Journalize the entries to record the (1) declaration and (2) issuance of stock dividends.

Question

Roslyn's Boutique had an accounts receivable balance of $320,000 at the beginning of the year and a year-end balance of $460,000. Net credit sales for the year totaled $2,800,000. What was the average collection period?

Answer 1

Question

Chapter 12, Problem 10E

(a)

To determine

Journalize the entries to record the (1) declaration and (2) issuance of stock dividends.

(b)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount before the declaration of the stock dividends.

(c)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount after the declaration of the stock dividends.

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Roslyn's Boutique had an accounts receivable balance of $320,000 at the beginning of the year and a year-end balance of $460,000. Net credit sales for the year totaled $2,800,000. What was the average collection period?

Harlow Co. is a merchandising company. Last month the company's cost of goods sold was $65,200. The company's beginning merchandise inventory was $12,500 and its ending merchandise inventory was $22,400. What was the total amount of the company's merchandise purchases for the month?

Finn's Furniture has accounts receivable of $5,280, inventory of $2,100, sales of $152,000, and cost of goods sold of $75,600. How many days does it take the firm to sell its inventory and collect the payment on the sale assuming all sales are on credit?

Answer 2

Question

Chapter 12, Problem 10E

(a)

To determine

Journalize the entries to record the (1) declaration and (2) issuance of stock dividends.

(b)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount before the declaration of the stock dividends.

(c)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount after the declaration of the stock dividends.

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Answer 3

Question

Chapter 12, Problem 10E

(a)

To determine

Journalize the entries to record the (1) declaration and (2) issuance of stock dividends.

(b)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount before the declaration of the stock dividends.

(c)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount after the declaration of the stock dividends.

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Answer 4

Question

Chapter 12, Problem 10E

(a)

To determine

Journalize the entries to record the (1) declaration and (2) issuance of stock dividends.

(b)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount before the declaration of the stock dividends.

(c)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount after the declaration of the stock dividends.

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Answer 5

Chapter 12, Problem 10E

(a)

To determine

Journalize the entries to record the (1) declaration and (2) issuance of stock dividends.

(b)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount before the declaration of the stock dividends.

(c)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount after the declaration of the stock dividends.

Answer 6

Chapter 12, Problem 10E

(a)

To determine

Journalize the entries to record the (1) declaration and (2) issuance of stock dividends.

Answer 7

Chapter 12, Problem 10E

(a)

To determine

Journalize the entries to record the (1) declaration and (2) issuance of stock dividends.

Answer 8

(b)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount before the declaration of the stock dividends.

Answer 9

(b)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount before the declaration of the stock dividends.

Answer 10

(c)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount after the declaration of the stock dividends.

Answer 11

(c)

To determine

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount after the declaration of the stock dividends.

Answer 12

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Answer 23

Ch. 12 - Of two corporations organized at approximately the...Ch. 12 - A stockbroker advises a client to buy preferred...Ch. 12 - A corporation with both preferred stock and common...Ch. 12 - Prob. 4DQ Ch. 12 - Prob. 5DQ Ch. 12 - Prob. 6DQ Ch. 12 - A corporation reacquires 60,000 shares of its own...Ch. 12 - Prob. 8DQ Ch. 12 - Prob. 9DQ Ch. 12 - Prob. 10DQ

Journalize the entries to record the (1) declaration and (2) issuance of stock dividends.

Solution Summary: The author explains how to record the declaration and issuance of stock dividends.

Concept explainers

Journalize the entries to record the (1) declaration and (2) issuance of stock dividends.

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount before the declaration of the stock dividends.

Determine (1) Total paid-in capital, (2) total retained earnings, and (3) total stockholders’ equity amount after the declaration of the stock dividends.

Chapter 12 Solutions