FINANCIAL+MANG.-W/ACCESS PRACTICE SET
13th Edition
ISBN: 9781337575614
Author: WARREN
Publisher: CENGAGE L
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Chapter 11, Problem 11.3BPE
To determine
Cash dividends: The amount of cash provided by a corporation out of its distributable profits to its shareholders as a return for the amount invested by them is referred as cash dividends.
To journalize: The entries related to declaration, record, and payment of cash dividends.
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Entries for cash dividends
The declaration, record, and payment dates in connection with a cash dividend of $350,000 on a corporation's common stock are February 28, April 1, and May 15.
Journalize the entries required on each date.
The declaration, record, and payment dates in connection with a cash dividend of $480,000 on a corporation’s common stock are February 1, March 18, and May 1. Journalize the entries required on each date.
The declaration, record, and payment dates in connection with a cash dividend of $135,000 on a corporation’s common stock are January 12, March 13, and April 12. Journalize the entries required on each date.
Chapter 11 Solutions
FINANCIAL+MANG.-W/ACCESS PRACTICE SET
Ch. 11 - Of two corporations organized at approximately the...Ch. 11 - A stockbroker advises a client to buy preferred...Ch. 11 - A corporation with both preferred stock and common...Ch. 11 - An owner of 2,500 shares of Simmons Company common...Ch. 11 - Prob. 5DQCh. 11 - A corporation reacquires 60,000 shares of its own...Ch. 11 - The treasury stock in Discussion Question 7 is...Ch. 11 - What are the three classifications of restrictions...Ch. 11 - Prob. 9DQCh. 11 - Prob. 10DQ
Ch. 11 - Dividends per share National Furniture Company has...Ch. 11 - Dividends per share Zero Calories Company has...Ch. 11 - Entries for issuing stock On August 26, Mountain...Ch. 11 - Entries for issuing stock On January 22, Zentric...Ch. 11 - Entries for cash dividends The declaration,...Ch. 11 - Prob. 11.3BPECh. 11 - Entries for stock dividends Olde Wine Corporation...Ch. 11 - Entries for stock dividends Antique Buggy...Ch. 11 - Entries for treasury stock On January 31,...Ch. 11 - Entries for treasury stock On May 27, Hydro...Ch. 11 - Reporting stockholders equity Using the fallowing...Ch. 11 - Reporting stockholders equity Using the following...Ch. 11 - Retained earnings statement Rockwell Inc. reported...Ch. 11 - Retained earnings statement None Cruises Inc....Ch. 11 - Earnings per share Financial statement data for...Ch. 11 - Earnings per share Financial statement data for...Ch. 11 - Dividends per share Triple Z Inc., a developer of...Ch. 11 - Dividends per share Lightfoot Inc., a software...Ch. 11 - Entries for issuing par stock On April 20,...Ch. 11 - Entries for issuing no-par stock On May 15, Helena...Ch. 11 - Issuing stock for assets other than cash On July...Ch. 11 - Selected stock transactions Alpha Sounds Corp., an...Ch. 11 - Issuing stock Willow Creek Nursery, with an...Ch. 11 - Prob. 11.8EXCh. 11 - Entries for cash dividends The declaration,...Ch. 11 - Entries for stock dividends Senior Life Co. Is an...Ch. 11 - Treasury stock transactions Mystic Lake Inc....Ch. 11 - Prob. 11.12EXCh. 11 - Prob. 11.13EXCh. 11 - Reporting paid-in capital The following accounts...Ch. 11 - Stockholders Equity section of balance sheet The...Ch. 11 - Stockholders Equity section of balance sheet...Ch. 11 - Prob. 11.17EXCh. 11 - Prob. 11.18EXCh. 11 - Prob. 11.19EXCh. 11 - Prob. 11.20EXCh. 11 - Effect of cash dividend and stock split Indicate...Ch. 11 - Selected dividend transactions, stock split...Ch. 11 - Prob. 11.23EXCh. 11 - Prob. 11.24EXCh. 11 - Prob. 11.25EXCh. 11 - Dividends on preferred and common stock Sunbird...Ch. 11 - Stock transactions for corporate expansion On...Ch. 11 - Selected stock transactions The following selected...Ch. 11 - Entries for selected corporate transactions Morrow...Ch. 11 - Entries for selected corporate transactions...Ch. 11 - Prob. 11.1BPRCh. 11 - Stock transaction for corporate expansion Pulsar...Ch. 11 - Selected stock transactions Diamondback Welding ...Ch. 11 - Prob. 11.4BPRCh. 11 - Prob. 11.5BPRCh. 11 - Prob. 11.1CPCh. 11 - Prob. 11.2CPCh. 11 - Issuing stock Epstein Engineering Inc. began...Ch. 11 - Prob. 11.4CPCh. 11 - Prob. 11.5CP
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- The date the board of directors votes to declare and pay a cash dividend is called the: A. date of stockholders meeting B. date of payment C. date of declaration D. date of liquidationarrow_forwardEntries for selected corporate transactions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders equity accounts, with balances on January 1, 20Y6, are as follows: The following selected transactions occurred during the year: Instructions 1. Enter the January 1 balances in T accounts for the stockholders equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of 1,125,000 to the retained earnings account. 3. Prepare a statement of stockholders equity for the year ended December 31, 20Y6. Assume that net income was 1,125,000 for the year ended December 31, 20Y6. 4. Prepare the Stockholders Equity section of the December 31, 20Y6, balance sheet.arrow_forwardComprehensive The shareholders equity section of Superior Corporations balance sheet as of December 31, 2018, is as follows: The following events occurred during 2019: Required: 1. Prepare journal entries for each of the above transactions. 2. Calculate the number of authorized, issued, and outstanding common shares as of December 31, 2019. 3. Calculate Superior's legal capital at December 31, 2019.arrow_forward
- CASH DIVIDENDS AND INCOME TAXES During the year ended December 31, 20-2, Tatu Company completed the following selected transactions: REQUIRED Prepare journal entries for the transactions.arrow_forwardEntries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $375,000 on a corporation’s common stock are October 1, November 7, and December 15arrow_forwardThe declaration, record, and payment dates in connection with a cash dividend of $350,000 on a corporation’s common stock are February 28, April 1, and May 15. Journalize the entries required on each date.arrow_forward
- Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $99,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, choose "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blankarrow_forwardEntries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $38,200 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.arrow_forwardEntries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $48,600 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. July 9 Aug. 31 Oct. 1arrow_forward
- Instructions The declaration, record, and payment dates in connection with a cash dividend of $108,000 on a corporation's common stock are January 12, March 13, and April 12. Journalize the entries required on each date. If no entry is required simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account filles Journal POST REF DEBIT DATE CRarrow_forwardThe declaration, record, and payment dates in connection with a cash dividend of $108,000 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.arrow_forwardThe declaration, record, and payment dates in connection with a cash dividend of $659,000 on a corporation's common stock are October 1, November 7, and December 15. Journalize the entries required on each date. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.arrow_forward
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Stockholders Equity: How to Calculate?; Author: Accounting University;https://www.youtube.com/watch?v=2jZk1T5GIlw;License: Standard Youtube License