Kirchner Company has 50,000 shares of $10 par value, 6%
preferred stock and 300,000 shares of...
Kirchner Company has 50,000 shares of $10 par value, 6%
preferred stock and 300,000 shares of $1 par value common stock
outstanding. As of December 31, 2018, it had $900,000 of Retained
earnings.
On December 31, 2019, the Board of Directors is considering the
distribution of a cash dividend to the common and preferred
stockholders. No dividends were declared in 2017 and 2018 and no
dividends were in arrears prior to 2017. The company is considering
the following options.
Option...
On January 1, 2020, Samsung Corporation has 400,000 shares of $3
par value common stock outstanding....
On January 1, 2020, Samsung Corporation has 400,000 shares of $3
par value common stock outstanding. On the same date the
corporation’s board of directors declares a 12% stock dividend to
be issue on March 2, 2020. On the declaration date, the
corporation’s common stock fair market value is $4. On declaration
date, the corporation will record: *
Debit Stock Dividend $144,000
Debit Stock Dividend $192,000
Credit Stock Dividend $144,000
Credit Stock Dividend $192,000
A Company has 30,000 shares of...
1,400,000 shares of no-par common stock were authorized;
327,000 shares were issued on January 1, 2016,...
1,400,000 shares of no-par common stock were authorized;
327,000 shares were issued on January 1, 2016, at $30 per
share.
426,000 shares of $90 par value, 10.00% cumulative, preferred
stock were authorized, and 130,000 shares were issued on January 1,
2016, at $133 per share.
Net income for the years ended December 31, 2016, 2017, and
2018, was $4,680,000, $7,040,000, and $9,160,000,
respectively.
No dividends were declared or paid during 2016 or 2017.
However, on December 17, 2018, the board...
Apple Inc. was incorporated in January 2016 and has 30,000
shares of $10 par value, 15%,...
Apple Inc. was incorporated in January 2016 and has 30,000
shares of $10 par value, 15%, preferred stock outstanding; and
150,000 shares of $5 par value common stock outstanding. Apple has
declared and paid cash dividends each year as shown below.
Calculate the total dividends distributed to each class of
stockholders under each of the assumptions given.
Assuming Preferred Stock
Is Cumulative
Assuming Preferred Stock
Is Non-cumulative
Year
Cash Dividends
Declared and Paid
Preferred Dividend
Common Dividend
Preferred Dividend...
A Company has the following shares of stock outstanding:
Common stock, $1 par value 100,000 shares...
A Company has the following shares of stock outstanding:
Common stock, $1 par value 100,000 shares
10% Preferred stock, cumulative, $2 par value 200,000 shares
The company had been very profitable until 1992, when its
business and profits decreased. In
2015, for the first time in its history, the company was unable
to pay all of its required
dividends. The board of directors declared the following amounts
of dividends during 2015,
2016, and 2017:
2015 $0
2016 75,000
2017 50,000...
Part II Maria Limited is authorized to sell 1,000,000 its $10
par value ordinary shares. As...
Part II Maria Limited is authorized to sell 1,000,000 its $10
par value ordinary shares. As at the end of the current year, the
company has actually sold 500,000 ordinary shares at $15 per share.
In addition, of the 500,000 ordinary shares that have been sold,
40,000 shares have been repurchased at $80 per share to be used to
meet the future requirements of a share option plan that the
company intends to implement.
Required: Prepare the general journal entries...
Part II Maria Limited is authorized to sell 1,000,000 its $10
par value ordinary shares. As...
Part II Maria Limited is authorized to sell 1,000,000 its $10
par value ordinary shares. As at the end of the current year, the
company has actually sold 500,000 ordinary shares at $15 per share.
In addition, of the 500,000 ordinary shares that have been sold,
40,000 shares have been repurchased at $80 per share to be used to
meet the future requirements of a share option plan that the
company intends to implement.
Required: Prepare the general journal entries...
On January 1, 2017, Fairly Company issued 30,000 ordinary shares
with a $2 par value for...
On January 1, 2017, Fairly Company issued 30,000 ordinary shares
with a $2 par value for $150,000. On March 1, 2017, the company
purchased 4,000 ordinary shares for $8 per share for the treasury.
On June 1, 2017, 1,000 of the treasury shares are sold for $10 per
share. On September 1, 2017, 2,000 treasury shares are sold at $6
per share. Required: Journalize the share transactions of Fairly
Company in 2017.
Slaneders & Sons Company has 1,000,000 authorized shares of
$20 par value common stock. As of...
Slaneders & Sons Company has 1,000,000 authorized shares of
$20 par value common stock. As of June 30, 2012, there were 500,000
shares issued and outstanding. On June 30, 2012, the board of
directors declared a $0.30 per share cash dividend to be paid on
August 1, 2012.
Instructions
Prepare the necessary journal entries
to be recorded on (a) the date of declaration, (b) the date of
record and (c) payment date.