Ch 10 Inclass problems.doc

Ch 10 Inclass problems.doc - ACC203 Chapter 10 In Class...

This preview shows page 1 - 2 out of 3 pages.

ACC203 Chapter 10 In Class Problems - 1 - Part A. Issuance of stock, dividends Northwest Clothing Supply has the following transactions during the year related to stockholders’ equity. Record each of these transactions. 1. January 1 Issues 3,000 shares of no-par value common stock for $20 per share. Cash 60,000 Common Stock 60,000 2. March 15 Issues 800 shares of $20 par value preferred stock for $22 per share. Cash 17,600 Perfered Stock 16,000 Additional PIC 1,600 3. December 1 Declares a cash dividend of $1 per share to all stockholders of record (both common and preferred) on December 15. Dividends: 3,800 Dividends Payable: 3,800 4. December 15 Date of record. No entry 5. December 31 Pays the cash dividend declared on December 1. (dif problem Declares treasure stock:200- 3800 for the final) Dr Dividends Payable 3,800 Cash 3,800 Part B: Preferred stock 1. Beckham Company has 1,000 shares of 6%, $100 par cumulative preferred stock outstanding at December 31, 2015. No dividends have been paid on this stock for 2014 or 2015. How much are dividends in arrears in January 1, 2016? The firm closes its books annually on December 31.
Image of page 1

Subscribe to view the full document.

Image of page 2

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern