Pearson eText for Financial Accounting -- Instant Access (Pearson+)
5th Edition
ISBN: 9780137525423
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON+
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 10, Problem 28AE
To determine
To Prepare: Corporation G’s statement of
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
S13-9 Journalizing a small stock dividend
Learning Objective 4
Element Water Sports has 13,000 shares of $1 par value common stock
outstanding. Element distributes a 5% stock dividend when the market value of
its stock is $15 per share.
Requirements
1. Journalize Element's declaration of the stock dividend on August 15 and
distribution on August 31.
2. What is the overall effect of the stock dividend on Element's total assets?
3. What is the overall effect on total stockholders' equity?
Learning Objective 6: Report stockholders’ equity) Lima Corp. has the followingstockholders’ equity information:Lima’s charter authorizes the company to issue 4,000 shares of 11% preferred stock withpar value of $200 and 700,000 shares of no-par common stock. The company issued 1,000shares of the preferred stock at $200 per share. It issued 350,000 shares of the common stockfor a total of $512,000. The company’s retained earnings balance at the beginning of 2018 was$75,000, and net income for the year was $100,000. During 2018, Lima declared the specifieddividend on preferred and a $0.10 per-share dividend on common. Preferred dividends for 2017were in arrears.Requirement1. Prepare the stockholders’ equity section of Lima Corp.’s balance sheet at December 31,2018. Show the computation of all amounts. Journal entries are not required.
S13-7 Accounting for cash dividends
Learning Objective 4
Java Company earned net income of $85,000 during the year ended December
31, 2018. On December 15, Java declared the annual cash dividend on its 4%
preferred stock (par value, $120,000) and a $0.25 per share cash dividend on its
common stock (50,000 shares). Java then paid the dividends on January 4,
2019.
Requirements
1. Journalize for Java the entry declaring the cash dividends on December
15, 2018.
2. Journalize for Java the entry paying the cash dividends on January 4,
2019.
Chapter 10 Solutions
Pearson eText for Financial Accounting -- Instant Access (Pearson+)
Ch. 10 - What are the four baste rights of stockholders?Ch. 10 - Assume you are a CFO of a company that is...Ch. 10 - Prob. 3DQCh. 10 - What accounts, if any, are involved in the journal...Ch. 10 - With which type of stock would dividends in...Ch. 10 - What accounts are affected by the declaration and...Ch. 10 - What are some of the reasons for issuing a stock...Ch. 10 - Prob. 8DQCh. 10 - What could you reasonably conclude if a company...Ch. 10 - Prob. 10DQ
Ch. 10 - Prob. 1SCCh. 10 - Prob. 2SCCh. 10 - Prob. 3SCCh. 10 - Prob. 4SCCh. 10 - Prob. 5SCCh. 10 - Prob. 6SCCh. 10 - Prob. 7SCCh. 10 - Prob. 8SCCh. 10 - Prob. 9SCCh. 10 - Prob. 10SCCh. 10 - Prob. 11SCCh. 10 - Prob. 12SCCh. 10 - Stockholders' equity terminology (Learning...Ch. 10 - Stock issuance (Learning Objective 3) 5-10 min....Ch. 10 - Issuance of stock for cash and noncash assets...Ch. 10 - Prob. 4SECh. 10 - Prob. 5SECh. 10 - Prob. 6SECh. 10 - Prob. 7SECh. 10 - Accounting for cash dividends (Learning Objective...Ch. 10 - Prob. 9SECh. 10 - Prob. 10SECh. 10 - Prob. 11SECh. 10 - Prob. 12SECh. 10 - Prob. 13SECh. 10 - Prob. 14SECh. 10 - Prob. 15AECh. 10 - Issuing stock (Learning Objectives 3 7) 10-15 min....Ch. 10 - Prob. 17AECh. 10 - Prob. 18AECh. 10 - Prob. 19AECh. 10 - Accounting for cash dividends (Learning Objective...Ch. 10 - Prob. 21AECh. 10 - Accounting for cash and stock dividends (Learning...Ch. 10 - Prob. 