Highland Bancshares has 33,000 shares of $1 par value common stock outstanding. Suppose Highland declares and distributes a 10% stock dividend when the market value of its stock is $16 per share.1. Journalize Highland's declaration and distribution of the stock dividend on May 11. An explanation is not required.2. What was the overall effect of the stock dividend on Highland's total assets? On total liabilities? On total stockholders' equity?1. Journalize Highland's declaration and distribution of the stock dividend on May 11. An explanation is not required. (Record debits first, then credits. Exclude explanations from any journal entries.)Journal EntryMayDate11AccountsDebitCredit

The dividend is declared to the shareholders from the retained earnings of the business. The smaller…

Answered: Highland Bancshares has 33,000 shares…

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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Prepare the journal entry to record Autumn Company's issuance of 71,000 shares of no-par value common stock assuming the shares: a. Sell for $34 cash per share. b. Are exchanged for land valued at $2,414,000. View transaction list Journal entry worksheet 1 Record the issuance of 71,000 shares of no-par value common stock assuming the shares sell for $34 cash per share. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit >
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On September 1, the board of directors of a company, declares a stock dividend on its 22,000, $13 par, common shares. The market price of the common stock is $42 on this date.Required:1. 2. & 3. Record the necessary journal entries assuming a small (10%) stock dividend, a large (100%) stock dividend, and a 2-for-1 stock split. need help
Can you fix the dividends per share for both classes of stock.
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Fuerman Incorporated had the following common stock record during the current calendar year Outstanding, beginning of year Additional shares issued 6/30 2,850,000 230,000 Additional shares issued 9/30 230,000 A 12% stock dividend was paid on December 1. What is the number of shares to be used in computing basic EPS? Multiple Choice 3,320,800 3,022,500 3,449,600 3,385,200
On October 31, the stockholders' equity section of Blossom Corporation's balance sheet consists of common stock $659,200 and retained earnings $877,000. Blossom is considering the following two courses of action: (1) declaring a 5% stock dividend on the 82.400 $8 par value shares outstanding or (2) effecting a 2-for-1 stock split that will reduce par value to $4 per share. The current market price is $15 per share. Prepare a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares. Stockholders' equity Paid-in capital Retained earnings Total stockholders equity $ Outstanding shares Before Action $ $ After Stock Dividend $ After Stock Split
From the practice on page 10-4 of the VLN, after the company sold 500 shares of treasury stock what was the ending balance in total stockholders’ equity?_______
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Calgate Company had the following shares outstanding and retained earnings at the end of the current year: Preferred shares, 4% (par value $15; outstanding, 10,300 shares) Common shares (outstanding, 33,000 shares) Retained earnings The board of directors is considering the distribution of a cash dividend to both groups of shareholders. No dividends were declared during the previous two years. Three independent cases are assumed: Case A: The preferred shares are non-cumulative; the total amount of dividends is $51,600. Case B: The preferred shares are cumulative; the total amount of dividends is $63,000. Case C: Same as case B, except the amount is $97,500. Required: 1. Compute the amount of dividends, in total and per share, that would be payable to each class of shareholders for each case. (Round "Per share" to 2 decimal places.) Case A: Total Per share Case B: Total Per share $ 154,500 615,000 296,000 Case C: Total Per share Preferred Shares Common Shares
Goda

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