View PoliciesCurrent Attempt in ProgressOn January 1, Blossom Enterprises had 90,000 no-par ordinary shares issued and outstanding. The shares have a stated value of€5 per share. During the year, the following occurred.Apr. 1June 15July 10Dec. 115Issued 20,000 additional ordinary shares for €15 per share.Declared a cash dividend of €1 per share to shareholders of record on June 30.Paid the €1 cash dividend.Issued 2,000 additional ordinary shares for €18 per share.Declared a cash dividend on outstanding shares of €1.20 per share to shareholders of record on December 31.Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts.Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do notindent manually.)

The company can raise funds by various methods. Some of them are, by way of issuing common stock,…

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Cornerstones of Financial Accounting

4th Edition

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Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 85PSB: Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued...

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Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of 20 par common stock at 30, receiving cash. b. Issued 4, 000 shares of 80 par preferred 5% stock at 100, receiving cash. c. Issued 500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. d. Declared a quarterly dividend of 0.50 per share on common stock and 1.00 per share on preferred stock. On the date of record, 100,000 shares of common stock were outstanding, no treasury shares were held, and 20,000 shares of preferred stock were outstanding. e. Paid the cash dividends declared in (d). f. Purchased 7,500 shares of Solstice Corp. at 40 per share, plus a 150 brokerage commission. The investment is classified as an available-for-sale investment. g. Purchased 8,000 shares of treasury common stock at 33 per share. h. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for 24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. i. Declared a 1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. j. Paid the cash dividends to the preferred stockholders. k. Received 27,500 dividend from Pinkberry Co. investment in (h). l. Purchased 90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of 37 5. The bonds are classified as a held-to-maturity long -term investment. m. Sold, at 38 per share, 2,600 shares of treasury common stock purchased in (g). n. Received a dividend of 0 .60 per share from the Solstice Corp. investment in (f). o. Sold 1,000 shares of Solstice Corp. at 45, including commission. p. Recorded the payment of semiannual interest on the bonds issue d in (c) and the amortization of the premium for six months. The amortization is determined using the straight-line method . q. Accrued interest for three months on the Dream Inc. bonds purchased in (I). r. Pinkberry Co. recorded total earnings of 240 ,000. Equinox Products recorded equity earnings for its share of Pinkberry Co. net income. s. The fair value for Solstice Corp. stock was 39. 02 per share on December 31, 2016. The investment is adjusted to fair value , using a valuation allowance account. Assume Valuation Allowance for Available-for-Sale Investments h ad a beginning balance of zero. Instructions 1. Journalize the selected transactions. 2. After all of the transaction s for the year ended December 31, 201 6, had been poste d [including the transactions recorded in part (1) and all adjusting entries), the data that follows were taken from the records of Equinox Products Inc. a. Prepare a multiple-step in come statement for the year ended December 31, 201 6, concluding with earnings per share . In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were 100,000. ( Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20 6. c. Prepare a balance sheet in report form as of December 31, 2016.
Contributed Capital Adams Companys records provide the following information on December 31, 2019: Additional information: 1. Common stock has a 5 par value, 50,000 shares are authorized, 15,000 shares have been issued and are outstanding. 2. Preferred stock has a 100 par value, 3,000 shares are authorized, 800 shares have been issued and are outstanding. Two hundred shares have been subscribed at 120 per share. The stock pays an 8% dividend, is cumulative, and is callable at 130 per share. 3. Bonds payable mature on January 1, 2023. They carry a 12% annual interest rate, payable semiannually. Required: Prepare the Contributed Capital section of the December 31, 2019, balance sheet for Adams. Include appropriate parenthetical notes.
On April 2, West Company declared a cash dividend of $0.50 per share. There are 50,000 shares outstanding. What is the journal entry that should be recorded?
CASH DIVIDENDS, STOCK DIVIDEND, AND STOCK SPLIT During the year ended December 31, 20--, Baggio Company completed the following transactions: Apr. 15 Declared a semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on May 5, payable on May 10. Currently, 6,000 shares of 50 par preferred stock and 70,000 shares of 1 par common stock are outstanding. May 10 Paid the cash dividends. Oct. 15 Declared semiannual dividend of 0.65 per share on preferred stock and 0.45 per share on common stock to shareholders of record on November 5, payable on November 20. Nov. 20 Paid the cash dividends. 22 Declared a 10% stock dividend to shareholders of record on December 8, distributable on December 16. Market value of the common stock was estimated at 15 per share. Dec. 16 Issued certificates for common stock dividend. 20 Board of directors declared a two-for-one common stock split. REQUIRED Prepare journal entries for the transactions.
