Horngren's Financial & Managerial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780133851267
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 13, Problem 13.42BP
1.
To determine
Stock: It refers to a security issued in a form of certificate. It implies the right of ownership of an investor over a portion of company’s earnings and assets.
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 Identify: the different classes of stock that T Company has outstanding.
2.
To determine
To Compute: the par value per share of the preferred stock issued by T Company.
3.
To determine
To record: the
4.
To determine
To record: the journal entry declaration of the cash dividends on June 30, 2016.
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Students have asked these similar questions
Identifying source of equity, stock issuance, and dividends
Tillman Comfort Specialists, Inc. reported the following stockholders’ equity on balance sheet at June 30, 2018:
Requirements
Identify the different classes of stock that Tillman Comfort Specialists has outstanding.
What is the par value per share of Tillman Comfort Specialists’ preferred stock?
Make two summary journal entries to record issuance of all the Tillman Comfort Specialists stock for cash. Explanations are not required.
No preferred dividends are in arrears. Journalize the declaration of a $200,000 dividend at June 30, 2018, and the payment of the dividend on July 20, 2018. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required.
ore Info re info
May 19
Jun. 3
Jun. 11
Issued 1,300 shares of $1 par value common stock for cash of $11.50 per share.
Isssued 240 shares of $5, no-par preferred stock for $12,000 cash.
Received equipment with a market value of $68,000 in exchange for 11,000 shares of
the $1 par value common stock.
Stevie Systems completed the following stock issuance transactions:
i (Click the icon to view the transactions.)
Requirements
1. Journalize the transactions. Explanations are not required.
2. How much paid-in capital did these transactions generate for Stevie Systems?
Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits.
Exclude explanations from any journal entries.)
June 19: Issued 1,100 shares of $3 par common stock for cash of $13.00 per share.
Journal Entry
Date
Jun
More info
Jun
Jul
19
11
Accounts
***
Print
Debit
19 Issued 1,100 shares of $3 par common stock for cash of $13.00 per share.
3
Sold 340 shares of $3.50, no-par preferred stock for $17,000 cash.
Received inventory with a market value of $28,000 and equipment with market value of
$11,000. Issued 3,000 shares of the $3 par common stock in exchange.
Credit
Done
Chapter 13 Solutions
Horngren's Financial & Managerial Accounting, Student Value Edition (5th Edition)
Ch. 13 - Prob. 1QCCh. 13 - Prob. 2QCCh. 13 - Suppose Value Home and Garden Imports issued...Ch. 13 - Prob. 4QCCh. 13 - Prob. 5QCCh. 13 - Assume that a company paid 6 per share to purchase...Ch. 13 - Prob. 7QCCh. 13 - A small stock dividend a. decreases common stock....Ch. 13 - Jackson Health Foods has 8,000 shares of 2 par...Ch. 13 - Prob. 10QC
Ch. 13 - Prob. 1RQCh. 13 - Prob. 2RQCh. 13 - How does authorized stock differ from outstanding...Ch. 13 - What are the four basic rights of stockholders?Ch. 13 - How does preferred stock differ from common stock?Ch. 13 - Prob. 6RQCh. 13 - What are the two basic sources of stockholders'...Ch. 13 - Prob. 8RQCh. 13 - If stock is issued for assets other than cash,...Ch. 13 - Prob. 10RQCh. 13 - Where and how is treasury stock reported on the...Ch. 13 - What is the effect on the accounting equation when...Ch. 13 - What are the three relevant dates involving cash...Ch. 13 - How does cumulative preferred stock differ from...Ch. 13 - What is a stock dividend?Ch. 13 - Prob. 16RQCh. 13 - What are some reasons corporations issue stock...Ch. 13 - Prob. 18RQCh. 13 - What does the statement of retained earnings...Ch. 13 - What is a prior-period adjustment?Ch. 13 - Prob. 21RQCh. 13 - What does earnings per share report, and how is it...Ch. 13 - What is the price/earnings ratio, and how is it...Ch. 13 - What does the rate of return on common stock show,...Ch. 13 - Prob. 13.1SECh. 13 - Journalizing issuance of stock- at par and at a...Ch. 13 - Journalizing issuance of stock-no-par Ashford...Ch. 13 - Journalizing issuance of stock- stated value...Ch. 13 - Journalizing issuance o f stock for assets other...Ch. 13 - Prob. 13.6SECh. 13 - Accounting for cash dividends Frenchroast Company...Ch. 13 - Dividing cash dividends between preferred and...Ch. 13 - Prob. 13.9SECh. 13 - Prob. 13.10SECh. 13 - Prob. 13.11SECh. 13 - Preparing a statement of retained earnings Tinder,...Ch. 13 - Analyzing the effect of prior-period adjustments...Ch. 13 - Prob. 13.14SECh. 13 - Prob. 13.15SECh. 13 - Prob. 13.16SECh. 13 - Prob. 13.17ECh. 13 - Prob. 13.18ECh. 13 - Journaling issuance of stock Skylar Systems...Ch. 13 - Prob. 13.20ECh. 13 - Prob. 13.21ECh. 13 - Prob. 13.22ECh. 13 - Journalizing treasury stock transactions and...Ch. 13 - Journalizing issuance of s tock and treasury stock...Ch. 13 - Computing dividends on preferred and common stock...Ch. 13 - Computing dividends on preferred and common stock...Ch. 13 - Journalizing a stock dividend and reporting...Ch. 13 - Prob. 13.28ECh. 13 - Reporting stockholders' equity after a stock split...Ch. 13 - Determining the effects of cash dividends, stock...Ch. 13 - Prob. 13.31ECh. 13 - Prob. 13.32ECh. 13 - Computing earnings per share and price/earnings...Ch. 13 - Computing rate of return on common stockholders'...Ch. 13 - Organizing a corporation and issuing stock John...Ch. 13 - Identifying sources of equity, stock issuance, and...Ch. 13 - Prob. 13.37APCh. 13 - Journalizing dividends and treasury stock...Ch. 13 - Journalizing dividend and treasury stock...Ch. 13 - Prob. 13.40APCh. 13 - Prob. 13.41BPCh. 13 - Prob. 13.42BPCh. 13 - Prob. 13.43BPCh. 13 - Journalizing dividends and treasury stock...Ch. 13 - Journalizing dividend and treasury stock...Ch. 13 - Prob. 13.46BPCh. 13 - Sources of equity and journalizing stock issuance...Ch. 13 - Prob. 13.1CTFSCCh. 13 - Prob. 13.1CTCA
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