1 the declaration and payment of 50000 cash dividend

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Chapter 9 / Exercise 8
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1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest Expense $50,000 and a credit to Cash $50,000. 2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market value per share was $16. The only entry made was: Retained Earnings (Dr.) $10,000 and Dividend Payable (Cr.) $10,000. The shares have not been issued. 3. A 4-for-1 stock split involving the issue of 400,000 shares of $5 par value common stock for 100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings $2,000,000 and a credit to Common Stock $2,000,000. Prepare the correcting entries at December 31. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)
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New Perspectives Microsoft Office 365 & Excel 2019 Comprehensive
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Chapter 9 / Exercise 8
New Perspectives Microsoft Office 365 & Excel 2019 Comprehensive
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66 Question 4 Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2011, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $240,000 Paid-in Capital in Excess of Par Value-Preferred 56,000 Common Stock 2,000,000 Paid-in Capital in Excess of Stated Value-Common 5,700,000 Treasury Stock-Common (1,000 shares) 22,000 Paid-in Capital from Treasury Stock 3,000 Retained Earnings 560,000 The preferred stock was issued for land having a fair market value of $296,000. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $22. In December, 500 shares of treasury stock were sold for $28 per share. No dividends were declared in 2011. Prepare the journal entries for the: (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.) 1. Issuance of preferred stock for land. 2. Issuance of common stock for cash. 3. Purchase of common treasury stock for cash. 4. Sale of treasury stock for cash.
67 Complete the stockholders' equity section at December 31, 2011. (Order multiple accounts in the standard format used in the text. Enter all amounts as positive amounts and subtract where necessary.)
68 Question 5 The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011. Common Stock ($10 stated value) $1,500,000 Paid-in Capital from Treasury Stock 6,000 Paid-in Capital in Excess of Stated Value-Common Stock 690,000 Paid-in Capital in Excess of Par Value-Preferred Stock 288,400
69 Preferred Stock (8%, $100 par, noncumulative) 400,000 Retained Earnings 776,000 Treasury Stock-Common (8,000 shares) 88,000 Complete the stockholders' equity section at December 31, 2011. (List entries by the format used in the text. Enter all amounts as positive amounts and subtract where necessary.) Compute the book value per share of the common stock, assuming the preferred stock has a call price of $110 per share. (Round answer to 2 decimal places, e.g. 10.50.)
70 ACC 291 WileyPLUS Week 4 Practice Chapter 11 Practice Quiz 1 Questions 1-17 University of Phoenix Do not copy directly. Please use as a guide. Come back for more.

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