
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Provide the following journal entry-
On Jan 1. ABC Corp declared a 50 cent dividend to
stockholders. There are 50,000 shares outstanding.
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- On January 1, the company had 150,000 common shares outstanding. During the year, the following events occurred: March 1: Two-for-one stock split June 1: Issued 45,000 additional shares September 1: 20% stock dividend What was the weighted-average number of shares outstanding for the year?arrow_forwardXYZ Company has 100,000 shares of stock outstanding. On January 1, 200X XYZ Company declared a cash dividend of .50 per share to be paid on January 31. On January 1 XYZ Company will make the following journal entry: Credit cash $50,000and debit dividends declared $50,000. Debit dividends declared $50,000 and credit dividends payable $50,000. No entry is made until January 31. Debit cash $50,000 and credit dividends payable $50,000.arrow_forwardTamarisk, Inc. has 50,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. 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.) Date Account Titles and Explanation Debit Creditarrow_forward
- Prepare journal entries for both of the following transactions: On Jan 1, ABC Company issued 300 $10 stocks with a $5 par value. On Dec 31st, ABC Company, declared a 3% cash dividend on each share.arrow_forwardCommon stock face value each is $ 1. Show all the required entries.arrow_forward(.IS Lily Corporation has 43,500 shares of $13 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $17. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend. (Record journal entries in the order presented in the problem. 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.) Date く Account Titles and Explanation Debit Creditarrow_forward
- Vincent corporation has 90,000 shares of $105 per common stock outstanding. On June 30 Vincent corporation declared 3% stock dividend to be issued on July 30 to stockholders of record July 13. The market price of the stock was $123 a share on June 30. Journalizearrow_forwardOn July 3, the Southside Company declared a cash dividend of $0.75 per share. There are 45,000 shares outstanding. What is the journal entry that should be recorded?arrow_forwardA company had stock outstanding as follows during each of its first three years of operations: 3,000 shares of 10%, $100 par, cumulative preferred stock and 55,000 shares of $10 par common stock. The amounts distributed as dividends are presented below. Determine the total and per-share dividends for each class of stock for each year by completing the schedule. If necessary, round dividends per share to the nearest cent. If your answer is zero, please enter "0". Year 1 2 3 Dividends $22,500 30,000 59,400 $ Total Preferred Per Share Total Common Per Sharearrow_forward
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