23AECh. 10 - Prob. 24AECh. 10 - Prob. 25AECh. 10 - Accounting for treasury stock (Learning Objectives...Ch. 10 - Prob. 27AECh. 10 - Prob. 28AECh. 10 - Prob. 29AECh. 10 - Calculating return on equity (Learning Objective...Ch. 10 - Prob. 31BECh. 10 - Prob. 32BECh. 10 - Prob. 33BECh. 10 - Prob. 34BECh. 10 - Prob. 35BECh. 10 - Prob. 36BECh. 10 - Accounting for stock dividends (Learning...Ch. 10 - Accounting for cash and stock dividends (Learning...Ch. 10 - Prob. 39BECh. 10 - Prob. 40BECh. 10 - Accounting for treasury stock (Learning Objectives...Ch. 10 - Prob. 42BECh. 10 - Disclosing stockholders equity on a balance sheet...Ch. 10 - Accounting for various stockholders' equity...Ch. 10 - Prob. 45BECh. 10 - Prob. 46BECh. 10 - Prob. 47APCh. 10 - Analyzing stockholders equity (Learning Objectives...Ch. 10 - Analyzing stockholders equity (Learning Objectives...Ch. 10 - Accounting for cash dividends (Learning Objective...Ch. 10 - Accounting for various stockholders equity...Ch. 10 - Prob. 52APCh. 10 - Prob. 53APCh. 10 - Prob. 54BPCh. 10 - Prob. 55BPCh. 10 - Analyzing stockholders equity (Learning Objectives...Ch. 10 - Accounting for cash dividends (Learning Objective...Ch. 10 - Prob. 58BPCh. 10 - Prob. 59BPCh. 10 - Prob. 60BPCh. 10 - Prob. 1CECh. 10 - Continuing Problem This problem continues our...Ch. 10 - Prob. 1EIACh. 10 - Case 2. The board of directors for Atlantic...Ch. 10 - Financial Analysis Purpose: To help familiarize...Ch. 10 - Prob. 1IACh. 10 - Prob. 1SBACh. 10 - Written Communication You just got off the...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Following is the stockholders' equity section from the Abercrombie & Fitch Co. balance sheet. Stockholders' Equity ($ thousands, except par value amounts) January 30, 2016 January 31, 2015 Class A common stock-$0.01 par value: 150,000 shares authorized and 103,300 shares issues at each of January 30, 2016, and January 31, 2015 $1,033 $1,033 Paid-in capital 407,029 434,137 Retained earnings 2,530,196 2,550,673 Accumulated other comprehensive loss, net of tax (114,619) (83,580) Treasury stock at average cost: 35,952 and 33,948 shares at January 30, 2016 and January 31, 2015, respectively (1,532,576) (1,512,562) Total Abercrombie & Fitch Co. stockholders' equity 1,291,063 1,389,701 Noncontrolling interests 4,659 0 Total shareholders' equity $ 1,295,722 $ 1,389,701 (a) Show the computation to yield the $1,033 balance reported for common stock. Enter complete number for number of shares (with all zeros).(b) How many shares are outstanding at 2016 fiscal…arrow_forwardFollowing is the stockholders' equity section from the Abercrombie & Fitch Co. balance sheet. Stockholders' Equity ($ thousands, except par value amounts) January 30, 2016 January 31, 2015 Class A common stock-$0.01 par value: 150,000 shares authorized and 103,300 shares issues at each of January 30, 2016, and January 31, 2015 $1,033 $1,033 Paid-in capital 407,029 434,137 Retained earnings 2,530,196 2,550,673 Accumulated other comprehensive loss, net of tax (114,619) (83,580) Treasury stock at average cost: 35,952 and 33,948 shares at January 30, 2016 and January 31, 2015, respectively (1,532,576) (1,512,562) Total Abercrombie & Fitch Co. stockholders' equity 1,291,063 1,389,701 Noncontrolling interests 4,659 0 Total shareholders' equity $ 1,295,722 $ 1,389,701 (a) Show the computation to yield the $1,033 balance reported for common stock. Enter complete number for number of shares (with all zeros). Answer (shares) x $ Answer = $1,033 thousand (b)…arrow_forward(Learning Objective 6: Report stockholders’ equity) Doorman Corp. has thefollowing stockholders’ equity information:Doorman’s charter authorizes the company to