Paid dividends of $1.25 per share. There were 1,000,000 shares issued and 180,000 shares of treasury stock. A. Cash payment, $1,025,000 B. Cash receipt, $2,000 C. Cash receipt, $600,000 D. Cash receipt, $11,000

Paid dividends of $1.25 per share. There were 1,000,000 shares issued and 180,000 shares of treasury stock. A. Cash payment, $1,025,000 B. Cash receipt, $2,000 C. Cash receipt, $600,000 D. Cash receipt, $11,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 11MC: A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional...

See similar textbooks

Related questions

Q: The gross profit technique implies that A. The value of the inventory has not grown from prior…

A: The amount of ending inventory for a reporting period is estimated using the gross profit technique.…

Q: A few years ago, Amazon purchased Whole Foods. Everyone was surprised that Amazon would want to get…

A: Acquisition happen when the business gains the control over the another entity and it is generally…

Q: Prepare a 2020 income statement for Crane Corporation based on the following information: Cost of…

A: Introduction: An income statement is a financial statement that shows the income as well as expenses…

Q: 1. Identify what type of investment the Stallion stock is for Wallace. 2. Journalize the…

A: Introduction:- In this problem based on Intercorporate investments. which means any company make…

Q: The severson family owns a house worth $280,000, of which they still owe $113,545 on the mortgage.…

A: The net worth represents the excess of assets over liabilities. When the assets have a higher amount…

Q: Hydro Sports budgets overhead cost of $660,000 for the year. The company manufactures two types of…

A: The traditional method of overhead allocation is based on a predetermined overhead rate. The…

Q: In a revenue sharing supply contract the wholesale order quantity is 8000 units and the wholesale…

Q: Required information [The following information applies to the questions displayed below.] Mary and…

A: The partnership is a form of business. A partnership is a business in which two or more people come…

Q: sing the expanded accounting equation, calculate and enter the answers for each question. You will…

A: The Basic Accounting equation is Assets = Equity + Liabilities Given that Year 1 Assets ($)…

Q: Recording Entries for Note Payable Lacey Corp. issued a three-year, $17,500 note with an 8% stated…

A: Introduction: A journal entry can be used to record a commercial transaction in the accounting…

Q: Per set of soles, stitching costs are as follows: Direct materials $10 Direct labor Variable…

A: Computation if 40,000 soles are made and delivered to the Polishing Section at a transfer price of…

Q: Keep Clean Manufacturers produces two products; Purline and Furline. Both products use raw material…

A: Provision for loss should be made means it will require to produce extra units for budgeted sale…

Q: nding direct materials inventory $10,000 Beginning WIP inventory…

A: Direct material inventory is an asset account. Work in progress inventory is inventory which is…

Q: ABC enters into the following contract on June 1, 2022, with a local homeowner. The customer…

A: Standalone Price :— It is the price at which the vendor sells a good or services separately to the…

Q: During the year, Graham International made the following expenditures relating to plant, machinery,…

A: The costs that are expensed for regular repairs and maintenance during a particular period are…

Q: C4-2 (Algo) From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial…

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…

Q: jordan has $13,000 in ending RRSP contribution room at the end of 2019. He earned salary of $60,000…

A: Registered retirement savings plan (RRSP) contribution is based on 18% of earned income upto a fixed…

Q: 5) Consolidated income on the consolidated column of the worksheet was $300,000 and minority…

A: Minority interest also known as non controlling interest is an ownership stake of less than 50%…

Q: What are the three methods to account for depreciation? What are the differences between the three…

A: Methods of depreciation Straight line method Declining/ Diminishing balance method Sum-of-the-year…

Q: ARCHI Company assumes that drilling a well costs P200, 000. There are three expected outcomes a. 55%…

A: Expected profit is the probable profit. It is the profit that a firm can expect to have given the…

Q: 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages…

A: Payroll Journal Entry It is mandatory for the business entity to prepare the payroll expenses which…

Q: Prepare a cash budget for the first quarter of 2021. Clearly show the amounts for cash sales, credit…

Q: Assume that at the beginning of the current year, a company has a net gain-AOCI of $25,600,000. At…

A: For the purpose of accounting for pension plans, the predicted return on plan assets are required to…

Q: incentives,

A: Fraud risk refers to the risk that is unexpected and related to the financial, material, or loss…

Q: Sims Company began operations on January 1. Its cost and sales information for this year follow. $…

A: In the context of the given question, we are required to prepare the variable costing income…

Q: Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued…

A: calculation of above requirement are as follows

Q: Mr. Ravi Kumar keeps his on 31.12.2014 was as follows: Cash at Bank 3,000; Stock 20,000; Debtors…

A: Demand is the money that the business's owner or other partners invest in it. Owners or partners may…

Q: Q1 3 Logam Sdn. Bhd manufactures metal containers. The data relates to the period ending 31 March…

A: Manufacturing account in the business shows total costs incurred in the production and manufacturing…

Q: If P 1,000 is saved for a year at a rate of 10% interest compounded quarterly, calculate the…

A: The interest on a mortgage or bank that is calculated based on both the initial principle and the…

Q: Qinto Company sells two types of products: basic and deluxe. The company provides technical support…

A: Activity based costing is a technique that assigns the costs and overheads using the appropriate…

Q: A machine was purchased for $7,000, terms 2/10, n/60, FOB vendor's factory. The invoice was paid…

A: Given that, Cost of machine = $7,000 Trade discount = $7,000 * 2% = $140 Freight charges = $175…

Q: Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued…

A: recording of journal entry are as follows

Q: The Splish Company issued $330,000 of 7% bonds on January 1, 2020. The bonds are due January 1,…

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

Q: Need correct answer within 30-40 mins I'll upvote your answer

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Assume that you will have a 10-year, $20,000 loan to repay when you graduate from college next…

A: Note: As per the Policy, We’ll answer the first question since the exact one wasn’t specified.…

Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z.…

A: Activity rate is the one which is computed to allocate the activity measures to the appropriate…

Q: Mission Manufacturing’s depreciation expense for the most recent year was $72,000 and its net income…

A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how…

Q: Cash Budget Activity Cash Receipts Less: Cash Disbursements Net: Cash Flow Add: Beginning Cash…

A: Please see Step 2 for the table as required.

