Homework Quiz—8

Homework Quiz—8 - Homework Quiz-8 Name...

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Homework Quiz-8 Name Section Recall that: Cash + ∆ Other Assets = L + PIC + BRE + R – X + G – L – D Transaction 1. On 1/25/10 ABC Company declared a $.66 per share common cash dividend on its 600,000 authorized $12 par value common shares with 500,000 shares issued and 22,000 shares of treasury stock. 2. On 2/15/10 ABC Company paid the cash dividend described in Transaction 1. 3. On 6/19/10 ABC Company declared a 15% stock dividend on its $12 par common stock. At the date of declaration, ABC Company had 600,000 authorized shares with 500,000 shares issued and 22,000 shares of treasury stock. ABC’s stock price on 6/19/10 was $21 per share. 4. On 7/15/10 ABC Company paid the stock dividend described in Transaction 3 when the stock price was $24 per share. Transaction 1 Journal Entry DR Retained Earnings (478,000 x $.66). ................................................. 315,480 CR Dividends Payable. ................................................................... 315,480 Transaction 2 Journal Entry
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Homework Quiz—8 - Homework Quiz-8 Name...

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