Swifty Corporation has outstanding 353,000 shares of $10 par value common stock. The corporation declares a 100% stock dividendwhen the fair value of the stock is $62 per share.Prepare the journal entries for both the date of declaration and the date of distribution. (List all debit entries before credit entries. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)Account Titles and ExplanationDeclaration DateRetained EarningsDistribution DateCommon Stock Dividend DistributableCommon StockDebitCredit

Stock Dividend: A "stock dividend" is an award given by a firm to its existing shareholders that…

Answered: Swifty Corporation has outstanding…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Crane Corporation issued 250 shares of $10 par value common stock for $3,750.Prepare Crane’s journal entry. (List all debit entries before credit entries. 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.)
Prepare the journal entries on January 1, 2025, and December 31, 2026, assuming that Marigold issued 4,400 shares of restricted stock units instead of 4,400 shares of restricted stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Jan. 1, 2025 Dec. 31, 2026 Account Titles and Explanation Debit Credit
Sheridan Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (List all debit entries before credit entries. 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 O for the amounts.)
Sheridan Corporation has outstanding 444,000 shares of $10 par value common stock. The corporation declares a 100% stock dividend when the fair value of the stock is $67 per share. Prepare the journal entries for both the date of declaration and the date of distribution. (List all debit entries before credit entries. 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 O for the amounts.) Account Titles and Explanation Declaration Date Distribution Date Debit [[[ Credit 101
Whispering Corporation has outstanding 427,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $71 per share. Prepare the journal entries for Whispering Corporation for both the date of declaration and the date of distribution. (List all debit entries before credit entries. 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 O for the amounts.) Account Titles and Explanation Debit Credit Declaration Date
Pharoah Corporation has outstanding 420,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $70 per share. Prepare the journal entries for Pharoah Corporation for both the date of declaration and the date of distribution. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Declaration Date Distribution Date 77°F A d0) O pe here to search
Bridgeport Inc. declared a cash dividend of $0.50 per share on its 3.40 million outstanding shares. The dividend was declared on August 1 and is payable on September 9 to all shareholders of record on August 15. Prepare all necessary journal entries for those three dates. (List all debit entries before credit entries. 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 O for the amounts. Record journal entries in the order presented in the problem.) Date 10 Account Titles and Explanation Debit Credit 111 |||||
On November 27, the board of directors of Marin Company declared a $0.40 per share dividend. The dividend is payable to shareholders of record on December 7 on December 24. Marin has 26,500 shares of $1 par common stock outstanding at November 27.Journalize the entries needed on the declaration and payment dates. (Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Flounder Limited issued 1,930 common shares for $61,760. (a) Prepare Flounder's journal entry if the shares have no par value. (List debit entry before credit entry. 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 O for the amounts.) Account Titles and Explanation Debit Credit
Sunland Corporation issued 310 shares of $10 par value common stock for $4,650.Prepare Sunland’s journal entry. (Credit account titles are automatically indented when 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.)
Windsor Corporation has outstanding 440,000 shares of $10 par value common stock. The corporation declares a 10% stock dividend when the fair value of the stock is $69 per share. Prepare the journal entries for Windsor Corporation for both the date of declaration and the date of distribution. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is
Pronghorn Inc. issued 4.200 of its common shares common shares for $ 4.90 each. The company incurred $ 3,200 in costs associated with issuing the common shares. Prepare the journal entry to record the issuance of the common shares. (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 O for the amounts)

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