select all that apply.) Multiple select question. credit to common stock debit to common stock credit to paid-in-capital debit to retained earnings debit to paid-in-capitaarrow_forward
- Please help mearrow_forwardThe journal entry to record the declaration of a stock dividend includes Oa credit to Stock Dividends. a credit to Stock Dividends Payable. Oa credit to Cash. a credit to Stock Dividends Distributable.arrow_forwardA journal entry for the sale of $5-par common stock for $15 per share would include a debit to Cash. a debit to Common Stock. a debit to Treasury Stock. a debit to Paid-In Capital in Excess of Par - Common Stock.arrow_forward
- On January 1, 2022, Sheffield Corp. had the following stockholders' equity accounts. Common Stock ($12 par value, 81,300 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 Dec. 31 $975,600 188,000 503,000 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $6.) Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $220,000.arrow_forwardMarigold Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year c operations, the company had the following events and transactions pertaining to its preferred stock. Feb. July (a) 1 Issued 48,500 shares for cash at $51 per share, 1 Issued 58,000 shares for cash at $59 per share. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Creditarrow_forwardA stock's par value refers to the: O A. Value assigned per share by the corporate charter. O B. Market value of the stock on the date of the financial statements. OC. Maximum selling price of the stock.O D. Issue price of the stock.arrow_forward
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