issue 9,000 shares of 8% preferred stockwith par value of $120 and 700,000 shares of no-par common stock. The company issued 1,800shares of the preferred stock at $120 per share. It issued 140,000 shares of the common stockfor a total of $513,000. The company’s retained earnings balance at the beginning of 2018 was$77,000, and net income for the year was $94,000. During 2018, Doorman declared the specified dividend on preferred and a $0.20 per-share dividend on common. Preferred dividends for2017 were in arrears.Requirement1. Prepare the stockholders’ equity section of Doorman Corp.’s balance sheet at December 31,2018. Show the computation of all amounts. Journal entries are not required.arrow_forward
- ILLUSTRATION 13. Following is the Balance Sheet of Trymore Engineering Company Ltd. as at 31st March, 2016 : I. Equity and Liabilities (1) Shareholders' Funds (a) Share Capital : 3,000 Equity Shares of 100 each fully paid 2,000 6% Cumulative Preference Shares of 100 each fully paid (b) Reserves and Surplus: Surplus A/c (Negative Balance) Non-current Liabilities 10% Debentures 3,00,000 2,00,000 (-) 3,00,000 (2) 2,50,000 (3) Current Liabilities Sundry Creditors (Unsecured) Interest due on Debentures 3,50,000 50,000 Total Equity and Liabilities 8,50,000 II. Assets (1) Non-current Assets (a) Fixed Assets : Plant & Machinery 2,00,000 Sundry Fixed Assets Intangible Assets : Goodwill 30,000 80,000 40,000 2,00,000 Patents (b) Investments (Market Value 1,50,000) (2) Current Assets Stock Sundry Debtors : More than 6 months 1,00,000 25,000 Others Cash & Bank Balances 1,25,000 50,000 Total Assets 8,50,000 Note : Preference Dividends are in arrears for 5 years. The Company feels that the worst is…arrow_forwardAccounting, Analysis, and Principles On January 1, 2020, Agassi Corporation had the following stockholders’ equity accounts. Common Stock ($10 par value, 55,000 shares issued and outstanding) $550,000 Paid-in Capital in Excess of Par—Common Stock 510,000 Retained Earnings 629,000 During 2020, the following transactions occurred. Jan. 15 Declared and paid a $1.05 cash dividend per share to stockholders. Apr. 15 Declared and paid a 10% stock dividend. The market price of the stock was $13 per share. May 15 Reacquired 2,100 common shares at a market price of $15 per share. Nov. 15 Reissued 1,050 shares held in treasury at a price of $18 per share. Dec. 31 Determined that net income for the year was $370,000. (a1) Journalize the above transactions. (Include entries to close net income to Retained Earnings.) (Credit account titles are automatically indented when the amount is…arrow_forwardPrint by: Tanvi Varma374275:374275: Intermediate Accounting Theory and Practice MGMT X 120B (Summer 2020) / Ch. 15 HW *Exercise 15-18 Nash Company reported the following amounts in the stockholders’ equity section of its December 31, 2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800 shares issued) $180,000 Common stock, $5 par (96,000 shares authorized, 19,200 shares issued) 96,000 Additional paid-in capital 113,000 Retained earnings 449,000 Total $838,000 During 2020, Nash took part in the following transactions concerning stockholders’ equity. 1. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2019. 2. Purchased 1,800 shares of its own outstanding common stock for $42 per share. Nash uses the cost method. 3. Reissued 800 treasury shares for land valued at $34,500. 4.…arrow_forward
