No additional common stock was issued and no dividends were paid. Amber: No additional common stock was issued, but dividends of Blue: $60,000 were paid. Additional common stock of $140,000 was issued, but no dividends were paid. Coral: Additional common stock of $140,000 was issued and dividends of $60,000 were paid. Daffodil:

No additional common stock was issued and no dividends were paid. Amber: No additional common stock was issued, but dividends of Blue: $60,000 were paid. Additional common stock of $140,000 was issued, but no dividends were paid. Coral: Additional common stock of $140,000 was issued and dividends of $60,000 were paid. Daffodil:

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 10CDQ: Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total...

See similar textbooks

Similar questions

8. The following is the abstract of the shareholders’ equity of Shake Corporation before the declaration of cash dividends: (see attached image for the give. please answer it. thank you so much) The Board declared dividends of P900,000. No dividends were distributed last year. Direction: Determine how much dividends the preference and ordinary shares will receive given the following independent situations:a. the preference share is non-cumulative and non-participatingb. the preference share is participating c. the preference share is cumulatived. the preference share stock is both cumulative and participating e. the preference share is participating only up to 15%
I'm having trouble with this homework assignment can you please help me? Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear on Healthy Life’s balance sheet: Common stock (350,000 shares authorized ; 6,000 shares issued), $125 par, $750,000; Paid-In Capital in excess of par—common stock, $78,000; and Retained earnings, $8,250,000. The board of directors declared a 1% stock dividend when the market price of the stock was $170 a share. Healthy Life reported no income or loss for the current year. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a1. Journalize the entry to record the declaration of the dividend, capitalizing an amount equal to market value. a2. Journalize the entry to record the issuance of the stock certificates. b. Determine the following amounts before the stock dividend was…
The market value of Yeates Corporation's common stock had become excessively high. The stock was currently selling for $280 per share. To reduce the market price of the common stock, Yeates declared a 4-for-1 stock split for the 240,000 outstanding shares of its $12 par value common stock. Required b. Determine the number of common shares outstanding and the par value after the split. (Round par value answer to 2 decimal places.) Number of common shares outstanding Par value per share after the split
17. The balance of the no par value common share account for Patrice Company was $240,000,000 before its recent 2-for-1 stock split. The market price of the shares was $50 per share before the stock split. What occurred as a result of the stock split? a.The market price of the shares was not affected. b.The balance in the common share account was increased. c.The market price of the shares dropped to approximately $25 per share. d.The balance in the retained earnings account decreased.
The following correctly prepared entries without explanations pertain to Corners Corporation. Event Number 1. 2. Credit 1,100,000 700,000 40,800 Treasury stock. 33,600 Paid-in capital in excess of cost of treasury stock 3,400 The original sale (Entry 1) was for 600,000 shares, and the treasury stock was acquired for $6 per share (Entry 2). 3. Cash Account Title Common stock Paid-in capital in excess of par value. Treasury stock Cash Cash Debit 1,800,000 40,800 37,000 Required a. What was the sales price per share of the original stock issue? b. How many shares of stock did the corporation acquire in Entry 2? c. How many shares were reissued in Entry 3? d. How many shares are outstanding immediately following Entries 2 and 3, respectively?
3. Cooper Corporation has 100,000 common shares issued at an average price of $20 per share. Cooper reacquires 1,000 shares for $19,500 and cancels them. The journal entry would include: a. a $19,500 debit to cash. b. a $500 debit to Loss on Reacquisition of Common Shares. c. a $500 credit to Gain on Reacquisition of Common Shares. d. a $20,000 debit to Common Shares. Dreferred ehares are least likelv to have which characteristic? or n
The market value of Yeates Corporation's common stock had become excessively high. The stock was currently selling for $380 per share. To reduce the market price of the common stock, Yeates declared a 4-for-1 stock split for the 340,000 outstanding shares of its $10 par value common stock. Required b. Determine the number of common shares outstanding and the par value after the split. (Round par value answer to 2 decimal places.) Number of common shares outstanding Par value per share after the spit
Prepare entries to record the following: a. Issued 1,000 shares of $10 par common stock at $56. If an amount box does not require an entry, leave it blank. b. Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000. If an amount box does not require an entry, leave it blank. c. Purchased 100 shares of treasury stock at $25. If an amount box does not require an entry, leave it blank. d. Sold the 100 shares of treasury stock purchased in (c) at $30. If an amount box does not require an entry, leave it blank.
3. Cooper Corporation has 100,000 common shares issued at an average price of $20 per share. Cooper reacquires 1,000 shares for $19,500 and cancels them. The journal entry would include: a. a $19,500 debit to cash. b. a $500 debit to Loss on Reacquisition of Common Shares. c. a $500 credit to Gain on Reacquisition of Common Shares. d. a $20,000 debit to Common Shares.
Jackson & Company has no-par value common stock outstanding that is selling at $20 per share. The company's CEO believes that the stock price is undervalued and decides to buy back 10,000 shares. What is the financial statement effect of the purchase of the treasury stock? Balance Sheet Income Statement Assets Liabilities Equity Revenues Expenses = Net Income +
The balance sheet caption for common stock is: Common stock, no par value, 15,000,000 shares authorized, 9,200,000 shares issued, 8,900,000 shares outstanding Required: a). Calculate the average price at which the shares were issued. $ 1,104,000,000 b). If these shares had been assigned a stated (par) value of $10 each, show how the above caption would be different. c). Calculate the total amount of cash that would be paid to stockholders if a cash dividend of $1.50 per share were declared.
8. The following is the abstract of the shareholders’ equity of Shake Corporation before the declaration of cash dividends: (see attached image for the given. please answer it based on your knowledge. please I'm begging all of you. thank you so much in advance) The Board declared dividends of P900,000. No dividends were distributed last year. Direction: Determine how much dividends the preference and ordinary shares will receive given the following independent situations:a. the preference share is non-cumulative and non-participatingb. the preference share is participating c. the preference share is cumulatived. the preference share stock is both cumulative and participating e. the preference share is participating only up to 15%