On June 1, a board of directors declared a $3 per share cash dividend, payable on June 30 to all common stockholders of record on June 15. The company has 10,000 shares of common stock authorized, 1,000 shares issued, and 200 shares in the treasury.  The entry to record the dividend data on June 15 would increase a none of the above. b a stockholders' equity account by $3,000. c a liability account by $2,400. d an expense account by $2,400.

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of…

A: Given: Cash issued for share = $ 210,000 Par value = $ 30 Common stock = $ 34 Cost of preferred…

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Treasury shares are those shares which are repurchased or reacquired by the business from its own…

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Journal entry is a process of recording and classifying business transactions initially into books…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

A:

Q: Caribbean Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Oriole Company had the following transactions during the current period. Mar. 2   Issued 4,200…

A: Journal entry is an activity of record keeping of economic or non- economic transactions in thr…

Q: Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share…

A: Dividend refers to the amount of profit that the shareholders earn on each share held/purchased by…

Q: Tamarisk, Inc. had the following transactions during the current period. Mar. 2 Issued 4,900…

A: Journal entries are used to record various transactions which was performed by the business during…

Q: A company began the current year with the following balances in its stockholders’ equity accounts.…

A: When dividend is issued to stockholders in form of additional stock instead of Cash, then such…

Q: Please help

A: a) Journal Entries:   Date  Account Journal Debit $ Credit $ Jan 10 Cash 104,000     Common…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 400,000 shares of $10 par…

A: The stockholder's equity is a major section in the balance sheet which reports the company's…

Q: Greenwood Corporation has 80,000 shares of common stock outstanding. It declares a $1 per share cash…

A: Cash dividends are cash distributions of accumulated earnings by a corporation to its stockholders.…

Q: A company has the following transactions during the year related to stockholders' equity. February 1…

A: Journal entry: It is defined as the recording of company's day to day transactions of monetary…

Q: In Draco Corporation's first year of business, the following transactions affected its equity…

A: Stockholders equity: When the common stock is issued, the shareholders become the company owners and…

Q: On November 12th, Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00…

A: Total Outstanding shares = 12,000 Held as treasury share = 2,000 Cash dividend is given total share…

Q: During its first year of operations, Collin Raye Corporation had the following transactions…

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: Cole Corporation was organized on January 1, Year 1. The company was authorized to issue 100,000…

A: Retained earnings = Net Income - Dividend paid = $60,000 - $30,000 = $30,000

Q: On October 31, Legacy Rocks Ic., a marble contractor, issued for cash 74,600 shares of $10 par…

A: a.

Q: On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share…

A: Introduction: Journals: Recording of  a business transactions in a chronological order. First step…

Q: At the beginning of the year, a company has issued a total of 500,000 shares of common stock,…

A: Introduction: Retained earnings: Retained earnings refer to the income residing in the business…

Q: Hao Corporation had the following transactions during the current period. Mar. 2   Issued 37,000…

A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

Q: Divine Apparel has 4,000 shares of common stock outstanding. On October 1, the company declares a…

A: Amount of dividend = No. of shares x dividend per share = 4,000 shares x $0.75 per share = $3,000

Q: On July 1, a board of directors declared a $3 per share cash dividend, payable on July 31 to all…

A: Dividend declared would be paid on no. of outstanding shares only.

Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,0O00 shares of…

A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…

Q: On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding.…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $2 par…

A: Solution: stockholders’ equity section of incentive corporation is as under:

Q: On January 1, Pina Colada Corp. had 94,000 shares of no-par common stock issued and outstanding. The…

A: Common Shares issued and outstanding at the time declaring Dividend on April 1   94000 shares +…

Q: Sheffield Corp. has 84,000 shares of common stock outstanding. It declares a $1 per share cash…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: OM, Inc. was organized on January 1, 20X5. The firm was authorized to issue 1,000,000 shares of $3…

A: Total no. of common stock issued = 50,000 shares + 30,000 shares…

Q: Splish Brothers Inc. had the following transactions during the current period. Mar. 2   Issued…

A: The organization can raise fund for the operation song integrity by issuing common stock, preferred…

Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,000 shares of…

A: The dividend is paid to the shareholders from the retained earnings of the business. The treasury…

Q: Crane Corporation has 70,000 shares of common stock outstanding. It declares a $1 per share cash…

A:

Q: Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share…

A: A journal entry is the recording of financial transactions of business entity in the books of…

Q: Spring Company is authorized to issue 7500,000 shares of $2 par value common stock. In its first…

A: Journal entry is defined as the book of accounts which records or maintain the transactions of the…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 73,600 shares of…

A: a. Date Description Debit Credit jan. 22 Cash (73,600*55) $4,048,000           Common stock…

Q: On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 400,000 shares of $10 par…

A: a.

Q: Concord Co. had the following transactions during the current period. Issued 4,200 shares of $5 par…

A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: OM, Inc. was organized on January 1, 20X4. The firm was authorized to issue 100,000 shares of $2 par…

A: Issued 30,000 shares @ $ 7 = $ 210,000 Issued 30,000 shares @ $ 8 = $ 240,000

Q: OM, Inc. was organized on January 1, 20X7. The firm was authorized to issue 1,000,000 shares of $2…

A: The firm authorized to issue 1,000,000 shares, with par value of $2

Q: Mt. Everst Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On…

A: 4% Stock Dividend is recorded using the market price of the stock as of the date of stock dividends…

Q: Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: In Draco Corporation's first year of business, the following transactions affected its equity…

A: Retained earnings = net income - dividend = 82000-31000 = $51,000

Q: Mt. Everest Company has $1,000,000 shares of 10%, $20 Par Value Preferred Stock outstanding. On…

A: 10% $20 Par Value Preferred Stock = $10,00,000 i.e.. 50,000 shares of $20 par each   Stock dividend…

Q: The Board of Directors of ABC Corporation declared a dividend on March 6, 2XX1, to shareholders of…

A: According to the given question, we are required to compute the cash dividends distributed to the…

Q: A company's board of directors votes to declare a cash dividend of $1.15 per share of common stock.…

A: Cash dividends:The amount of cash provided by a corporation out of its distributable profits to its…

Q: On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 70,300 shares of…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Metlock, Inc. had the following transactions during the current period. Mar. 2   Issued 4,200…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.