Homework Answers
| Date | Account titles and explanation | Debit | Credit |
| Jan 15 | Cash dividends (75000*$0.60) | $45000 | |
| Dividends payable | $45000 | ||
| (To record cash dividend declared) | |||
| Feb 15 | Dividends payable | $45000 | |
| Cash | $45000 | ||
| (To record cash dividend paid) | |||
| Apr 15 | Stock dividend (75000*10%*$13) | $97500 | |
| Common stock dividends distributable (75000*10%*$10) | $75000 | ||
| Paid in capital in excess of par- Common stock (97500-75000) | $22500 | ||
| (To record stock dividend declared) | |||
| May 15 | Common stock dividends distributable | $75000 | |
| Common stock | $75000 | ||
| (To record stock dividend issued) | |||
| Dec 1 | Cash dividends (75000+75000*10%)*$0.70 | $57750 | |
| Dividends payable | $57750 | ||
| (To record cash dividend declared) | |||
| Dec 31 | Income summary | $370000 | |
| Retained earnings | $370000 | ||
| (To close net income) | |||
| Dec 31 | Retained earnings | $97500 | |
| Stock dividends | $97500 | ||
| (To close stock dividends) | |||
| Dec 31 | Retained earnings | $102750 | |
| Cash dividends (45000+57750) | $102750 | ||
| (To close cash dividends) | |||
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Problem 11-08A (Part Level Submission) On January 1, 2022, Indigo Corporation had these stockholders' equity accounts....
Problem 11-08A (Part Level Submission) On January 1, 2022, Ayayai Corp. had these stockholders' equity accounts....
Problem 11-08A (Part Level Submission) On January 1, 2022, Ayayai Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 76,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $760,000 491,000 616,000 During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 Dec. 1 Dec. 31 Declared a $0.50 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January....
On January 1, 2022, Martinez Corp. had these stockholders' equity accounts. Common Stock ($10 par value,...
On January 1, 2022, Martinez Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 69,000 shares issued and outstanding) $690,000 Paid-in Capital in Excess of Par Value 484,000 Retained Earnings 640,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.40 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15,...
On January 1, 2020, Whispering Winds Corp. had the following stockholders' equity accounts. a) Journalize the...
On January 1, 2020, Whispering Winds Corp. had the following
stockholders' equity accounts.
a) Journalize the transactions and the closing entries for net
income and dividends. (Record journal entries in the
order presented in the problem. Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
On January 1, 2020, Whispering Winds Corp. had the following stockholders'...
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Problem 14-01A a-c (Video) On January 1, 2020, Blossom Corporation had the following stockholders' equity accounts....
Problem 14-01A a-c (Video) On January 1, 2020, Blossom Corporation had the following stockholders' equity accounts. Common Stock ($26 par value, 55,500 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,443,000 202,000 637,000 During the year, the following transactions occurred. Feb. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior...
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On January 1, 2022, Martinez Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 69,000 shares issued and outstanding) $690,000 Paid-in Capital in Excess of Par Value 484,000 Retained Earnings 640,000 During the year, the following transactions occurred. Jan. 15 Declared a $0.40 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15,...
On January 1, 2020, Whispering Winds Corp. had the following
stockholders' equity accounts.
a) Journalize the transactions and the closing entries for net
income and dividends. (Record journal entries in the
order presented in the problem. Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
On January 1, 2020, Whispering Winds Corp. had the following stockholders'...
Problem 11-02A The stockholders' equity accounts of Indigo Corporation on January 1, 2022, were as follows Preferred Stock (7%, $100 par noncumulative, 10,000 shares authorized) Common Stock ($4 stated value, 600,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) $600,000 2,000,000 30,000 960,000 1,376,000 80,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued...
On January 1, 2020, Cullumber Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 59,000 shares issued and outstanding) $1,416,000 Paid-in Capital in Excess of Par-Common Stock 197,000 Retained Earnings 559,000 During the year, the following transactions occurred. Feb. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the...
Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) Common Stock ($5 stated value, 326,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,000 common shares) $240,000 1,358,333 12,000 521,600 711,000 32,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity....
Problem 11-4A (Part Level Submission) On January 1, 2019, Blue Spruce Corp. had the following stockholders' equity accounts. Common Stock ($24 par value, 64,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,536,000 204,000 574,000 During the year, the following transactions occurred Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February Announced a 2-for-1 stock split. Prior to the split, the...
Problem 11-8A (Part Level Submission) On January 1, 2017, Bridgeport Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 67,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $670,000 516,500 665,000 During the year, the following transactions occurred Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 10% stock dividend to stockholders of record on April 30,...
Problem 14-01A a-c (Video) On January 1, 2020, Blossom Corporation had the following stockholders' equity accounts. Common Stock ($26 par value, 55,500 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,443,000 202,000 637,000 During the year, the following transactions occurred. Feb. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior...
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