Q: Need correct answer within 30-40 mins I'll upvote your answer

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Ana and 9 of her friends how are all dog lovers would like to start an online store. The online…

A: there are different type of business organisation that are in existence and these organisation are…

Q: Tarzan Health Center has no debt but is considering two plans to add leverage. Plan A-issue P200,000…

A: Answer - a) Value of the firm = Market Value of Debt + Market Value of Equity b) Value of the…

Q: What is the difference between a direct cost and an opportunity cost? Can you show the difference…

A: For proper control and management decision, management is to be provided with the necessary data to…

Q: LaLa Company has income from operations of $23,280, invested assets of $97,000, and sales of…

A: ROI measures the business income in respect to the investment in the business. Higher ROI is…

Q: Required information [The following information applies to the questions displayed below] Shown here…

A: The net income represents the net earnings after expenses. The net income represents the difference…

Q: e Corporation has a single class of common stock outstanding. Joe owns 450 shares, which he…

A: Shares and Share Capital : Share is the part of capital, the company's capital divided into a number…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: Perpetual Lifo method Under this method inventory is valued at at each transaction date and as per…

Q: 1. Pantok Manufacturing, most recent income statement follows: Total P208,000 144,000 Sales (8,000…

A: The contribution margin income statement indicates the excess of revenue over the variable expenses…

Q: Belle Company reports the following information for the current year. All beginning inventory…

A: Introduction: Inventory expenses are calculated using absorption costing. Manufacturing overhead…

Q: jordan sells 100 shares of TD bank on August 31. She purchased the shares for $500 and sold them for…

A: The taxable income is the earning which is subject to tax that is the taxpayer is liable to pay…

Q: Matt owns 10 percent of the 5,000 shares of Green Corporation. On July 1, 2020, Green Corporation…

A: Lets understad the basics. Stock dividend is a dividend paid by the company in stock and not in…

Question

(2) Paid dividends of $1.25 per share. There were 1,000,000 shares issued and 180,000 shares of treasury stock.

A. Cash payment, $1,025,000

B. Cash receipt, $2,000

C. Cash receipt, $600,000

D. Cash receipt, $11,000

PLZ SHOW WORK!! PLZZ!!..

Definition Definition Stock repurchased from the stockholders by the company that once issued it. The repurchase of the stock reduces the stockholder's equity balance on the balance sheet. Treasury stocks are an important constituent of stockholder's equity but do not carry any voting rights.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 : Notes

VIEW

Step 2 : Answer

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

If total assets are $20,000 and total liabilities are $12,000, the amount of stockholders’ equity is: A. $32,000. B. $(32,000). C. $(8000). D. $8,000.
Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?
During 20X2, Evans Company had the following transactions: a. Cash dividends of 6,000 were paid. b. Equipment was sold for 2,880. It had an original cost of 10,800 and a book value of 5,400. The loss is included in operating expenses. c. Land with a fair market value of 15,000 was acquired by issuing common stock with a par value of 3,600. d. One thousand shares of preferred stock (no par) were sold for 4.20 per share. Evans provided the following income statement (for 20X2) and comparative balance sheets: Required: Prepare a worksheet for Evans Company.
During 20X2, Norton Company had the following transactions: a. Cash dividends of 20,000 were paid. b. Equipment was sold for 9,600. It had an original cost of 36,000 and a book value of 18,000. The loss is included in operating expenses. c. Land with a fair market value of 50,000 was acquired by issuing common stock with a par value of 12,000. d. One thousand shares of preferred stock (no par) were sold for 14 per share. Norton provided the following income statement (for 20X2) and comparative balance sheets: Required: Prepare a worksheet for Norton Company.
Bastion Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the EPS for the year for Bastion?
Common stock transactions on the statement of cash flows Jones Industries received 600,000 from issuing shares of its common stock and 400,000 from issuing bonds. During the year, Jones Industries also paid dividends of 60,000. How are the effects of these transactions reported on the statement of cash flows?
Rebert Inc. showed the following balances for last year: Reberts net income for last year was 3,182,000. Refer to the information for Rebert Inc. above. Also, assume that the dividends paid to common stockholders for last year were 2,600,000 and that the market price per share of common stock is 51.50. Required: 1. Compute the dividends per share. 2. Compute the dividend yield. (Note: Round to two decimal places.) 3. Compute the dividend payout ratio. (Note: Round to two decimal places.)
Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends for the year. What is the numerator of the EPS calculation for Errol?
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?
A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the transaction would include which of the following? A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stock
Tidwell Company experienced the following during 20X1: a. Sold preferred stock for 480,000. b. Declared dividends of 150,000 payable on March 1, 20X2. c. Borrowed 575,000 from a bank on a 2-year note. d. Purchased 80,000 of its own common stock to hold as treasury stock. e. Repaid 5-year bonds issued for 400,000 that mature and are due in December. Required: Prepare the net cash from financing activities section of the statement of cash flows.
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. The company pays the dividend on December 14. What is the journal entry to record the payment of the dividend?