Top-Value Corporation has 900,000 shares of $26 par common stock outstanding. On September 2, Top-Value Corporation declared a 3% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $44 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction.
Q: Vincent Corporation has 91,000 shares of $105 par common stock outstanding. On June 30, Vincent…
A: The dividend can be declared in the form of shares instead of cash is known as stock dividend.
Q: Vincent Corporation has 91,000 shares of $105 par common stock outstanding. On June 30, Vincent…
A: Introduction: A journal entry is a record of a business arrangement in the accounting system of a…
Q: Sage Corporation has outstanding 363,000 shares of $10 par value common stock. The corporation…
A: The term "stock dividend" refers to a payout made in the form of additional shares to current…
Q: Alpine Energy Corporation has 1,500,000 shares of $10 par common stock outstanding. On August 2,…
A: Required journal entry:
Q: Richman Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 15%…
A: Stock Dividend - Stock Dividend is the dividend issued by the company in the form of shares. This is…
Q: Zurich Corporation has 18,000 shares of $80 par common stock outstanding. On August 2, Zurich…
A: Common Stock- Common Stock refers to the securities that represent individuals' ownership and have a…
Q: On January 1, Crane Corporation had 94,500 shares of no-par common stock issued and outstanding. The…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock.…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Please help
A: a) Journal Entries: Date Account Journal Debit $ Credit $ Jan 10 Cash 104,000 Common…
Q: On March 1, the company issued 50,000 preferred shares with a 5% cumulative dividend for $10 per…
A: Preference shares are those who are given preference over the equity holders while at the payment of…
Q: When Crossett Corporation was organized in January, Year 1, it immediately issued 4,500 shares of…
A: Dividend: Dividend is distributed to Share holders of the company. Share holders are the real owners…
Q: On January 1, Riverbed Corp had 62,300 shares of no-par common stock issued and outstanding. The…
A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…
Q: When Crossett Corporation was organized in January Year 1, it immediately issued 4,700 shares of $48…
A: Dividend Arrearage = Preference Share amount per share * No. of share preference shares issued *…
Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…
A: Dividend refers to the return a shareholder gets on his investment made in stocks. It can be cash…
Q: Trendy Computer Systems reported the following shareholders' equity section as of the beginning of…
A:
Q: On January 1. 2021, Hum Enterprises Inc. had 74,000 common shares, recorded at $592,000. The company…
A: A dividend is the distribution of some of the corporate profits to a class of its shareholders.…
Q: A company has 180,000 shares of common stock authorized with a par of $1 per share, of which 30,000…
A: Stock dividend is the dividend declared and distributed among the shareholders but in form of stock.…
Q: On January 1, Oriole Corporation had 83000 shares of $10 par value common stock outstanding. On June…
A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…
Q: Luke Enterprises has 305,000 shares of $18 par common stock outstanding. On January 19, Luke…
A: Stock dividend result in issuance of shares of company to the existing shareholders unlike the cash…
Q: Pro-Builders Corporation has 242,000 shares of $30 par common stock outstanding. On September 2,…
A: INTRODUCTION Dividend is distribution of company’s profit and it is paid in the form of cash or…
Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…
A: Solution:- Journal entries in the books of Red Market Corporation
Q: Pro-Builders Corporation has 1,500,000 shares of $5 par common stock outstanding. On September 2,…
A: Stock Dividends: It refers to the payment of dividends by a company to its existing shareholders, in…
Q: On May 27, Kick Off Inc. reacquired 4,600 shares of its common stock at $55 per share. On August 3,…
A: Treasury stock: A treasury stock means stock which is bought back by the issuing company from the…
Q: Antique Buggy Corporation has 820,000 shares of $35 par common stock outstanding. On June 8, Antique…
A: Given: Outs standing share = 820,000 Stock dividend = 5% Market price on June 8 = $63
Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Pro-Builders Corporation has 242,000 shares of $45 par common stock outstanding. On September 2,…
A: Stock dividend means a payment given to the shareholders in shares instead of a cash payment. Stock…
Q: Vincent Corporation has 96,000 shares of $105 par common stock outstanding. On June 30, Vincent…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: At the beginning of 20X1, the accounting records of Friends Corp. reported the following: $ 217,600…
A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…
Q: Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear…
A: In case of declaration of stock dividend the dividend to the shareholders is paid in form of shares…
Q: op-Value Corporation has 256,500 shares of $35 par common stock outstanding. On September 2,…
A: Journal: It is the first step of recording financial transactions. It is used to prepare the…
Q: Pro-Builders corporation has 1,500,000 shares par common stock outstanding. On September 2, pro-…
A: Definition: Stock dividends: Stock dividends are the number of shares issued by a company to the…
Q: At the start of 20X5, Happy Corp. had 20,000 shares of $5 par common stock issued and outstanding.…
A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…
Q: On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding.…
A: Dividend can be defined as the profit distribution done by a corporation to its shareholders, who…
Q: On January 1, Guillen Corporation had 95,000 shares of no-par common stock issued and outstanding.…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: On May 27, Kick Off Inc. reacquired 3,000 shares of its common stock at $54 per share. On August 3,…
