The charter of a corporation provides for the issuance of 116,962 shares of common stock. Assume that 44,382 shares were originally issued and 3,124 were subsequently reacquired. What isthe amount of cash dividends to be paid if a $3 per share dividend is declared?Oa. $123,774Ob. $9,372Oc. $133,146Od. $350,886

Cash dividend will be paid for shares issued Less shares reacquired

Answered: The charter of a corporation provides…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 6PA: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of...

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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.
Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Journalize the transactions.
The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10, issued 1,000 shares of stock for legal services valued at $15,000. Journalize the transaction.
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
STOCK SUBSCRIPTIONS AND TREASURY STOCK Nash Roth formed a corporation and had the following organization costs and stock transactions during the year: June 30 Incurred the following costs of incorporation: Incorporation fees 800 Attorney's fees 9,000 Promotion fees 8,000 July 15 Issued 7,000 shares of 10 par common stock for 73,000 cash. Aug. 1 Received subscriptions for 8,000 shares of 10 par common stock for 81,500. 15 Issued 16,000 shares of 10 par common stock in exchange for a building and fixtures with a fair market value of 165,000. 31 Received a payment of 51,500 for the common stock subscription. Sept. 3 Purchased 2,000 shares of its own 10 par common stock for 11 a share. 18 Received the balance in full for the common stock subscription and issued the stock. 30 Sold 800 shares of its treasury stock for 11.50 a share. Oct. 15 Issued 3,000 shares of 40 par, 5% preferred stock in exchange for land with a fair market value of 125,000. 31 Sold 400 shares of its treasury stock for 10.75 a share. REQUIRED Prepare journal entries for these transactions.
Effective May 1, the shareholders of Baltimore Corporation approved a 2-for-1 split of the companys common stock and an increase in authorized common shares from 100,000 shares (par value 20 per share) to 200,000 shares (par value 10 per share). Baltimores shareholders equity items immediately before issuance of the stock split shares were as follows: What should be the balances in Baltimores Additional Paid-in Capital and Retained Earnings accounts immediately after the stock split is effected?
Comprehensive Young Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, 100 par preferred stock. The Contributed Capital section of its January 1, 2019, balance sheet is as follows: Part a. A shareholder has raised the following questions: 1. What is the legal capital of the corporation? 2. At what average price per share has the preferred stock been issued? 3. How many shares of common stock have been issued (the common stock has been issued at an average price of 23 per share)? Part b. The company engaged in the following transactions in 2019: Required: 1. Answer the questions in Part a. 2. Prepare journal entries to record the transactions in Part b. 3. Prepare the Contributed Capital section of Youngs December 31, 2016, balance sheet.

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