Homework Answers
| Accounts Title | Dr | Cr | ||||
| Part A | ||||||
| 10-Dec | Retained Earnings | 200000 | ||||
| Cash Dividend payable (80000*2.5) | 200000 | |||||
| 18-Dec | No entry required | |||||
| 31-Dec | Cash Dividend payable (80000*2.5) | 200000 | ||||
| Cash | 200000 | |||||
| Part B | ||||||
| 10-Dec | Retained Earnings (80000*5%*150) | 600000 | ||||
| Stock Dividend payable (80000*5%*6) | 24000 | |||||
| Additional Paifd in capitalin excess of par value | 576000 | |||||
| 18-Dec | No entry required | |||||
| 31-Dec | Stock Dividend payable (80000*5%*6) | 24000 | ||||
| Common stock | 24000 | |||||
| Part D | ||||||
| 10-Dec | Retained Earnings (80000*2*6) | 1440000 | ||||
| Stock Dividend payable | 1440000 | |||||
| (this is at par value) | ||||||
| 18-Dec | No entry required | |||||
| 31-Dec | Stock Dividend payable | 1440000 | ||||
| Common stock | 1440000 | |||||
| Part D | ||||||
| As it’s a stock spilt no entry is required common stock are 4 time and par value becomes 1/4 | ||||||
| in case of 4:1 stock spilt | ||||||
| Part E | Current bal | Part A | Part B | Part C | Part D | |
| Common stock | $480,000 | $480,000 | $504,000 | $1,920,000 | $480,000 | |
| 480000+(4000*6) | 480000+1440000 | |||||
| APIC in excess of par value | 940000 | $940,000 | $964,000 | $964,000 | $940,000 | |
| Total Paid in capital | $1,420,000 | $1,420,000 | $1,468,000 | $2,884,000 | $1,420,000 | |
| Reatined Earnings | 2800000 | 2600000 | 2200000 | 1360000 | $2,800,000 | |
| 2800000-600000 | 2800000-1440000 | |||||
| Total stockholder equity | $4,220,000 | $4,020,000 | $3,668,000 | $4,244,000 | $4,220,000 | |
| No. of shares outstanding | 80000 | $80,000 | 84000 | 240000 | 320000 | |
| 80000+(80000*2) | (80000*4) | |||||
| Par value per share | 6 | 6 | 6 | 6 | 1.5 | |
| (6*1/4) | ||||||
| Marlet value per share | $150 | $150 | Decrease | Decrease | Decrease | |
| a) | Will receive cash dividend of 1000*2.5 | $2,500 | ||||
| b) | Will receive stock of 1000*5%*150 | 7500 | ||||
| c) | Will receive stock of (1000*2*6) | 12000 | ||||
| d) | the stock will be 2000 but total value remains same | |||||
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Juestion #4 Daisy D. Corporation had the following stockholders' equity information available on December 10, 2019:...
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On January 1, 2015, Geffrey Corporation had the following
stockholders’ equity accounts.
Common Stock ($20 par value, 61,000 shares issued and
outstanding)
$1,220,000
Paid-in Capital in Excess of Par—Common Stock
205,600
Retained Earnings
593,200
During the year, the following transactions occurred.
Feb. 1
Declared a $2 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...
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