A company's board of directors votes to declare a cash dividend of $1.55 per share of common stock. The company has 31,000 shares authorized, 26,000 issued, and 25,500 shares outstanding. The total amount of the cash dividend is: Multiple Choice $39,525. $47,050. $48.050.
Q: Debt securities sold to investors that must be repaid at a particular date in the future
A: ANSWER Debt securities sold to investors that must be repaid at a particular date in the future is
Q: QUIRED: Identify business and nonbusiness transactions
A: Business transactions are identified as economic events that are made with a third party and these a...
Q: Darden has beginning equity of $277,000, total revenues of $63,000, and total expenses of $25,000. T...
A: Ending equity is calculated as beginning equity plus net income less dividends
Q: Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East A...
A: The budget is prepared to estimate the requirements for the future period. The purchase budget tells...
Q: Ivanhoe Leasing Company agrees to lease equipment to Shamrock Corporation on January 1, 2020. The fo...
A: Journal Entries- Journal entries refer to the authorized book of a business which is used to record ...
Q: Coastal Cycles makes three models of electric bicycles: E20, E35, and E60. The models differ by the ...
A: Job costing refers to the specific costing which applies on those industries where work is undertake...
Q: In the manufacture of 9,600 units of a product, direct materials cost incurred was $177,300, direct ...
A: Lets understand the basics. Conversion cost is a cost of converting raw material into finished goods...
Q: Presented below are the transactions of D’Leather Repair Shop owned by Mr. Jose Lao. Journalize the ...
A: Mr. Jose Lao owns a Repair shop named D'leather , the transactions of which are given in the questio...
Q: Big Trucks INC. is a company that provides car rental services. The company's fleet is mostly made u...
A: Replacement cost is the cost that is incurred by the company by replacing the old asset with the new...
Q: information to calculate cash venue ceivable, January 1 ceivable, December 31
A: Cash received from dividends = Dividends receivable, January 1+ Dividends revenue - Dividends receiv...
Q: agree
A: In partnership normally the capital balances are adjusted as per interest ...
Q: The management of Mark Brothers Company has engaged you to assist in the preparation of year-end (De...
A:
Q: In this table please provide journalizing
A: Journal is a book in which all business transactions are recorded in the order in which they occur, ...
Q: On 1 July 2010 Davis Ltd acquired all the share capital in Mitchell Ltd for $230,000 cash. At the da...
A: When an asset is revalued at the time of consolidation, an entry needs to be passed.
Q: 9. Suppose that a company gives out $100 cach month for the employee who most follows lean managemen...
A: Lean 7S principles are the 7 words which is used by management to improve the efficiency and effecti...
Q: payment of a call premium of $10,000. The bonds D,000. We call these bonds prior to maturity on Sept...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Define Permanently Restricted Contributions based on the U.S. GAAP SFAS. Define Restricted Support ...
A: Generally accepted accounting principles (GAAP) are a set of accounting principles, standards, and p...
Q: stion 11 To make money, we need to make an investiment. This investment represents cash flow IN when...
A: The purchase of a financial product or other valuable object with the prospect of positive future re...
Q: PARTNERSHIP OPERATION FOR NUMBERS 5 -7 On January 01, 2021, DEAN, POGI and GUAPO formed DPG Partners...
A: 5) Net loss = 500,000 6) Dean Capital = 550,000 7) Guapo Capital = 50,000 Explanation: 5) Pogi Be...
Q: In order to calculate the consolidated net income, shouldn't it be: (operating income of purple + ne...
A: Consolidated net income- The consolidated net income is the bottom amount of all these companies add...
Q: Requested: A. Calculate the Cost of Production using the full costing and variable costing methods B...
A: A) Calculation of cost using Full costing Method:- (figures in )00,00 Particulars Amou...
Q: A vehicle is valued at R161075. The deposit is 11% and residual 20% percent. The maturity period is ...
A:
Q: Two types of machine tools are available for performing certain manufacturing firm. The estimated co...
A:
Q: dicate in which financial statement each item would most likely appear, by selecting income statemen...
A: Solution: Under income statement, revenue and expense accounts will appear. Under balance sheet, Ass...
Q: Required information Exercise 6-5 Changes in Variable Costs, Fixed Costs, Selling Price, and Volume ...
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...
Q: During the year, Scott went from Detroit, Michigan to San Jose, California. After six days of busine...
A: Given that : Scott goes for 6 days business meeting and after that he goes for 4 days vacation to si...
Q: Niosoki Auto Parts sells new parts for foreign automobiles to auto dealers. Company policy requires ...
A: Internal controls : It is the mechanism , rules and procedures that are implemented by a company to...
Q: Thanks for your response. This is the full question. I only want answers to 4,5,6 and 7. Thanks ...
A: Comment - Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the ques...
Q: Salaries and wages payable $1,700 Notes payable (long-term) $1,700 Salaries and wages expense 51,800...
A: Formula: Net income = Total revenues - Total Expenses.
Q: Prepare the journal entry to record Autumn Company's issuance of 63,000 shares of no-par value commo...
A: For no par value shares issued, there is no discount or premium is recorded as the par value for the...
Q: PUMASA AKO Company and its subsidiaries own the following properties that are accounted for in accor...
A: IAS 40 Investment Property applies to the accounting for property i.e. land or buildings or both whi...
Q: Your company is considering a new project that will require $10,000 of new equipment at the start of...
A: Annual Depreciation=Cost of Asset-Salvage ValueDepreciable Life
Q: 1. Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling e...
A: Formula: Gross profit = Net sales - Cost of goods sold
Q: On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end ...
A: Accrued interest = Face value of notes x rate of interest x no. of days in calendar year/ 360 days P...
Q: re price of ABC end of the day on December 31, year 2. All 7,650 sto are. Identify ABC's year 1, 2, ...