- Allridge Corporation received cash from issuing 38,000 shares of common stock at $4 per share on January 1, 2018. The stock has a par value of $1 per share. Which is the correct journal entry to record this transaction? O A. Common Stock - $1 Par Value Paid-in Capital in Excess of Par - Common Cash O B. Cash Common Stock $1 Par Value Paid-in Capital in Excess of Par - Common OC. Cash Common Stock - $1 Par Value Paid-in Capital in Excess of Par $1 Par Value Paid-in Capital in Excess of Par Cash OD. Common Stock - ID Common Common 4 38,000 114,000 152,000 152,000 114,000 38,000 152,000 38,000 114,000 114,000 38,000 152,000arrow_forwardS13-2 Journalizing issuance of stock-at par and at a premium Learning Objective 2 Colorado Corporation has two classes of stock: common, $3 par value; and preferred, $30 par value. Requirements 1. Journalize Colorado's issuance of 4,500 shares of common stock for $6 per share. 2. Journalize Colorado's issuance of 4,500 shares of preferred stock for a total of $135,000.arrow_forwardAnalysis of Stockholders' Equity The Stockholders' Equity section of the December 31, 2017, balance sheet of Eldon Company appeared as follows: Preferred stock, $50 par value, 5,000 shares authorized, ? shares issued $275,000 Common stock, ? par, 10,000 shares authorized, 10,000 shares issued 100,000 Additional paid-in capital—Preferred 7,700 Additional paid-in capital—Common 800,000 Additional paid-in capital—Treasury stock 1,200 Total contributed capital $1,183,900 Retained earnings 43,000 Treasury stock, preferred, 100 shares (3,500) Total stockholders’ equity $ ? Required: Determine the following items based on Eldon's balance sheet. Round all calculations except per-share amounts to the nearest whole number; round per-share amounts to the nearest cent. 1. The number of shares of preferred stock issuedfill in the blank 1 shares 2. The number of shares of preferred stock outstandingfill in the blank 2 shares 3. The average per-share sales…arrow_forward
- Analysis of Stockholders' Equity The Stockholders' Equity section of the December 31, 2017, balance sheet of Eldon Company appeared as follows: Preferred stock, $50 par value, 5,000 shares authorized, ? shares issued $275,000 Common stock, ? par, 10,000 shares authorized, 10,000 shares issued 100,000 Additional paid-in capital—Preferred 7,700 Additional paid-in capital—Common 800,000 Additional paid-in capital—Treasury stock 1,200 Total contributed capital $1,183,900 Retained earnings 43,000 Treasury stock, preferred, 100 shares (3,500) Total stockholders’ equity $ ? Determine the following items based on Eldon's balance sheet. Round all calculations except per-share amounts to the nearest whole number; round per-share amounts to the nearest cent. 4. The par value of the common stock$fill in the blank 4 per share 5. The average per-share sales price of the common stock when issued$fill in the blank 5 per share 6. The cost of the treasury stock…arrow_forwardAnalysis of Stockholders' Equity The Stockholders' Equity section of the December 31, 2017, balance sheet of Eldon Company appeared as follows: Preferred stock, $50 par value, 5,000 shares authorized, ? shares issued $275,000 Common stock, ? par, 10,000 shares authorized, 8,000 shares issued 80,000 Additional paid-in capital—Preferred 9,900 Additional paid-in capital—Common 480,000 Additional paid-in capital—Treasury stock 1,000 Total contributed capital $845,900 Retained earnings 49,000 Treasury stock, preferred, 100 shares (3,500) Total stockholders’ equity $ 5. The average per-share sales price of the common stock when issued$fill in the blank ___ per share 6. The cost of the treasury stock per share$fill in the blank ___ per share The per-share book value of the common stock assuming that there are no dividends in arrears and that the preferred stock can be redeemed at its par value$fill in the blank ___ per sharearrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License