A: Treasury Stock: It refers to the shares that are reacquired by the corporation that are already…
Q: Vienna Corporation has 31,000 shares of $90 par common stock outstanding. On June 8, Vienna…
A: Stock Dividend: 'Stock dividend' is a dividend paid in the form of stocks. The stock dividend does…
Q: Global Corporation had 60,000 shares of $20 par value common stock outstanding on July 1. Later that…
A: Stock dividends are dividends paid to the shareholders in the form of shares i.e. instead of cash…
Q: Bogscraft Company has outstanding 65,500 shares of $10 par value common stock and 26,100 shares of…
A: Journal entries are defined as reporting of transaction into the books of accounts and it is…
Q: On January 1, Molini Corporation had 95,000 shares of no-par common stock issued and outstanding.…
A: Definition: Dividends: This is the amount of cash distributed to stockholders by a company out its…
Q: On September 1, Ziegler Corporation had 56,000 shares of $5 par value common stock, and $168,000 of…
A: The facts mentioned in the question are as follows: Ziegler Corp has 56,000 shares at $5 par value…
Q: Milton Company’s charter authorizes 1,000,000 shares of common stock and 400,000shares of preferred…
A: These are the ordinary shares that a corporation issues to the investors in order to raise funds. In…
Q: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…
A: Authorized share capital means the share capital which is the company is legally authorized to…
Q: Pro-Builders Corporation has 242,000 shares of $45 par common stock outstanding. On September 2,…
A: Stock dividend: Stock dividend means a payment given to the shareholders in shares instead of a cash…
Q: On June 30, the board of directors of Sandals, Inc., declares and pays a 100% stock dividend on its…
A: Large stock dividend: A stock dividend is considered to be large if new shares issued as stock…
Q: Vincent Corporation has 96,000 share of $100 par common stock outstanding. On June 30, Vincent…
A: Vincent corporation issued shares in excess of par at $121 per share
Q: Red Market Corporation has 370,000 shares of $27 par common stock outstanding. On June 8, Red Market…
A: The question is based on the concept of Financial Accounting.
Q: ortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first…
A: When shares of the company are issued at a value more than par value, then it means shares are…
Q: Solar Company has 600,000 shares of $75 par common stock outstanding. On February 13, Solar declared…
A: Stock dividend = No. of common stock outstanding x stock dividend rate x market price of the stock…
Q: On February 13, Solo Inc. reacquires 50,000 shares of its $1 par value common stock at the current…
A: The treasury stock includes the own shares of the company that are repurchased from the…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Top-Value Corporation has 256,500 shares of $35 par common stock outstanding. On September 2, Top-Value Corporation declared a 3% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $50 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.Pro-Builders Corporation has 242,000 shares of $30 par common stock outstanding. On September 2, Pro-Builders Corporation declared a 2% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $55 per share on September 2. Journalisms the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the the next transaction. Refer to the Chart of Accounts for exact wording of account titlesBramble Corporation has 47,500 shares of $12 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $19. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 1Dec. 31 Dec. 1Dec. 31
- Pro-Builders corporation has 1,500,000 shares par common stock outstanding. On September 2, pro- builders corporation declared a $3 stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $36 per share on September 2. Journalize the entries required on September 2, October 3,and November 30. If no entry is required, simply skip to the next transaction.Sheridan Corporation has 42,500 shares of $10 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 0 for the amounts.) Date O O Save for Later Account Titles and Explanation Debit Credit Attempts: 0 of 1 used Submit AnswerConcord Corporation has 48,000 shares of $10 par value common stock outstanding. It declares a 12% stock dividend on December 1 when the market price per share is $18. 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 Dec. 1 Dec. 31 Account Titles and Explanation Stock Dividends Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Common Stock Debit 720018 Credit 000
- Swifty Corporation has 51,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $18. 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 I Debit CreditBlue Spruce Corp. has 325,000 shares of $10 par value common stock outstanding. It declares a 11% 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 distribution 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit(.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 Credit
- On November 27, the board of directors of Skysong Company declared a $0.50 per share dividend. The dividend is payable to shareholders of record on December 7 on December 24. Skysong has 26,000 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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit CreditOn June 13, the board of directors of Siewert Incorporated declared a 5% stock dividend on its 60 million, $1 par, common shares, to be distributed on July 1. The market price of Siewert common stock was $25 on June 13. Prepare a journal entry that summarizes the declaration and distribution of the stock dividend. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).Vienna Corporation has 30,000 shares of $30 par common stock outstanding. On August 2, Vienna Corporation declared a 3% stock dividend to be issued October 8 to stockholders of record on September 15. The market price of the stock was $38 per share on August 2. Journalize the entries required on August 2, September 15, and October 8. If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" and leave the amount boxes blank. Date Account Debit Credit Aug. 2 Sept. 15 Oct. 8