Norris Company has the following capital structure: Common
stock, $2 par, 200,000 shares issued and outstanding...
Norris Company has the following capital structure: Common
stock, $2 par, 200,000 shares issued and outstanding
On October 1, 2020, the company declared a 50% common stock
dividend when the market price of the common stock was $10 per
share. The stock dividend will be distributed on October 15, 2020,
to stockholders on record on October 10, 2020.
Upon declaration of the stock dividend, Norris Company would
record:
A.
A debit to Retained Earnings for $200,000
B.
A credit to...
1) On January 1, Crane Corporation had 64000 shares of $10 par
value common stock outstanding....
1) On January 1, Crane Corporation had 64000 shares of $10 par
value common stock outstanding. On March 17, the company declared a
10% stock dividend to stockholders of record on March 20. Market
value of the stock was $12 on March 17. The entry to record the
transaction of March 17 would include a
Credit to common stock dividends distributasble for 64000
Debit to common stock dividends distributable for 64000
Credit to cash for 76800
Credit to stock dividends...
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...
On January 31, 2018, Village Bank had 480,000 shares of $2 par
value common stock outstanding....
On January 31, 2018, Village Bank had 480,000 shares of $2 par
value common stock outstanding. On that date, the company declared
a 9% stock dividend when the market price of the stock was $42 per
share. The immediate effect of this dividend upon Village Bank
was:
A reduction in cash of $1,814,400.
A reduction in retained earnings of $1,814,400.
A reduction in retained earnings of $86,400.
A liability to the stockholders of $86,400.
On January 1, 2018, Walker Corporation had the following account
balances:
Common stock, $1 par, 250,000...
On January 1, 2018, Walker Corporation had the following account
balances:
Common stock, $1 par, 250,000 shares issues 250,000
Paid-in-capital - excess of par, common 500,000
Preferred stock, $100 par, 10,000 shares outstanding
1,000,000
Paid-in-capital - excess of par, preferred 100,000
Retained Earnings 2,000,000
Treasury stock, at cost, 5,000 shares 25,000
During 2018, the following transactions occurred relating to
common stock:
1/15/18 - Declared a property dividend of 100,000 shares of
Wagner Company (book value $10 per share; fair value...
On January 1, Sheffield Corporation had 81000 shares of $10 par
value common stock outstanding. On...
On January 1, Sheffield Corporation had 81000 shares of $10 par
value common stock outstanding. On June 17, the company declared a
15% stock dividend to stockholders of record on June 20. Market
value of the stock was $15 on June 17. The entry to record the
transaction of June 17 would include which of the following?
a.
credit to Cash for $182250.
b.
credit to Common Stock Dividends Distributable for
$182250.
c.
credit to Common Stock Dividends Distributable for...
In January 2018, Gardner Corporation was authorized to issue
100,000 shares of $10 par value common...
In January 2018, Gardner Corporation was authorized to issue
100,000 shares of $10 par value common stock and $50,000 shares of
$80 par, 4 percent, preferred the journal entries for the following
transactions:
a) March Issued 25,000 shares of common stock for $21 per share
for cash.
date
Description
Debitt
Credit
b) March 1 Issued 5,000 shares of preferred stock for $90 per
share for cash.
Date
Description
Debit
Credit
c) June 1 Purchased 400 shares of common stock as...
Mustang Company has the following shares of stock outstanding:
Preferred, 8%, $100 par, 10,000 shares (Dividends...
Mustang Company has the following shares of stock outstanding:
Preferred, 8%, $100 par, 10,000 shares (Dividends totaling $15,000
are in arrears.) Common, $1 par, 100,000 shares On October 22, the
board of directors declared cash dividends totaling $100,000,
payable on December 24 to shareholders of record as of November 24.
The preferred stock is NONCUMULATIVE. Which of the following will
be included in the journal entry to record the declaration of the
dividends?
Question 1 options: Debit Paid-in capital –...
On January 1, 2018, Fascom had the following account balances in
its shareholders' equity accounts.
Common...
On January 1, 2018, Fascom had the following account balances in
its shareholders' equity accounts.
Common stock, $1 par, 250,000 shares issued 250,000
Paid-in capital—excess of par, common 500,000
Paid-in capital—excess of par, preferred 100,000
Preferred stock, $100 par, 10,000 shares outstanding
1,000,000
Retained earnings 2,000,000
Treasury stock, at cost, 5,000 shares 25,000
During 2018, Fascom Inc. had several transactions relating to
common stock.
1. January 15: Declared a property dividend of 100,000 shares of
Slowdown Company (book value $10...
On January 1, 2018,
Gerlach Inc. had the following account balances in its
shareholders' equity accounts....
On January 1, 2018,
Gerlach Inc. had the following account balances in its
shareholders' equity accounts.
Common stock, $1 par, 257,000 shares issued
257,000
Paid-in capital
- excess of par, common
514,000
Paid-in capital
- excess of par, preferred
135,000
Preferred stock,
$100 par, 13,500 shares outstanding
1,350,000
Retained
earnings
2,700,000
Treasury stock,
at cost, 5,700 shares
28,500
During 2018, Gerlach Inc. had several transactions relating to
common stock.
January
15:
Declared a property
dividend of 100,000 shares of Slowdown...