A: Incentive stock options (ISO) refer to the form of corporate benefit which provides the right to an ...
Q: What makes a custom broker qualified to complete their service? Any employee of the Canada Border Se...
A: Canada Border Services Agency set rules for customs in Canada.
Q: Prepare journal entries for the following credit card sales transactions (the company uses the perpe...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: lthough Goldman Sachs paid Heather $100,000.00 per year, she was not satisfied with her job. She had...
A: Opportunity Cost: The opportunity cost of a specific action choice is the deficiency of significant ...
Q: Grateful Enterprises had the following income before tax provision and effective annual tax rate for...
A: The tax rate for : Quarter 1 = 30% Quarter 2 = 30% Quarter 3 = 25% Cumulative Income ( Quarter ) = C...
Q: A company uses a process costing system. Its Assembly Department started the month with 3,000 units ...
A: 67,500 Explanation: Transferred out = Beginning work in process + Transferred in - Ending work in pr...
Q: The matching concept helps managers provide for more effective operations because it suggests Group ...
A: Ans. Matching concept ensures that all the cost and revenue belonging to a period should be recognis...
Q: If I bill customer for patient services what is that called
A: If a customer is Billed for patient services, then the revenue will be called SERVICE REVENUE.
Q: Grygiel Company leases a nonspecialized machine with a fair 20 value of $50,000 to Baker Company. Th...
A: A lease is a contract in which one party agrees to rent an asset—in this case, real estate—from anot...
Q: The following information pertains to the White Company and its divisions for the year ended Decembe...
A: Segment revenue is the amount of revenue which is attributable to segment and it includes the extern...
Q: sted trial balance shows accounts receivable of $99,000, allowance for doubtful ollectibles are esti...
A: The allowance for doubtful accounts balance at the end of the year should be 1.50% of the accounts r...
Q: [The following information applies to the questions displayed below.] Nix'lt Company's ledger on Jul...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Required: Prepare the necessary adjusting entries in the consolidation worksheet.
A: In case of Intra-Group Assets and Liabilities Strike out payable and receivable invoices attributabl...
Q: XYZ Co has two divisions, X and Y. Division X makes a component for washing machines which it can on...
A: Transfer price refers is acknowledged as the price at which one division of an organization transfer...
Q: Use the 2016 marginal tax rates to compute the tax owed by the following person. A single woman with...
A: Income tax payable is an obligation by the tax payer to the government on the taxable income. Income...
Q: St: A property acquired by issuing equity shares should be recorded at fair value of the asset recei...
A: S1: A property acquired by issuing equity shares should be recorded at the fair value of assets rece...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share for cash to investors. Journalize this transaction.Alert Companys shareholders equity prior to any of the following events is as follows: The company is considering the following alternative items: 1. An 8% stock dividend on the common stock when it is selling for 30 per share. 2. A 30% stock dividend on the common stock when it is selling for 32 per share. 3. A special stock dividend to common shareholders consisting of 1 share of preferred stock for every 100 shares of common stock. The preferred stock and common stock are selling for 123 and 31 per share, respectively. 4. A 2-for-1 stock split on the common stock, reducing the par value to 5 per share (assume the same date for declaration and issuance). The market price is 30 per share on the common stock. 5. A property dividend to common shareholders consisting of 100 bonds issued by West Company. These bonds are carried on the Alert Company books as an available-for sale investment at a fair value of 48,000 (which is also its cost); it has a current value of 54,000. 6. A cash dividend, consisting of a normal dividend and a liquidating dividend, on both the preferred and the common stock. The 10% preferred dividend includes a 2% liquidating dividend, and the 2.30 per share common dividend includes a 0.30 per share liquidating dividend (separate liquidating dividend contra accounts should be used). Required: For each of the preceding alternative items: 1. Record (a) the journal entry at the date of declaration and (b) the journal entry at the date of issuance. 2. Compute the balances in the shareholders equity accounts immediately after the issuance (any gains or losses are to be reflected in the retained earnings balance; ignore income taxes).Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
- Nutritious Pet Food Companys board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 3,000 shares of $5 par value 5% preferred stock outstanding and 7,000 shares of $1 par value common stock outstanding (none held in treasury). What is the journal entry to record the declaration of the dividend?Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.Nutritious Pet Food Companys board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as treasury shares. What is the journal entry to record the declaration of this dividend?
- On April 2, West Company declared a cash dividend of $0.50 per share. There are 50,000 shares outstanding. What is the journal entry that should be recorded?Outstanding Stock Lars Corporation shows the following information in the stockholders equity section of its balance sheet: The par value of common stock is S5, and the total balance in the Common Stock account is $225,000. There are 13,000 shares of treasury stock. Required: What is the number of shares outstanding? Use the following information for Exercises 10-58 and 10-59: Stahl Company was incorporated as a new business on January 1, 2019. The company is authorized to issue 600,000 shares of $2 par value common stock and 80,000 shares of 6%, S20 par value, cumulative preferred stock. On January 1, 2019, the company issued 75,000 shares of common stock for $15 per share and 5,000 shares of preferred stock for $25 per share. Net income for the year ended December 31, 2019, was $500,000.Cary Corporation has 50,000 shares of 10 par common stock authorized. The following transactions took place during 2019, the first year of the corporations existence: Sold 5,000 shares of common stock for 18 per share. Issued 5,000 shares of common stock in exchange for a patent valued at 100,000. At the end of Carys first year, total contributed capital amounted to: a. 40,000 b. 90,000 c. 100,000 d. 190,000
- CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Baggio Company completed the following transactions: Apr. 15 Declared a semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of 50 par preferred stock and 70,000 shares of 1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at 15 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. REQUIRED Prepare journal entries for the transactions.Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.