Please do explain the step by step on what is ask or required. Explanation on how you get it. It will be much appreciated. Thank you so much. Read the transactions carefully and prepare the Journal Entry.Med-care incorporated is a health insurance company. The following account balances appear on thestatement of financial position of Doc med-care Incorporated.Ordinary Shares P10 par,P400,000;Share Premium Ordinary,P42, 500;Retained EarningsP299,500.The board of Directors declared a 3 pesos dividend per share.Required:Journalize the entriesto recordThe declaration of the DividendThe issuance of the dividend

Dividend is the appropriation of profits of the company to its shareholders A Company declares…

Answered: Journalize the entries to record The…

Business

Accounting

Journalize the entries to record The declaration of the Dividend The issuance of the dividend

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter7: Financial Activities

Section: Chapter Questions

Problem 3QE: Following is the shareholders equity section of All-Wood Doors on a day a. Use the financial...

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Following is the shareholders equity section of All-Wood Doors on a day a. Use the financial statement template below to show the financial statement effects of the following dividend events. (Assume that the events are independent.) (1) Cash dividend declaration and payment of 1 per share (3) Property dividend declaration and payment of shares representing a short-term investment in Screen Products, Ltd., with a fair value of 10,000 (3) 10% stock dividend (4) 100% stock dividend (5) 3-for-1 stock split (6) 1-for-2 reverse stock split b. Which events changed the book value of common equity? Under what conditions will these events lead to future increases and decreases in ROE?
How would I journalize the following transaction? Mar. 2 Issued 6,100 shares of $5 par value common stock to attorneys in payment of a bill for $36,600 for services performed in helping the company to incorporate.
The transactions listed below relate to Wainwright Inc. You are to assume that on the date on which each of the transactions occurred, the corporation's accounts showed only common stock ($100 par) outstanding, a current ratio of 2.7:1, and a substantial net income for the year to date (before giving effect to the transaction concerned). On that date, the book value per share of stock was $151.53. Each numbered transaction is to be considered completely independent of the others, and its related answer should be based on the effect(s) of that transaction alone. Assume that all numbered transactions occurred during 2021 and that the amount involved in each case is sufficiently material to distort reported net income if improperly included in the determination of net income. Assume further that each transaction was recorded in accordance with generally accepted accounting principles and, where applicable, in conformity with the all-inclusive concept of the income statement. For each of…
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Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $17 per share, 13,400 shares authorized. During e year, the following selected transactions were completed: Sold and Issued 6,800 shares of common stock for cash at $34 per share. b. Sold and Issued 1700 shares of common stock for cash at $39 per share 12. Required information Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry ls required for a transaction/event, select "No Journal entry required In the first account field.) view transaction list view general journal Journal Entry Worksheet 0 2 sold 6,800 shares of common stock for cash at $34 per share Debit Credit Transaction General Jouma
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The company is desirous of comparing serval financial transactions and possible outcomes to assist in guiding its decision-making process. It is assumed that the company will be formed on January 1, 2021 and registered as Osbourne Corporation. The company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. Issued 45,500 shares of common stock. Stock has par value of $0.30 per share and was issued at $30 per share. Issued 8,000 shares of preferred stock at par value as payment in exchange for legal services. Exchanged 160,000 shares of common stock for land with an appraised value of $ 400,000.00 and a building with an appraised value of $ 650,000.00. Earned Net income $650,000.00. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: Prepare the journal entries with narrations to record the following: The issuances of stock. Close out net…
The company is desirous of comparing serval financial transactions and possible outcomes to assist in guiding its decision-making process. It is assumed that the company will be formed on January 1, 2021 and registered as Osbourne Corporation. The company’s charter will authorize 1,000,000 shares of common stock and 400,000, $100 par value, 5% cumulative preferred stock. Issued 65,000 shares of common stock. Stock has par value of 0.40 per share and was issued at $30 per share Issued 10,000 shares of preferred stock at par value as payment in exchange for legal services Exchanged 200,000 shares of common stock for land with an appraised value of $ 500,000 and a building with an appraised value of $700,000. Earned Net income $750,000. Paid dividends to preferred shareholders as well as $2 per share to common stockholders. Using the info above and as a guide: Prepare Osbourne Corporation Stockholders equity section of the balance sheet at December 31, 2021.…
Below are 3 questions with answers, Please give solutions and explanation to the following questions. The correct answer is already given, just provide me with solution. AS PER BARTLEBY, YOU WILL ANSWER THE FIRST THREE QUESTIONS... please, don't answer just one question, it's unfair The shareholders' equity section of the statement of financial position of LW Corporation showed the following balances at December 31, 2020: Ordinary share capital, 10,000 shares issued P300,000 Share premium 100,000 Retained earnings 240,000 Treasury shares, 1,000 shares 35,000 During 2021, the corporation declared and distributed 15% bonus issue when the fair market value of the shares was P42 per share. What is the balance of the ordinary…
Before preparing financial statements for the current year, the chief accountant for Pharoah Ltd. provided the following information regarding the accounting for dividends and stock splits: 1. Pharoah has 21,200, $4 noncumulative preferred shares issued. It paid the preferred shareholders the quarterly dividend, and recorded it as a debit to Dividends Expense and a credit to Cash. 2. A 5% stock dividend (1,000 shares) was declared on the common shares when the fair value per share was $12. To record the declaration, Retained Earnings was debited and Dividends Payable was credited. The shares have not been issued yet. 3. The company declared a 2-for-1 stock split on its 21,200, $4 noncumulative preferred shares. The average per share amount of the preferred shares before the split was $70. The split was recorded as a debit to Retained Earnings of $1,484,000 and a credit to Preferred Shares of $1,484,000. Determine if each of the above transactions was recorded…