Common Dividends Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued and outstanding S8 par common shares. During 2019, Thompson entered into the following transactions: Declared a S0.20 per-share cash dividend on March 24. Paid the S0.20 per-share dividend on April 6. Repurchased 13,000 common shares for the treasury at a cost of S12 each on May 9. Sold 2,500 unissued common shares for $15 per share on June 19. Declared a $0.40 per-share cash dividend on August 1. Paid the $0.40 per-share dividend on September 14. Declared and paid a 10% stock dividend on October 25 when the market price of the common stock was $15 per share. Declared a 50.45 per-share cash dividend on November 20. Paid the $0.45 per-share dividend on December 20. Required: Prepare journal entries for each of these transactions. (Note: Round to the nearest dollar.) What is the total dollar amount of dividends (cash and stock) for the year? CONCEPTUAL CONNECTION Determine the effect on total assets and total stockholders equity of these dividend transactions.
Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--, the beginning of its fiscal year, are shown below. (a)Received 20,000 for the balance due on subscriptions for preferred stock with a par value of 40,000 and issued the stock. (b)Purchased 10,000 shares of common treasury stock for 18 per share. (c)Received subscriptions for 10,000 shares of common stock at 19 per share, collecting down payments of 45,000. (d)Issued 15,000 shares of common stock in exchange for land with a fair market value of 290,000. (e)Sold 5,000 shares of common treasury stock for Si00,000. (f)Issued 10,000 shares of preferred stock at 11.50 per share, receiving cash. (g)Sold 3,000 shares of common treasury stock for 17 per share. REQUIRED 1. Prepare general journal entries for the transactions, identifying each transaction by letter. 2. Post the journal entries to appropriate T accounts. The cash account has a beginning balance of 300,000. 3. Prepare the stockholders equity section of the balance sheet as of December 31, 20--. Net income for the year was 825,000 and dividends of 400,000 were paid.
View Policies Current Attempt in Progress Concord, Inc. issued 9800 shares of stock at a stated value of $7/share. The total issue of stock sold for $12 per share. The journal entry to record this transaction would include a O credit to Paid-in Capital in Excess of Par for $117600. O credit to Common Stock for $68600. O debit to Cash for $68600. O credit to Common Stock for $117600. Save for Later Attempts: 0 of 1 used Submit Answer
View Policies Current Attempt in Progress On January 1, Swifty Corporation had 71000 shares of $10 par value common stock outstanding. On June 17, the company declared a 15% stock dividend to stockholders of record on June 20. Market value of the stock was $14 on June 17. The stock was distributed on June 30. The entry to record the transaction of June 30 would include a O debit to Common Stock Dividends Distributable for $149100. O debit to Stock Dividends for $42600. O credit to Paid-in Capital in Excess of Par for $42600. O credit to Common Stock for $106500. Save for Later Attempts: 0 of 1 used Submit Answer
Current Attempt in Progress On January 1, Pharoah Enterprises had 100.000 no-par ordinary shares issued and outstanding. The shares have a stated value of €5 per share. During the year, the following occurred. Apr. 1 June 15 July 10 1 15 Dec. Issued 25,000 additional ordinary shares for €16 per share. Declared a cash dividend of €1 per share to shareholders of record on June 30. Paid the €1 cash dividend. Issued 2.500 additional ordinary shares for €20 per share. Declared a cash dividend on outstanding shares of €1.20 per share to shareholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Instructions Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows: Jan. 8 Split the common stock 2 for 1 and reduced the par from $70 to $35 per share.After the split, there were 171,000 common shares outstanding. Apr. Declared semiannual dividends of $0.65 on 18,000 shares of preferred stock and $0.20 on the 30 common stock payable on July 1. Jul. 1. Paid the cash dividends. Declared semiannual dividends of $0.65 on the preferred stock and $0.10 on the common stock Ot. 31 (before the stock dividend). In addition, a 3% common stock dividend was declared on the common stock outstanding. The fair market value of the common stock is estimated at $55. Dec. Paid the cash dividends and issued the certificates for the common stock dividend. 31 Journalize the transactions. If no entry is required, simply skip to the next transacion. Refer to the Chart of Accounts for exact wording of account ides. Check My Work 3 more Check My Work…
On January 1, Sheridan Enterprises had 96,000 no-par ordinary shares issued and outstanding. The shares have a stated value of €5 per share. During the year, the following occurred. Apr. 1 June 15 July 10 Dec. 1 15 Issued 25,000 additional ordinary shares for €15 per share. Declared a cash dividend of €1 per share to shareholders of record on June 30. Paid the €1 cash dividend. Issued 2,700 additional ordinary shares for €20 per share. Declared a cash dividend on outstanding shares of €1.30 per share to shareholders of record on December 31. Prepare the entries to record these transactions. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit

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